LONDON--(BUSINESS WIRE)--The global marine deck machinery market size is projected to grow to USD 18.74 billion by 2021, at a CAGR of close to 3% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global marine deck machinery market for 2017-2021. By end-users, the market is divided into commercial ships and leisure ships segments.
The world is witnessing a new wave of defense globalization, with a special focus on sea-based defense and maritime security. The number of offshore patrol vessels (OPVs) and other naval vessels is increasing, necessitating the construction of supporting marine decks and deck machinery, thereby driving the market growth.
Technavio’s research study segments the global marine deck machinery market into the following regions:
APAC: largest marine deck machinery market segment
“APAC is by far the largest market segment for deck machinery, generating over 70% of the overall revenue. The region is expected to show quick growth, driven by investments from emerging economies such as China, South Korea, and Japan,” says Anju Ajaykumar, one of the lead analysts at Technavio for engineering tools research.
China is the leading country for commercial ship building in APAC. The country has two state-owned shipbuilding enterprises, both of which are implementing the comprehensive restructuring of their business and management models to increase their international presence. The increasing number of vessels is driving the demand for marine decks and related machinery, thereby driving market growth.
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EMEA: focus on complex vessels with high-value content drives market segment
EMEA is the second largest revenue generator of the marine deck machinery market, with key focus on building complex vessels that offer a high-value content such as container ships, naval vessels, cruise/passenger boats, reefers, and LNG and LPG carriers. Germany is the key country in the market segment for marine deck machinery, where the ship building industry has been of strategic importance for decades. Apart from Germany, Italy, Romania, the Netherlands, Croatia, and Spain are the leading revenue generators.
Americas: growing demand for marine deck machinery from military sector
“The shipbuilding industry in the Americas is led by the US, and to some extent by Brazil and Canada. The shipbuilding industry in the US comprises the building of naval vessels for the US Navy and commercial US-flagged ships,” says Anju.
Industry players in the Canada focus mainly on construction, modification, conversion, and repairs of warships, ice-breakers, ferries, and offshore platforms. To rebuild its navy and coast guard, the federal government launched the National Shipbuilding Procurement Strategy (NSPS) in 2010, resulting in industry operators investing towards existing and new facilities to cope with incoming orders.
The top vendors in the global marine deck machinery market highlighted in the report are:
- Mitsubishi Heavy Industries
- Kawasaki Heavy Industries
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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