German Equipment Makers Sustain Business Growth


Source: SKF Marine

Germany’s marine equipment and systems sector achieved a further advance in order volume and a recovery in turnover last year on the back of rising, global fleet investment. While contract intake has continued to increase significantly in 2023, with future positive prospects attributed to the energy transition, industry association VDMA pointed to the lack of skilled workers as a possible restraint on growth.

The 7.8% uplift in orders attracted over the course of 2022 followed the 14% surge in transactions recorded for 2021. Turnover grew by 3.9% to EUR10.7bn ($12bn) in 2022 from the previous year’s EUR10.3bn ($11.5bn at current rates), which had represented a 2% weakening relative to 2020. The industry consolidated its pre-eminent position as a supplier to the world market and as an important source of German foreign earnings by way of an 80% export ratio.

Continue this article…

Already subscribed? SIGN IN now


Sign up for FREE to continue this article!

Want to read more before deciding on a subscription? It only takes a minute to sign up for a free account and you’ll get to enjoy:

  • Weekly newsletters providing valuable news and information on the shipping sector
  • Full access to our news archive
  • Live and archived webinars, podcasts and videos
  • Articles on innovations and current trends in the shipping industry
  • Our extensive archive of data, research and intelligence

Get more free content sign up today

Ready to subscribe? Choose from one of our subscription packages for unlimited access!