Market Size of Marine Engine Monitoring System Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 644.63 Million |
| Market Size (2029) | USD 784.30 Million |
| CAGR (2024 - 2029) | 4.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Marine Engine Monitoring System Market Analysis
The Marine Engine Monitoring System Market size is estimated at USD 644.63 million in 2024, and is expected to reach USD 784.30 million by 2029, growing at a CAGR of 4% during the forecast period (2024-2029).
Over the long term, the major factors that will drive the market are increasing trade activities between the economies which will increase the demand for marine vessels as the major trade activities between countries take place through the marine route. For instance, in India, 90% of its total international trade by volume takes place through marine routes.
The rise in stringent government norms for the regulation of marine safety and pollution will drive also the growth of the Marine engine monitoring system market. Customization of marine engine monitoring systems for the safety of operations and cost reduction has also been a driving factor for the market study. However, During the forecast period, it is expected that these trade activities are going to rise owing to the trade activities from the developing nations.
The market will also benefit from technological advancements in real-time data tracking in marine engine monitoring systems. Further, the lower expenses associated with manufacturing, installation, and operation have significantly bolstered the adoption of fixed propellers when contrasted with controllable pitch alternatives. However, the market expansion is being hampered by variations in oil and gas costs.
