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.