Press release
Power Consumables Market Size and Key Trends in Terms Of Volume and Value - Forecast to 2025
The main objective of this report is to define, describe, and forecast the global “Power Consumables” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
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The oil & gas industry has witnessed low prices since 2014, and these have had a significant financial impact on its supply chain and oil & gas operators. The impact has been further aggravated for vessel owners due to the issue of oversupply. The marine industry needs energy-efficient and reliable solutions that power productivity and increase profitability. In terms of volume, 90% of global trade is transported by the sea. This drives the marine and vessel industry globally. Carbon emissions by the marine industry have increased to more than 3% of the total global emission. Stringent environmental regulations are prompting operators and ship owners, globally and regionally, to make energy-efficiency their upmost priority. Thus, increasing global trade via the sea and increasing competition in vessel operators is anticipated to drive the power consumables market for vessels.
Adoption of integrated power and automation systems is essential to cater to the increase in demand for fuel efficiency and reduction in emission in the marine industry. This is estimated to augment the global power consumables market for subsea vessels during the forecast period. Integrated automation solutions are projected be a major factor for achieving more energy, more profitable vessel operation and cost efficiency. Thus, rising demand for global energy and energy-efficient solutions is likely to drive the power consumable market for vessel and which in turn is estimated to propel the marine industry. Moreover, continuous development of oil & gas reserves due to increase in production of oil & gas is anticipated to lead to an increase in trade of oil & gas through vessels. This, in turn, is also likely to fuel the global power consumables market for subsea vessels. Rise in deep-water production and exploration of oil & gas is projected to boost the power consumables market for subsea vessels.
Fuel is a major source of energy to drive vessels and generate electricity. Stringent carbon emission regulations by governments are likely to hinder the power consumables market for subsea vessels. Integration power and automation technology and green fuel propulsion system are expected to provide opportunity for subsea vessels. This, in turn, is estimated to propel the power consumables market for subsea vessels.
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The power consumables market for subsea vessels can be segmented based on equipment and type of vessel. Based on equipment, the market is divided into electrical motors, lights, navigational equipment, and others. Electrical motors are used to drive various pumps, which are used to generate hydraulic power. Navigational equipment include radar, the electronic chart display and information system (ECDIS), communication equipment, and others. In terms of type of vessel, the market has been segmented into very large crude carrier (VLCC/ULCC), suezmax, aframax, and panamax. The VLCC segment accounted for a major share of the market across globe.
Based on region, the power consumables market for subsea vessels can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. South East Asia, the U.S, Brazil, and West Africa are anticipated to account for major share of the market globally due to large infrastructure, the large capacity of well stocks, re-engineered green-field projects and mega projects approved before the oil price breakdown. However, the development of Africa (East) gas basins and the significantly fast development such as Zohr and Liza reserves.
Key players operating in the global power consumables market for subsea vessels include ABB Group, Lynch Motor Company Ltd., Ingeteam Group, and FURUNO ELECTRIC CO., LTD.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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