Marine Measurement and Analytical Solutions Market to Perceive Substantial Growth by 2026
Posted: Apr 28, 2019
Measurement and analytical solutions are of key importance in the marine sector. It is crucial to actuate, measure, control, and record in order to operate any process efficiently. Marine measurement and analytical solutions provide best measurement of products ranging from standard products to fully integrated systems. Marine measurement solutions optimize ship performance and reduce operation costs. In order to achieve complete overview of any condition on board a vessel, it is important to measure affecting parameters such as temperature, flow, and pressure and analyze the real-time data results. Marine measurement and analytical solutions cover stand-alone and integration solutions. One of these solutions i.e. pressure measurement is often a key for safe and efficient process control in marine plants. High-accuracy applications of marine measurement and analytical solutions include off-shore applications with exclusive features such as built-in backup configuration storage, glass operation, plugged impulse line detection, and easy-to-change electronics modules.
The global marine measurement and analytical solutions market is driven by rising demand for more advanced measurement and analytics tools that are used for measurement and analysis of pressure, temperature, etc. in the marine industry. Another factor fueling the market is rapid globalization that has amplified the number of ships and other vessels used for cultural exchange and trade. Furthermore, rising demand for innovations in measurement and analytical solutions has augmented the market. Marine measurement and analytical solutions offer significant benefits in terms of improved reliability, decline in operating costs, and minimizing off-hire costs, as these solutions have maximum accuracy and long-term reliability.
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Marine measurement and analytical solutions offer minimum pressure drop through the meter and performance and fuel economy monitoring. Also, they are maintenance free. These benefits are boosting the global marine measurement and analytics solutions market. However, factors such as errors and slowdown in research and development of marine measurement and analytics solutions are likely to hinder the global marine measurement and analytics solutions market during the forecast period. However, companies are adopting marine measurement and analytics solutions, which would help them significantly improve productivity and save time.
The global marine measurement and analytical solutions market can be segmented based on service, application, and region. In terms of service, the marine measurement and analytical solutions market can be categorized into consulting, system integration, and operation & maintenance. In terms of application, the marine measurement and analytical solutions market can be categorized into pressure measurement, temperature measurement, recording & control, wireless measurement, and flow measurement. Pressure measurement is suitable for any marine application. Pressure measurement solutions have less maintenance and they are employed to measure the level in ballast tanks as well as for void space monitoring and draft measurement. Pressure measurement is a key for efficient and safe process control in the marine industry. Temperature measurement benefits from low investment costs and standardized modules with remarkable long-term stability. Wireless measurement has potential to considerably reduce instrument installation costs.
In terms of region, the global marine measurement and analytical solutions market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. North America is anticipated to hold a leading share of the global marine measurement and analytical solutions market during the forecast period. This is attributable to presence of global players in the region. Providers of measurement and analytical solutions in North America deliver technological solutions, which results in products that are easy to maintain, configure, and integrate.
Some of the leading companies in the global marine measurement and analytical solutions market are ABB Ltd., Emerson Electric Co., AVK Holding A/S, Bürkert Fluid Control Systems, Flowserve Corporation, Honeywell International Inc., KITZ Corporation, Rotork Plc, Schlumberger Limited, Tyco International Ltd., and Watts Water Technologies, Inc.
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