Technavio, a tech-focused market research firm, has published a new report on the global marine deck machinery market, which is expected to grow at a CAGR of close to 3% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global marine deck machinery market into the following key regions: the Americas, APAC, and EMEA.
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Global marine deck equipment market in APAC: The major contributors to the marine deck equipment market in APAC are China, South Korea, and Japan. China shipbuilding industry is one of the leading industries for commercial ship building and is planning to extend its hand to the cruise industry. The revival of the shipbuilding industry is expected to propel the demand for marine deck machinery in the country. The South Korean shipbuilding industry is dominated by the nine major companies with Hyundai Heavy Industries being the largest regarding vessel completions.
According to Anju Ajaykumar, a lead analyst at Technavio, specializing in research on engineering tools, “Japan is one of the leading countries in modern shipbuilding. To combat stiff competition from Chinese and South Korean shipbuilding industries, few major shipbuilders such as Mitsubishi Heavy Industries are expanding their production activities abroad. Few of them are focusing on providing high-value ships, including vessels with a small environmental impact. Such improved services are expected to drive the shipbuilding industry resulting in the growth of marine deck equipment market.”
Global marine deck equipment market in EMEA: EMEA accounted for the second largest share of the marine deck machinery market in 2016, but the European shipbuilders are slowly losing their market share to Asian shipyards. The shipping industry of Europe generates 60% of its regional earnings from exports. Germany, Turkey, and Italy are the two large shipbuilding nations in Europe.
Global marine deck equipment market in the Americas: The Americas had the least share of the marine decking market, mainly due to relatively smaller shipbuilding industry in this region. The market in the Americas was heavily reliant on the US, but now Brazil is also offering more potential as an emerging market. The shipbuilding industry in the US comprises the building of naval vessels for the US Navy and commercial US-flagged ships.
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The top vendors operating in the global marine deck machinery market are:
- Mitsubishi Heavy Industries
- Rolls-Royce
- Wärtsilä
- Kawasaki Heavy Industries
Other prominent vendors in the market include Coastal Marine Equipment, Funz San Industry, MacGregor, M.E.P. Pellegrini Marine Equipments, PaR Systems, Rapp Marine, and Towimor.
A more detailed analysis is available in the Technavio report titled, ‘Global Marine Deck Machinery Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Marine Auxiliary Engine Market 2017-2021
- Global Marine Power Systems Market 2017-2021
- Global Marine Outboard Engines Market 2016-2020
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