Emergence of V-drive Transmission Systems Will Significantly Augment the Global Transmission Systems Market for Marine Applications Until 2020, Says Technavio
By Business Wire News
According to the latest market research report by Technavio, the global transmission systems market for marine applicationsis expected to reach USD 31.53 billion in revenue by 2020.
In this report, Technavio covers the present scenario and growth prospects of the global transmission systems market for marine applications 2016-2020. The report outlines the growth prospects and market analysis for the automotive industry, which is segmented into the technology (halogen, xenon, and LED) and by the application (interior and exterior lighting).
“V-drive is a propulsion system for small vessels that comprises of two drive shafts, a gearbox, and a propeller. In a V-drive vessel, the engine is fixed in the rear of the boat, and the front of the engine faces aft. The transmission is connected to the rear of the engine. The first driveshaft links the rear of the transmission to a gearbox mounted in the center of the boat,” said Gaurav Mohindru, one of Technavio’s lead industry analysts for engineering tools.
“The second driveshaft extends from the gearbox to the rear and out the bottom of the boat to where the propeller is mounted. With the weight of the engine positioned in the stern, but with the steady tracking of inboard running gear, a V-drive is perfect for creating the big wakes, smooth faces, clean alleys, and steep ramps,” added Gaurav.
Geographic segmentation 2015
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Transmission systems market for marine applications in APAC
The present decade has seen the global shipping and offshore energy equipment industry shifting unequivocally toward Asia. South Korea, Japan, and China govern with around 80% of the orders. Out of the 134 liquefied natural gas tankers built since 2009, Asia built 133 out of which South Korea built 100; China built 20; and Japan built 13.
Shipbuilding in Japan is going through a resurgence. The steep decline of the yen has provided a cost benefit to shipbuilders. Meanwhile, overcapacity in China is driving consolidation. Japan became a global shipbuilding power in the 1960s while South Korea did so in the 1980s and China in the 1990s. Consequently, yards from Japan, South Korea, and China have become the major players in each of the four major market segments: bulk carriers, tankers, container ships and offshore. The chief inputs for each segment and thus, the foundation for Asia’s success are identical. Each requires steel – the rapid growth of steel production capacity in Japan, South Korea, and China had facilitated the growth of shipbuilding in these markets.
Transmission systems market for marine applications in EMEA
Greece is a key nation for the transmission systems for marine applications market in EMEA. Shipping contributes around USD 9 billion or 4% of the country’s Gross Domestic Product (GDP). When related businesses are included, the figure jumps to about USD 17 billion a year or 7.5% of GDP. Around 192,000 people are employed by deep-sea shipping and related trades, which amounts to 4% of all Greek workers.
Nordic countries primarily Denmark, Finland, Norway, and Sweden are the other significant shipbuilding nations in Europe, and the industry continues to be a magnet for bright young talent. The region’s ship operators maintain an edge over competitors from lower cost areas by investing in newer tonnage that can be operated efficiently; they readily take advantage of every benefit that can be reaped from advances in technology. This is especially relevant in today’s regulatory climate since the ecologically conscious Nordic countries are an incubator for green technology.
In the Middle East, the shipbuilding industry in a majority of the Cooperation Council for the Arab States of the Gulf (CCASG also known as GCC) countries satisfies the demand resulting from huge investments in offshore projects. It is largely focused on producing and repairing workboats (tugs, ferries, supply vessels; police, fire, patrol, pilot, rescue and oil spill boats; dredgers, barges and floating cranes), and less on building huge merchant vessels. It is estimated that the Middle East forms around 20% of the global workboats market, with most of the vessels operating in the oil and gas sector.
Transmission systems market for marine applications in the Americas
The Americas had the smallest market for marine transmission systems, mainly due to its relatively smaller shipbuilding industry. The US was ranked tenth in global shipbuilding in 2014 with 293,000 of gross ton production. The US’ share of shipbuilding industry was $25.5 billion in 2014.
In Canada, a boom in demand has assisted the shipbuilding industry to expand quickly over the past five years. Industry players construct, modify, convert, and repair ships including warships, icebreakers, ferries, and offshore platforms. With the aim of rebuilding its navy and coast guard, the Canadian government launched the National Shipbuilding Procurement Strategy (NSPS) in 2010. Consequently, the past five years have witnessed investments by industry operators in existing and new facilities to meet the incoming orders.
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