Marine Engines Market to see Stunning Growth with Key Players Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta

Marine Engines Market New Revenue Pockets:

The global marine engines market size is projected to grow from USD 11.8 billion in 2020 to USD 13.7 billion by 2025; it is expected to grow at a CAGR of 3.1% from 2020 to 2025. The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.

The marine engines market has promising growth potential due to increasing global maritaime trade in key market regions and large-scale investment in marine freight transport, tourism, and adoption of smart engines. Globally many countries have suffered heavily due to the ongoing COVID-19 pandemic and resultant economic slowdown. With the countries reopening and resuming international trade the demand for maritime freight transport is expected to increase and result in growth opportunities for marine engines market.

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The marine engines market, by power range, is segmented into up to 1000 hp, 1001 – 5000 hp, 5001–10000 hp, 10001–20000 hp, and Above 20000 hp. During the forecast period the above 20000 hp is expected to grow at the fastest rate. Typically, marine engines of above 20000 hp find applications majorly for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and other large vessels. With the growing demand for large maritime vessels due to their economic operation and ability to carry large cargo, the demand for above 20000 hp marine engines is expected to grow.

The marine engines market, by fuel, is segmented into heavy fuel oil, marine diesel oil, marine gas oil, intermediate fuel oil, and others. The marine diesel fuel segment is expected to grow at the fastest rate during forecast period. Although the heavy fuel oil is the popular fuel for marine engines, the increased stringent regulations and IMO regulations curbing the use of heavy fuel are expected to aid the market growth in marine diesel oil segment.

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Asia Pacific is expected to account for the largest market size during the forecast period.

Asia Pacific is estimated to be the fastest-growing market for marine engines during the forecast period. Asia Pacific includes China, Japan, South Korea, India, Australia, and Rest of Pacific. Asia Pacific region is one of the global leaders in manufacturing and exports its goods overseas via marine transport. The region also global leader in shipbuilding industry both in terms of exports and imports. It is considered to be a lucrative region for maritime trade. Countries such as China, Japan, and South Korea are considered as the main manufacturing hubs for marine engines. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in the maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide.

Key Market Players:

Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), and Volvo Penta (Sweden). The leading players are adopting various strategies to increase their share in the marine engines market.

Distributed Control System Market will continue registering positive growth between 2021 and 2026

According to the new market research report “Distributed Control System Market by Shipment Scale (large, medium, small), by Component (hardware, software, services), Application (continuous process, batch-oriented process), End-use Industry, and Region – Global Forecast to 2026 “, published by MarketsandMarkets™, The Distributed Control System Market size will grow to USD 23.2 billion by 2026 (forecast year) from USD 17.5 billion in 2021 (estimated year), at a CAGR of 5.8% during the forecast period. Distributed control system (DCS) is A distributed control system (DCS) is employed for the handling of processes and plants to provide better control, safety, and product efficiency and quality at plants. Distributed control systems find applications in industries such as oil & gas, power generation, paper & pulp, food & beverages, pharmaceuticals, and chemicals to mainly control manufacturing through two processes: batch-oriented and continuous. The batch-oriented process is used when the production is carried out in subsequent batches, while the continuous process is used for the production type where the production flow does not involve any interruption. Distributed control systems localize the control functions near the process plant. which helps reduce the requirement of monitor/screen, as the process variables can be monitored remotely and decision can be taken accordingly.

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The software segment is expected to dominate the Distributed Control System Market, by Component, during the forecast period.

The software segment accounted for the largest share of 45.1% of the Distributed Control System Market in 2020. The software segment includes IT applications such as advanced process control systems, controller integration with DCS, technology libraries, telecontrol software, connectivity solutions, parameter control and materials management systems, process optimization and process safety solutions, and advanced software and virtualization solutions. It offers a common platform for devices to connect and operate. Upgrades to existing software, increased use of distributed control systems in cloud computing technologies, and upcoming technologies such as IoT are the major drivers of the software segment of the DCS market. The software solutions are cost-effective and can be replaced and upgraded easily.

The continuous process segment is expected to dominate the DCS market, by application, during the forecast period.

The continuous process segment accounted for the largest share of 66.4% in 2020. The continuous process segment, by application, is projected to hold the highest market share during the forecast period. The continuous process is a method where the manufacturing process is carried out without any interruption and is generally preferred when producing large quantities. It is the faster-growing application in the Distributed Control System Market. The continuous production process is used in oil & gas, chemicals, power generation, and water & wastewater treatment industries and is one of the more efficient and profitable methods of production. The use of distributed control systems in nuclear as well as renewable sectors in the power generation industry and in upstream and downstream activities in the oil & gas industry are the major factors driving the continuous process segment. The increasing production of chemicals and the growing demand for distribution control systems in the refining industry also contribute to the segment’s growth.

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The oil & gas segment is expected to dominate the Distributed Control System Market, by end-use industry, during the forecast period.

The oil & gas segment accounted for the largest market share of 25.9% in 2020. Oil & gas is one of the largest industries in terms of revenue generation for the DCS market and is classified into 3 major sectors-upstream, midstream, and downstream. The upstream sector involves the extraction, development, and production of crude oil and natural gas, the midstream sector includes the transportation and storage of crude oil and refined petroleum products, and the downstream sector consists of companies involved in refining crude oil, producing petroleum products, and selling these products through wholesale and retail channels. The processes carried out in this industry are highly complex, lengthy, and critical. Distributed control systems are widely applied across all sectors of the oil & gas industry, as these systems ensure safety, reliability, and profitability in oil & gas operations.

Asia Pacific is expected to lead the DCS market

Asia Pacific accounted for a 32.3% share of the Distributed Control System Market in 2020. The countries covered in the region are China, Japan, South Korea, India, and the Rest of Asia Pacific. The market is expected to grow due to booming power sector and augmented power generation capacities worldwide, growing industrial infrastructure, and increased use of renewable and nuclear energy for power generation.

The DCS market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations. The Distributed Control System Market in this region is expected to grow due to rapid regional industrialization, urbanization, and economic growth, which are leading to the installation of new distributed

China is one of the largest markets for distributed control systems and the fastest-growing economy in the world. The government is continuously supporting clean energy projects and focusing on reducing carbon emissions, which would lead to strong growth rate of the power industry in the future. The rapid economic growth would increase the demand for power. Which would need greater investments in power plant infrastructure to fulfill the demand. Hence, investments in such areas would boost the demand for distributed control systems. Automation is increasing in APAC because of the rising need for high-quality products and increasing production rates. It also helps reduce labor costs and human interference.

The region is the largest energy consumer globally, with China and India leading the growth in power generation and consumption. Distributed Control System Market has tremendous potential in Asia Pacific, mainly due to the rapid economic growth in China.

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The key players include ABB (Switzerland), Schneider Electric (France), Emerson (US), Siemens (Germany), and Honeywell (US).

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Motor Monitoring Market Revenue Is Anticipated to Reach $2.9 billion by 2026

 According to the new market research report "Motor Monitoring Market by Offering (Hardware, Software, Services), Monitoring Process (Online, Portable), End-User Industry (Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive), Deployment and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Motor Monitoring Market size will grow to  USD 2.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 7.8% during the forecast period.

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The growing demand for predictive maintenance and analytics is one of the driving factors for the Motor Monitoring Market, globally. Predictive maintenance is gaining recognition as one of the more easily exploited applications of digitalization. Predictive maintenance (PdM) is a strategy for predicting when equipment will break and replacing the component before it fails. This aids in the reduction of downtime and the extension of component life. Predictive maintenance entails measuring the motors functioning parameters under full load, as well as the effective temperature and wetness conditions, while it is in use. For the maintenance of electric motors, there are 2 widely used methods of analysis, i.e., vibration analysis and infrared imaging. Vibration analysis is primarily employed in the case of rotating machinery while the technician can use infrared imaging to determine the temperature of the electric motor. Vibration analysis can detect any imbalance, misalignment, looseness, or bearing problems in the motor. Infrared imaging aids in the detection of problems such as bearing failure, airflow, insulation failure, unbalanced voltage, and shaft misalignment.

The hardware segment is expected to dominate the Motor Monitoring Market, by offering, during the forecast period.

The hardware segment is estimated to account for the largest market share of 69.2% of the Motor Monitoring Market in 2021. This segment is expected to maintain its high market share during the forecast period, as various industries require sensors and other hardware components for motor monitoring. Moreover, with increasing penetration of IoT in end-user industries, various hardware components will be required to establish network connection; this will fuel the demand for hardware in the Motor Monitoring Market.

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The Oil & Gas segment is expected to be the largest Motor Monitoring Market, by end-user industry, during the forecast period.

The Oil & Gas segment is expected to account for the largest share of the Motor Monitoring Market during 2021-2026. This trend is expected to continue during the forecast period. The oil & gas industry is one of the biggest end users of motors and deploys many motors that are very critical for operations and face harsh environmental situations. Thus, motor monitoring plays an important role in the oil & gas sector. Apart from that, the increasing focus on safety in drilling activities will also provide more opportunities to the Motor Monitoring Market.

North America likely to emerge as the largest Motor Monitoring Market

In this report, the Motor Monitoring Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global Motor Monitoring Market between 2021–2026. North America is at the forefront in deploying asset performance management and condition monitoring solutions, which are efficient in providing early warning notification with predictive analytics and diagnosis of equipment issues days, weeks, or months before failure. In recent years, the development of various software and deployment of automation solutions in various industries have improved business operations and consequently fueled the growth of the Motor Monitoring Market in North America.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Motor Monitoring Market.

Some of the key players are General Electric (US), Siemens (Germany), ABB (Switzerland), Honeywell (US), and Schneider Electric (France). The leading players are adopting various strategies to increase their share in the Motor Monitoring Market.

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
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USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com