Global Marine Deck Machinery Market 2017-2021

Overview of the marine deck machinery market

Technavio’s market research analysts have predicted that the global marine deck machinery market will witness steady growth and will post a moderate CAGR of close to 3% over the forecast period. With the scrapping of older ships, the market for marine deck machinery is anticipated to have a positive outlook over the coming years. During 2015, nearly 950 ships were scrapped and by 2016 end, 800-900 ships that are expected to account for 40 million tons are expected to be scrapped. The scrapping of ships is expected to help the shipbuilding industry overcome the downturn experienced during the 2008 slowdown in the Chinese economy. The scrapping of old ships is expected to increase year-over-year, which not only limits the oversupply of vessels, but also increases the demand for new vessels by 40%-50%, which will, in turn, drive the sales for marine deck machinery during the predicted period.

One of the latest trends gaining traction in the market is the increased provision of end-to-end integrated services. The augmented demand for healthy food around the world is driving the global refrigerated transport market to supply quick and efficient end-to-end services. With the increase in trading activities, especially for perishable goods, the market for refrigerated seaways transportation is expected to have a positive outlook until the end of 2021. The growth in refrigerated seaways transportation market is expected to increase the demand for ships, which directly impact the growth of the marine deck machinery market positively over the next four years.

Competitive landscape and key vendors

The global marine deck machinery market is moderately fragmented but is majorly domianted by the large international players in the market. The market is highly capital-intensive, which poses a stiff challenge to local players. These players find it diificult to compete with international vendors in terms of quality, features, functionalities, and services.

Key vendors in this market are -

• Mitsubishi Heavy Industries
• Rolls-Royce
• Wärtsilä
• Kawasaki Heavy Industries

Other prominent vendors in the market are Coastal Marine Equipment, Funz San Industry, MacGregor, M.E.P. Pellegrini Marine Equipments, PaR Systems, Rapp Marine, and Towimor.

Segmentation by end user and analysis of the marine deck machinery market

• Commercial ship
• Leisure ship

In terms of revenue, the commercial ship segment led the market during 2016 and will continue to dominate the market during the forecast period. The revival of the Chinese economy and the rise in oil prices is expected to propel the demand for new commercial vessels and offshore ships. This will in turn drive the marine deck machinery market until the end of 2021.

Geographical segmentation and analysis of the marine deck machinery market

• Americas
• APAC
• EMEA

In terms of geography, the APAC region led the global marine deck machinery market and will continue to lead the market in the future. China is one of the leading countries for commercial ship building and is also expected to be the largest market for passenger ships by 2021. Several industry experts anticipate that the Chinese shipbuilding industry will be reformed, lean, and highly competitive in the near future, which will have a positive effect on the marine deck machinery market in the region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global marine deck machinery market?
• What are the key market trends impacting the growth of the global marine deck machinery market?
• What are the challenges to market growth?
• Who are the key vendors in the global marine deck machinery market?
• What are the market opportunities and threats faced by the vendors in the global marine deck machinery market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global marine deck machinery market?

Technavio also offers customization on reports based on specific client requirement.

Related reports:

• Global Marine Auxiliary Engine Market 2017-2021
• Global Marine Outboard Engines Market 2016-2020
• Global Marine Power Systems Market 2017-2021