Jacking Systems Market: Overview
Marine technology has developed tremendously over the years. Marine technology covers marine science, technology, and instrumentation, which are also called maritime commerce. Jacking systems are essential for the study of oceanographic processes and marine sciences. These 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.
Jacking Systems Market: Segmentations
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. Based on application, the jacking systems market can be divided into offshore energy & global infrastructure, metal industries, automotive, and others. Jacking systems are extensively used in applications such as bridge repairs, building & construction, demolition, and other heavy propping.
Jacking Systems Market: Drivers & Restraints
Jacking systems helps in identifying 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.
High cost of production and distribution is the major restraint of the jacking systems market. Marine industry faces shortages of skills, tightening of regulations, and complexity of offshore facilities and processes. The downtime and non-productivity time needs to be reduced in order to achieve economic benefits. 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.
Jacking Systems Market: Regional Outlook
In terms of region, North American 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 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 rising 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 maritime boundaries in the region. Countries such as Egypt, Israel, and Algeria are also investing in jacking systems.
Jacking Systems Market: Key Players
Key players operating in the jacking systems market include Bosch Rexroth, TSC Group Holdings, ABB, Keppel Offshore & Marine, Royal IHC, and GustoMSC.