Marine Shaft Power Meter Market: An Insight On the Important Factors and Trends Influencing the Market
- Datum Electronics Ltd. has entered into a partnership with Intertech B.V. Under the agreement, Intertech will represent Datum’s products in different areas including torque transducers, marine shaft power meters, torque meters, torque sensors, and wind turbine condition monitoring systems. Datum Electronics also received a contract from Oldendorff Carriers to supply shaft power meter system.
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- Kongsberg Gruppen, Norway-based supplier of high-technology systems, plans to acquire Rolls-Royce Commercial Marine. The acquisition includes marine products, systems, and aftermarket service business carried by subsidiaries of Rolls-Royce plc. The deal will have an enterprise value of GBP 500 million.
- Aalberts Industries NV acquired a 100% share of VAF Instruments B.V. The name of the company, management, products, and solutions of VAF will remain unchanged.
- Hoppe Marine GmbH has opened its new office in Singapore. Hoppe Singapore will provide sales and services to ship owners, operators, ship yards, and ship design offices in the region.
The marine shaft power meter market report provides a detailed profile of the leading players including Shoyo Engineering Co., Ltd, Hoppe Marine GmbH, Datum Electronics Limited, Kongsberg Maritime (Kongsberg Gruppen), Aquametro Oil & Marine AG, Trelleborg Marine Systems, Kyma A.S., VAF Instruments BV, and other prominent players.
Marine Shaft Power Meter Market Remain Consolidated among Tier 1 Players
Tier 1 players hold nearly 1/3rd of the share in the marine shaft power meter market. The success of tier 1 players can be attributed to the production of technologically advanced products and their robust distribution network. Leading players in the market are also focusing on strategic partnerships and mergers and acquisitions.
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Tier 2 and tier 3 players are focusing on development and launch of new products. Development of cost-effective products, leading to the reduction of fuel consumption is one of the key strategies of tier 2 and tier 3 players to retain their position in the marine shaft power meter market.
Significant Growth in Marine Transport Driving Demand
Global maritime trade expanded at 4% in 2017, witnessing the fastest growth in five years, according to the United Nations Conference on Trade and Development (UNCTAD). Companies in Canada, Greece, and China are adding new containerships to their fleet. The growing prominence of developing countries in global seaborne trade flows in terms of both exports and imports is also creating significant opportunities for stakeholders.