Jacking Systems Market: Introduction
- Marine technology has developed significantly over the years. It covers marine science, technology, and instrumentation. Jacking systems are essential for the study of oceanographic processes and marine sciences.
- The jacking systems market can be segmented based on type, application, and region. In terms of type, the jacking systems market can be bifurcated into pin & yoke and rack & pinion. The pin & yoke segment is expected to account for significant share of the global market during forecast period owing to rise in application of these in automotive and offshore energy & infrastructure industries.
- Based on application, the jacking systems market can be divided into offshore energy & infrastructure, building & construction, metal, automotive, and others. The building & construction segment is expected to exhibit significant share in the near future owing to rise in usage of jacking systems in applications such as bridge repairs, demolition, and other heavy propping.
Drivers of Jacking Systems Market
- Jacking systems help identify natural calamities such as tsunami and whirlpools. This is one of the major drivers of the market. Jacking systems are also used in developing underwater communication systems in laying subsea cables and subsea power & distribution systems. They are employed in studying seabed classification. Jacking systems are also used in shallow water model for prediction of high frequency ambient noise. Jacking systems are unique in combining the benefits of post-tensioned flooring, patented computer controlled software, and special edging systems that help in designing flooring and construction of offshore platforms.
- Jacking systems help determine the current position and define the direction and speed to arrive at the port or point of further decision-making. A support device is used to facilitate maintenance of the jacking system of a self-elevating drilling or maintenance platform having a plurality of legs supporting the platform in an operating orientation. New technological advancements and developments are emerging in order to lower the costs of jacking systems. This can prove more beneficial in reducing the downtime.
Restraints of Jacking Systems Market
- Dearth of universal directives pertaining to applications of jacking systems is expected to restrain the market during the forecast period. Every country has different directives pertaining to applications of jacking systems. Companies find it difficult to deal with these country-wise regulations. This is discouraging investment in the jacking systems market, thereby restraining the market.
- High cost of production and distribution is also a major restraint of the jacking systems market. The marine industry faces shortage of skills, tightening of regulations, and complexity of offshore facilities and processes. This is hampering the market.
COVID-19 impact on Jacking Systems Market
- The COVID-19 outbreak is hampering the demand for jacking systems in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in in demand for jacking systems across the globe.
- Key players operating in the jacking systems market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of jacking systems.
Asia Pacific to Hold Major Share of Jacking Systems Market
- In terms of geography, the global jacking systems market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America leads in terms of demand for jacking systems due to the increase in oil & gas activities in offshore regions of the U.S.
- Demand for jacking systems has been rising in countries in Asia Pacific such as India, China, Japan, and Australia owing to the increase in maritime security activities, rise in offshore oil & gas production activities, and improvement in underwater communications
- Demand for jacking systems has been increasing in countries in Europe such as the U.K., Germany, France, and Norway due to the rise in oil & gas drilling activities in the North Sea and improvement in maritime security
- Demand for jacking systems has been increasing in countries in Latin America such as Brazil and Mexico, led by the rapid urbanization and increase in offshore oil & gas activities in the Gulf of Mexico
- Demand for jacking systems has been increasing in countries in Middle East & Africa due to the rise in number of offshore oil & gas exploration and production activities; and strengthening of maritime boundaries in the region. Countries such as Egypt, Israel, and Algeria are also investing in jacking systems.
Jacking Systems Market: Key Players
Major players operating in the global jacking systems market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- Bosch Rexroth
- TSC Group Holdings
- Keppel Offshore & Marine
- Royal IHC
- Gusto MSC
Global Jacking Systems Market, by Type
Global Jacking Systems Market, by Application
- Offshore Energy & Infrastructure
- Building & Construction
Global Jacking Systems Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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