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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

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World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.

Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

Travel News | eTurboNews

GCC produces 1.8 million overnight stays in Germany during 2018

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The German National Tourist Board (GNTB) has announced that it will be showcasing a range of key destinations at Arabian Travel Market (ATM) 2019, which takes place at the Dubai World Trade Centre from 28th April to 1st May.

Participants from Germany partnering with the GNTB this year include the ‘Hotel Palace Berlin’; ‘Frankfurt Tourist and Congress Board’; ‘Baden-Baden Tourism Board’; ‘OUTLETCITY METZINGEN’, the State Tourist Board SouthWest-Germany (Baden-Württemberg Tourismus) and the Black Forest Highlands (Hochschwarzwald Tourismus).

The GNTB’s tourism partners covering local tourist boards, luxury hotels, hospitality, retail, spas and theme parks, each has its own unique proposition, whether spring, summer, autumn or winter, emphasising that Germany is a diverse and unique all year-round travel destination.

Underscoring the relevance of ATM to ‘Destination Germany’, Sigrid de Mazieres, Director for the Gulf countries at the German National Tourist Office (GNTO), an affiliate of the German National Tourist Board (GNTB), commented:

“ATM presents us with an ideal opportunity to showcase our wide-ranging tourism offering from dynamic cities to breathtaking countryside with fairytale castles, lush forests and mountains. In addition, there are great family attractions, excellent shopping centres and superb sightseeing opportunities – visitors will be fascinated by the incredible diversity that Germany has to offer.”

The GCC market is Germany’s third-largest non-European source market behind China and the US and is important for Germany. GCC travellers tend to stay an average of 11 nights and spend on average $5,300 per person per trip, significantly more than other international travellers.

According to the latest forecast from the GNTB, GCC nationals visiting Germany are expected to grow to 3.6 million overnight stays by 2030, compared with 1.8 million guest nights from Gulf nationals recorded in 2018, with key markets being UAE, Saudi Arabia and Kuwait.

The forecast increase is being attributed to the collective efforts of all German Tourism stakeholders identifying and accommodating the travel requirements of GCC nationals, not to mention the excellent connectivity provided through flights from the GCC to Frankfurt, Munich, Dusseldorf, Hamburg and Berlin. In Germany’s hospitality and retail sectors, it is common to meet Arabic speaking staff, familiar with Islamic culture and tradition. Hotels offer copies of the Quran and prayer mats on demand, connecting family rooms, plus restaurants serving halal food are easy to find.

Germany’s attraction as a destination of choice for tourists, is further illustrated by the number of visitors recorded in 2018. Last year, Germany’s inbound tourism figures reached record levels for the ninth year in a row. According to the German Federal Statistical Office, there were 88 million international overnight stays recorded (in accommodation establishments with at least ten beds) – an increase of 5% compared with 2017.

According to IPK World Travel Monitor’s annual survey, in 2017, Germany was the top ranked country among European tourists for cultural trips and with 13.1 million inbound business travellers from Europe, it ranked number one as a business destination in 2018.

The German National Tourist Board (GNTB) will be at ATM 2019 stand no. EU5930.

 

Travel News | eTurboNews

Saudi tourism sector worth over $70 billion in 2019

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Saudi Arabia’s travel and tourism sector is expected to contribute $70.9 billion (SAR 263.1 billion) in total to the country’s GDP in 2019, according to data from the World Travel and Tourism Council, as exhibitors prepare to showcase what the Kingdom has to offer at this year’s Arabian Travel Market (ATM), which is being held at the Dubai World Trade Centre from 28 April – 1 May 2019.

According to data from ATM’s research partner Colliers, international arrivals to Saudi Arabia are expected to increase 5.6% per year from 17.7 million in 2018 to 23.3 million in 2023. Religious tourism is expected to remain the bedrock of the sector over the next decade, with a goal of attracting 30 million pilgrims to the Kingdom by 2030, an increase of 11 million from the 19 million Hajj and Umrah pilgrims that visited the country in 2017.

Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: “At ATM, we are witnessing this growth first hand with the total number of delegates arriving from Saudi Arabia increasing 42% between 2017 and 2018, while 33% of delegates, exhibitors and attendees were interested in doing business with the Kingdom.

“More relaxed access to visas, through online portals such as the ‘Sharek’ and the growth of the Umrah plus market – combining religious and leisure travel – are expected to be key drivers in the growth of international tourism in the Kingdom.”

Vision 2030 has set aside $64 billion to invest in culture, leisure and entertainment projects over the next decade, which will significantly add to the attractiveness of the country as a touristic destination, according to a recent report from real estate firm Savills.

The first phase of the Red Sea project, which is estimated to grow the kingdom’s GDP by US$5.86 billion (SAR22 billion) and will consist of an airport, marinas, up to 3,000 hotel rooms and various recreational activities, is expected to complete during 2022.

Additionally, last year Saudi Arabia’s Public Investment Fund announced the development of Amaala, a new ultra-luxury tourism megaproject which is earmarked for completion in 2028. The development will add 2,500 hotel rooms – further boosting the accommodation offering for both domestic and international visitors alike.

“Saudi Arabia will see a vast expansion of its hotel and resort inventory during 2019, with over 9,000 keys of three, four and five-star international supply expected to enter the market despite major cities such as Riyadh and Jeddah experiencing an overall drop in ADR during 2018.

“While, this new supply will place additional competitive pressure on hotels performance across the country, the projected growth in visitor numbers in both the domestic and international markets is expected to boost occupancy levels throughout 2019,” added Curtis.

Looking ahead to ATM 2019, Saudi exhibitors, who will highlight what the Kingdom has to offer and the exciting developments in the pipeline, include The Red Sea Development Company, Saudia – Saudi Arabian Airlines, Makarem Hotels, AlfaOne Concierge – and of course the Saudi Commission for Tourism and National Heritage who will have a major presence too.

A focused seminar titled ‘Why Tourism is Saudi’s new ‘White Oil’ will take place on the Global Stage on Monday 29th April between 14.50 – 15:50.  The session will discuss Saudi Arabia’s tourism potential as the Kingdom undergoes a period of rapid economic diversification and forges ahead with its Vision 2030 blueprint.

The upbeat tourism forecast is also being driven, by domestic tourism with the number of local tourist trips inside Saudi Arabia exceeding 47 million in 2018. The latest research from Colliers forecasts this figure to increase 8% per year to 70.5 million by 2023.

“Plans are already afoot in Saudi, to achieve the projected increase in domestic visitors, with the Kingdom’s Vision 2030 blueprint forecast to double the number of UNESCO heritage sites and increase household spending on cultural and entertainment activities inside the country from 2.9% to 6%.

“Meanwhile, the Quality of Life Vision Realisation Programme (VRP) and the General Entertainment Authority are both working to create new attractions and recreational activities within the country,” added Curtis.

ATM, considered by industry professionals as a barometer for the Middle East and North Africa tourism sector, welcomed over 39,000 people to its 2018 event, showcasing the largest exhibition in the history of the show, with hotels comprising 20% of the floor area.

Brand new for this year’s show will be the launch of Arabian Travel Week, an umbrella brand comprising four co-located shows including ATM 2019, ILTM Arabia, CONNECT Middle East, India & Africa – a new route development forum and new consumer-led event ATM Holiday Shopper. Arabian Travel Week will take place at Dubai World Trade Centre from 27 April – 1 May 2019.

For more news about ATM, please visit: https://arabiantravelmarket.wtm.com/media-centre/Press-Releases/.

About Arabian Travel Market (ATM)

Arabian Travel Market is the leading, international travel and tourism event in the Middle East for inbound and outbound tourism professionals. ATM 2018 attracted almost 40,000 industry professionals, with representation from 141 countries over the four days. The 25th edition of ATM showcased over 2,500 exhibiting companies across 12 halls at Dubai World Trade Centre.  Arabian Travel Market 2019 will take place in Dubai from Sunday, 28th April to Wednesday, 1st May 2019. To find out more, please visit: www.arabiantravelmarket.wtm.com.

MEDIA CONTACT: NATHALIE VISELE, Director, Shamal Communications, Arjaan Office Tower, Dubai Media City, Dubai, United Arab Emirates, Tel: +971 4 365 2711 | Mobile: +971 50 457 6525, E-mail: nathalie.visele@shamalcomms.com , Website: www.shamalcomms.com

Travel News | eTurboNews

ATM Report: 63% of Dubai Airport passengers were in transit during 2018

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More than 63% of the 89 million passengers who passed through Dubai airport in 2018 were in transit with just 8% of these passengers leaving the airport to explore the emirate, according to the latest Colliers International data published by Reed Travel Exhibitions ahead of Arabian Travel Market (ATM) 2019, which takes place at Dubai World Trade Centre between 28 April – 1 May 2019.

As Dubai targets 20 million annual visitors by 2020, plus an additional five million between October 2020 and April 2021 for Expo 2020 – 70% of which will come from outside the UAE – a number of initiatives to increase stopover tourism have been introduced including new transit visas and dedicated tourism packages.

Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: “Last year, the UAE introduced a new transit visa allowing all transit passengers an exemption from entry fees for 48 hours with the option to extend up to 96 hours for AED 50. This visa is not only good for the country’s tourism sector but for the local economy as a whole, enticing passengers to view their transit not as an unwanted delay in their travels – but as a good opportunity to add value to their trip and experience everything the UAE has to offer.”

According to IATA, the Middle East is forecast to see an extra 290 million air passengers on routes to, from and within the region by 2037, with the total market size increasing to 501 million passengers during the same period.

Adding to this, figures from ATM 2018 show the number of delegates interested in buying airline products and services increased 13% between 2017 and 2018.

“This projected growth underscores Dubai, and of course the Middle East, as the ideal location to bring together professionals from the aviation and tourism industry for our inaugural CONNECT Middle East, India and Africa forum which will be co-located alongside ATM 2019 – taking place on the last two days of the show,” Curtis said.

The success of the aviation industry in the sky is matched in the GCC and wider MENA region by the continued huge infrastructure investment.

The total value of 195 active aviation-related projects in the Middle East reached almost $50 billion in 2018, according to research provider BNC Network.

The various airport investments under way include AED30 billion in developing Al Maktoum International Airport, AED28 billion expansion of phase four of Dubai International Airport and AED 25 billion for the development and expansion of Abu Dhabi International Airport. In addition, Sharjah Airport is also undergoing a AED1.5 billion investment in expansion of its terminal.

There are also a number of upcoming and planned airport expansion projects across Saudi Arabia, including King Abdulaziz International Airport Expansion in Jeddah and King Khalid International Airport Expansion in Riyadh.

Curtis said: “2018 was also an exciting year for new flight routes with GCC airlines alone adding 58 new flight routes – focusing on areas of consistent and substantial growth.

“With two thirds of the world’s population within an eight-hour flight from the GCC, it is an ideal base for exploring some of the world’s most interesting and previously inaccessible corners of the world. And the GCC’s airlines are making it even easier with the continuous addition of new and direct flight routes,” Curtis added.

Looking ahead to ATM 2019, aviation will feature heavily in the programme with a keynote from Emirates’ President Sir Tim Clark titled ‘Emirates: Still leading the way’ as well as an exclusive one-to-one with Air Arabia CEO, Adel Ali. A panel session titled ‘What are the hot topics in the airline world’ which will explore how traffic is performing against a backdrop of volatile fuel prices and geo-political challenges as well as discussing stopover tourism and how the digital world is affecting airline and airport services and experiences for customers.

Confirmed exhibiting airlines for ATM 2019 so far include Emirates, Etihad Airways, Saudi Airlines, flydubai and flynas.

Considered by industry professionals as a barometer for the Middle East and North Africa tourism sector, ATM welcomed over 39,000 people to its 2018 event, showcasing the largest exhibition in the history of the show, with hotels comprising 20% of the floor area.

Brand new for this year’s show will be the launch of Arabian Travel Week, an umbrella brand comprising four co-located shows including ATM 2019, ILTM Arabia, CONNECT Middle East, India & Africa – a new route development forum and new consumer-led event ATM Holiday Shopper. Arabian Travel Week will take place at Dubai World Trade Centre from 27 April – 1 May 2019.

Arabian Travel Market is the leading, international travel and tourism event in the Middle East for inbound and outbound tourism professionals. ATM 2018 attracted almost 40,000 industry professionals, with representation from 141 countries over the four days. The 25th edition of ATM showcased over 2,500 exhibiting companies across 12 halls at Dubai World Trade Centre.  Arabian Travel Market 2019 will take place in Dubai from Sunday, 28th April to Wednesday, 1st May 2019. To find out more, please visit: www.arabiantravelmarket.wtm.com.

Travel News | eTurboNews

Strongest year-by-year growth in a decade expected

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The number of business trips and the cost of those trips is set to rise in 2019, according to the 14th annual International Travel Management Study (22 October 2018). Almost half (45 percent) of the 777 corporate travel managers surveyed by AirPlus in 24 countries expect their company to travel more in the year ahead. That figure is up from 35 percent in 2018 and the highest since the global financial crisis of the late 2000s.

Only 10 percent of travel managers believe their company will travel less, while 44 percent expect no change. India is the country where the highest number of travel managers (83 percent) forecast more trips in 2019. In contrast, 33 percent of Russian travel managers, more than any other country, predict less travel.

Travel managers are economic optimists

Almost half (46 percent) of travel managers expect the global economy to affect business travel positively in 2019. That is well up on last year (27 percent) and the highest figure in the six years the study has asked this question. Only 16 percent of travel managers expect the economy to affect business travel negatively, down from 20 percent in 2018.

The optimism among travel managers may seem surprising given several risks threatening to slow the global economy in 2019, including Brexit, slower growth in the Chinese economy and international trade disputes. But at time of writing the International Monetary Fund’s 2019 forecast is for global GDP growth of 3.5 percent (slower than 2018 but still a relatively high figure), and business travel volume and GDP have long been shown to correlate.

Expect business travel to cost more in 2019

The almost inevitable consequence of more travel is more cost, and sure enough, 51 percent of travel managers expect their company to increase its travel spend in 2019 — up from 41 percent in 2018.

“Our travel managers’ prediction of increased corporate travel highlights the importance that business travel has gained over the years. Regardless of any possible positive or negative effects of the global economy, travel managers consider business travel to be necessary and essential in order to gain new business and meet corporate challenges”, says Yael Klein, a marketing director. “But more travel also means companies need to pay increased attention to controlling their rising spend. Luckily, there are many excellent tools and techniques to help track and manage travel spend. 2019 is definitely the year to put these good travel management practices in place, or review them if you already have a strong managed program.”

Action points recommended to control budgets include:

  • Make sure you have a good corporate payment solution providing the best possible travel spend data.
  • Review your policy to identify fresh potential savings.
  • Re-visit your supplier deals. If you have more spend, you also have more spending power.
  • Communicate. Tell your travelers that costs are increasing

Travel News | eTurboNews

WTTC: Travel and Tourism is Zambia’s 2018 fastest-growing national economic sector

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The World Travel and Tourism Council (WTTC) is getting ready for its Annual Summit in Seville next month, and Africa will be happy.

Report after report is confirming enormous growth potential for the African Travel and Tourism industry.

Alongside WTTC’s good numbers, a new initiative spearheaded by the eTN Corporation is the African Tourism Board which will launch on April 11 at an ATB Conference in Cape Town, South Africa.

“This all confirms the important role Africa has established globally,” said eTN President and Interim African Tourism Board Chairman Juergen Steinmetz.

Travel and Tourism is Zambia’s 2018 fastest-growing national economic sector, contributing US$1,846.9MN (ZMK19.4 billion) to national economy, reported WTTC, and 318.9 thousand jobs to the Zambian economy in 2018 while posting a +6.3% Gross Domestic Product (GDP), making it the fastest and bullish economic sector in the country.

International visitors alone spent ZMK8.4 billion representing 8.3% of the total Zambian exports, and in terms if spending characteristics the leisure sectors account for a total of 38% while business was at 62%. Domestic spending on tourism and travel stood at 47% while international spending was 53%. The industry is estimated to create a total of 464.6 thousand jobs in 2019 with an estimated 1.1million expected international visitors in 2019.  This is according to the World Travel and Tourism Council’s annual review of the economic impact and social importance of the sector released this month.

Tsogo Sun Garden Court Hotel Kitwe Zambia – Photo courtesy of Garden Court Kitwe Management

WTTC is an international non-governmental organization which represents the Travel and Tourism private sector globally with over 170 membership that includes CEOs, chairmen, and presidents of the world’s leading Travel and Tourism businesses from across the globe covering all industries. The organization works to raise awareness of Travel and Tourism as one of the world’s largest economic sectors, supporting one in 10 jobs (319 million world wide and generating 10.4% of the world GDP in 2018).

The World Travel and Tourism Council is the global authority on the economic and social contribution of Travel and Tourism. The organization promotes sustainable growth for the Travel and Tourism sector, working with governments and international institutions to create jobs, to drive exports and to generate prosperity. Together with Oxford Economics an international consulting firm headquartered in Oxford United Kingdom and prides itself as a global leader in forecasting and quantitative analysis, produces annual research that shows Travel and Tourism to be one of the world’s largest sectors. WTTC has been producing comprehensive reports quantify, compare and forecast the economic impact of Travel and Tourism on 185 economies around the world for nearly 30 years. In addition to individual country fact sheets, and fuller country reports, WTTC produces a world report highlighting global trends and 25 further reports that focus on regions, sub-regions and economic and geographic groups.

Commenting on this extraordinary data by WTTC, Zambia’s celebrated tourism pundit Dr. Percy Ngwira stated that WTTC has revealed something that needs thorough reflection and validation in line with Zambia’s national data produced relevant national competent institutions. He was, however, quick point out that the travel and tourism sector in Zambia has indeed being growing arguably so in the past five years owing to the current governments implantations of conducive policy and commitment to develop the sector.

According to the Zambia’s Minister of Tourism and Arts Charles Banda who is also UNWTO Executive Council Chair the current Zambian government has recognized prioritized the tourism and placed it as the second most important economic sector in the country that is poised to play  a significant  role in the country’s economic emancipation towards the achievement of Zambia’s  national Vision 2030, which aims to transform the country  into a prosperous middle income nation by the year  2030 and to create a new Zambia which is a strong and dynamic middle-income industrial nation that provides opportunities for improving the well-being of all, embodying values of socio economic justice.

Recently Zambia has witnessed growing investment in the tourism sector, many new hotels have been built including Hilton Hotel group that opened a $100m luxury 20-floor mixed-use Hilton Garden Inn hotel in the Zambian capital Lusaka in 2018.

The Zambian copper rich region located near the Democratic Republic of Congo also had a new state of art hotel by Tsogo Sun of South Africa Garden Court Kitwe that was open late last year.

eTN is a media partner for WTTC.

Travel News | eTurboNews

Aircraft landing gear market

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The report “Aircraft Landing Gear Market by Type (Main, Nose), Platform (Fixed Wing, Rotary Wing), Application (Commercial, Business, Military), Aircraft Type (NBA, WBA, VLA, RTA), and Region – Global Forecast to 2021″, The global aircraft landing gear market is projected to grow from USD 9.71 Billion in 2016 to USD 13.14 Billion by 2021, at a CAGR of 6.23% from 2016 to 2021.

Browse 71 market data tables and 62 figures spread through 134 pages and in-depth TOC on “Aircraft Landing Gear Market – Global Forecast to 2021”

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Increasing demand for new aircraft as a result of growth in air travel and the need for global connectivity are the major drivers in the global aircraft landing gear market. There is an increasing demand for lightweight aircraft since the past few years, as a result, the demand for lightweight landing gear is also increasing. In addition, the increasing demand for Unmanned Air Vehicles (UAVs) in military applications is further expected to drive the demand for aircraft landing gear from military aviation over the forecast period.

“The commercial aviation segment is projected to lead the aircraft landing gear market during the forecast period.”

Based on application, the commercial aviation segment is expected to account for the largest market share of the global aircraft landing gear market during the forecast period. The commercial aviation segment consists of narrow body, wide body, very large body and regional transport aircraft. The increasing demand for new aircraft from regional airlines in the Asia-Pacific and Middle-Eastern regions is one of the key factors driving the global market for aircraft landing gear. Increasing air passenger traffic as a result of the growing affordability is creating a demand for new aircraft, in turn influencing positive market growth.

 “The North American region is estimated to account for the largest share of the aircraft landing gear market during the forecast period.”

The North American region is estimated to lead the global aircraft landing gear market during the forecast period, owing to the technological advancements taking place in the aircraft landing gear and the presence of key aircraft manufacturers, such as The Boeing Company (U.S.), and Bombardier Inc. (Canada). Increasing aircraft orders from these manufacturers by the regional airline companies in the Asia-Pacific and Middle Eastern regions is driving the North American aircraft landing gear market. Growing military modernization programs, which include increased procurement of advanced fighter jets, unmanned air vehicles, among others is also expected to drive the North American aircraft landing gear market during the forecast period.

Safran S.A. (France), Liebherr-International AG (Switzerland), CIRCOR International, Inc. (U.S.), Héroux-Devtek Inc. (Canada), UTC Aerospace Systems (U.S.), and Triumph Group, Inc. (U.S.), among others, are the key players operating in the global aircraft landing gear market.

 

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Marine Engine Monitoring System Market – Trends, Growth Propellers, Segmentation And Top Players forecast 2025

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The report “Marine Engine Monitoring System Market by Engine Type (Propulsion Engine, Auxiliary Engine), End Use (OEM, Aftermarket), Component (Hardware, Software), Ship Type (Commercial, Naval), Deployment (On-Board, Remote), and Region – Global Forecast to 2025″, The marine engine monitoring system market is estimated to be USD 508.4 Million in 2018 and is projected to reach USD 656.5 Million by 2025, at a CAGR of 3.72% from 2018 to 2025. The growth in international seaborne trade, increased demand for marine engine monitoring systems from the new shipbuilding & repair market, and rise in maritime tourism are the key factors that are anticipated to drive the marine engine monitoring system market.

Browse 97 market data Tables and 48 Figures spread through 171 Pages and in-depth TOC on “Marine Engine Monitoring System Market – Global Forecast to 2025”

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Based on component, the software segment is projected to grow at the highest CAGR during the forecast period.

Based on component, the software segment of the marine engine monitoring system market is projected to grow at the highest CAGR from 2018 to 2025 The growth of the software segment can be attributed to its advantages that include data analysis process and trend analysis. Technologies such as predictive maintenance, dig data analysis, and IoT will add more comprehensive software analysis, which would be adopted in marine engines during the forecast period.

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Based on ship type, the commercial segment is estimated to lead the marine engine monitoring system market in 2018.

Based on ship type, the commercial segment is estimated to lead the marine engine monitoring system market in 2018 and the naval ships segment of the marine engine monitoring system market is projected to grow at the highest CAGR from 2018 to 2025. The demand for merchant ships to transport commodities worldwide is driving the growth of the commercial ships segment. According to the International Chamber of Shipping (ICS), there are over 50,000 merchant ships that transport cargo internationally. The growth of the naval ships segment can be attributed to the increasing investments in the defense sector in North America and Europe.

Based on engine type, the auxiliary engine segment is expected to witness the highest growth during the forecast period.

Based on engine type, the auxiliary segment of the marine engine monitoring system market is projected to grow at the highest CAGR during the forecast period. The growth of the auxiliary engine segment is primarily driven by the increase in the deliveries of cruise boats, recreational ships, and passenger ships, which require auxiliary engines for electricity generation and power management.

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Based on deployment, the remote monitoring segment is expected to witness the highest growth during the forecast period

Based on deployment, the remote monitoring segment of the marine engine monitoring system market is projected to grow at the highest CAGR during the forecast period. The increasing demand for real-time data sharing through IoT sensors is expected to drive the growth of the remote monitoring segment of the marine engine monitoring system market.

The marine engine monitoring system market in Europe is expected to witness the highest growth during the forecast period.

The marine engine monitoring system market in Europe is projected to grow at the highest CAGR from 2018 to 2025 The European shipbuilding industry is involved in the construction of complex naval vessels, such as cruise ships, ferries, mega yachts, submarines, and dredgers (offshore vessels). Moreover, the marine monitoring system industry in Europe offers a wide range of products that include propulsion systems, diesel engines monitoring system, environmental safety systems, cargo handling systems, and related electronics.

Major companies profiled in the marine engine monitoring system market report include ABB (Switzerland), AST Group (UK), CMR Group (France), Caterpillar (US), Cummins (US), Emerson (US), Hyundai Heavy Industries (South Korea), Jason Marine (Singapore), Kongsberg (Norway), MAN Diesel & Turbo (Germany), Mitsubishi Heavy Industries (Japan), NORIS Group (Germany), Rolls Royce (UK), and Wartsila (Finland), among others.

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Marine Propeller Market by Type (Propellers, Thrusters), Application (Merchant Ships, Naval Ships, Boats), Material (Stainless Steel, Aluminium, Bronze, Nickel-Aluminium Bronze), End User, Propulsion, Number of Blades, Region – Global Forecast to 2022

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