- Marine gearbox plays a key role in the operation of marine vessels. It is a device that is used to increase or decrease the torque and change the speed of the engine.
- Different types of marine gearbox are available in the market. These include helical gearbox, bevel gearbox, spur gearbox, and worm gearbox.
- Companies are investing significantly in research and development activities for better hydrodynamics, higher energy-efficient engines, lower carbon fuels, and carbon-free fuels for ships
- In early 2019, the total world fleet of ships stood at 95,402, accounting for 1.97 billion dead-weight tons (dwt) of capacity. Bulk carriers and oil tankers maintained the largest market share of vessels in the world fleet in early 2019.
Key Drivers of Global Marine Gearbox Market
- Demand for marine gearbox has been increasing across the globe owing to rise in tourism activities and per capita income of the people. Steady increase in demand for pleasure and recreational activities around the globe is also anticipated to propel the demand for marine gearboxes during the forecast period.
- On March 03, 2020, NOVAGEAR AG maximized the efficiency of its newest gearbox 48V WHR prototype, which consists of minimum quantity lubrication for gears. The lube oil is precisely dispensed, dependent on speed and temperature, and directed to the gear flanks in atomized condition. The adaptive lubrication concept reduces drag and churning losses by more than 90% compared to conventional oil-injection lubrication.
- The marine sector has been adversely affected by the COVID-19 pandemic. Most of the manufacturing companies have partially shut their manufacturing plants. Decrease in global demand for marine gearbox and unavailability of labor has hampered the supply of marine gearboxes.
- Many suppliers of gearboxes have halted their operations owing to lockdowns imposed by various countries to curtail the pandemic
Asia Pacific to Hold Major Share of Global Marine Gearbox Market
- Based on region, the global marine gearbox market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global marine gearbox market in 2019. The market in the region is expected to expand at a rapid pace during the forecast period. In 2018, China, Japan and South Korea held 90% share of shipbuilding globally. China accounted for 40% share, while Japan and South Korea constituted 25% share each in the year. Governments of countries in Asia have taken various initiatives to support the shipbuilding industry in the region.
- North America held vital share of the market in 2019 owing to the large fleet size and increase in demand for pleasure boats in the region. Rise in tourism and recreational activities is estimated to boost the demand for marine gearboxes in the region during the forecast period.
- The marine gearbox market in Europe is estimated to expand at a rapid pace during the forecast period. The marine sector in the region is well established. Europe has the highest number of powerboats, yachts, and super yachts in the world. Furthermore, boat shows and recreational activities are rising in the region. The pleasure boat industry in France has 5,435 companies that employ a total of 40,510 employees. France accounts for nearly one-third of sales and one-fifth of the fleet in Europe.
- Latin America and Middle East & Africa held relatively minor share of the global marine gearbox market in 2019. The market in these regions is estimated to expand at a sluggish pace during the forecast period, as the marine sector in the region are still developing.
Key Players in Marine Gearbox Market
Major players operating in the global marine gearbox market include:
- ISHIBASHI Manufacturing Co., Ltd.
- Kumera Corporation
- Elecon Engineering Company Limited
- General Electric
- PRM Newage Ltd
- REINTJES GmbH
- VELVET DRIVE TRANSMISSIONS.
- Twin Disc
- Masson Marine
- NOVAGEAR AG
- ATA GEARS
- ZF Friedrichshafen AG
Global Marine Gearbox Market: Research Scope
Global Marine Gearbox Market, by Ship Type
Global Marine Gearbox Market, by Engine
Global Marine Gearbox Market, by Type
- Helical Gearbox
- Bevel Gearbox
- Spur Gearbox
- Worm Gearbox
Global Marine Gearbox Market, by Installation
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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- Latin America
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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