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Marine Switchboard Market to Expand with Significant CAGR During 2018 – 2028

08-14-2019 10:07 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Fact.MR

Marine Switchboard Market to Expand with Significant CAGR

Marine switchboard is an onboard electric equipment that supply power to all the onboard systems and offers top-notch power network quality to a vessel. Marine switchboard are highly innovative systems and very useful in case of any electrical accidents. Marine switchboards are either low voltage or high voltage, and can be customized as per requirement of the vessel. Marine switchboards is one of the marine industry leading equipment which allow superior degree of customizable control and monitoring, which in turn, maximizes the reliability and minimizes maintenance. Marine switchboard are installed in recreational boats, merchant ships, cruise and passenger ships, fishing vessels, naval vessels, and submarines.

Marine Switchboards: Market Drivers and Challenges

The global marine switchboard market is majorly depended on the shipbuilding industry as well as on the trend of technology update in the existing fleet. Pertaining to high influence of global shipbuilding industry on the marine switchboards demand, it is anticipated that the marine switchboard market will witness a substantial growth over the forecast period. Further, the total number of active fleet and the category of vessel play a crucial role in depicting the demand for marine switchboards. Furthermore, new ship order book and overall backlogs is expected high impact on the demands for marine switchboards.

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However, marine switchboard are considered to be considerably expensive, thus its adoption in privately owned ships, such as recreational boats, is estimated to be on the lower side, which in turn, could slow down the demand for marine switchboards thereby hampering the global marine switchboards market.

Marine Switchboards: Market Segmentation

On the basis of product type, the global marine switchboards market can be segmented into the following:

Low Voltage Marine Switchboards
High Voltage Marine Switchboards
On the basis of cabinet, the global marine switchboards market can be segmented into the following:

Power and Lighting Distribution Boards
Shore Connection Box
Battery Charging & Discharging Panels
Individual and Group Starters
Electrical Testing Panel
Miscellaneous customized control cabinets
On the basis of end use, the global marine switchboards market can be segmented into the following:

Recreational & Boats
Merchant Marine
Container Vessels
Bulk Carriers
Tankers
Cruise/ Passenger Ships
Fishing Vessels
Naval Vessels
Submarines
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Marine Switchboards: Regional Market Outlook

Asia Pacific is largest shareholder in global shipbuilding industry and has diverse marine industry; the region is expected to dominate the demands for marine switchboards. Moreover, increasing defense spending for strengthening naval fleet and coastal security, the region is anticipated to generate high demands in near future. At country level, China has shown high growth potential in recent years owing to increasing shipbuilding industry and navy expansions. In conclusion, the maritime industry is fairy dominated by South Korea, China, and Japan. Although the shipbuilding industry is dominated by Asian manufacturers, however they are still majorly dependent on the imports from Europe and U.S manufacturers hence resulting into price disparities. Further, the Middle East Africa being the hub of petroleum industry, it exports a huge share of its oil and gas through sea. Thus the Middle East Africa is considered to hold a significant share of the marine switchboards market. Furthermore, the NAFTA (North American Free Trade Agreement) trade agreement is anticipated fuel the demand for marine switchboards in the region. Also, Americas is a major exporter and importer of commodities which will lead to high demand for ships, thereby attributing towards the growth of the marine switchboard market over the forecast period.

Marine Switchboards: Key Market Players

The global marine switchboards market is anticipated to be fairly concentered owing limited presence of global manufacturers.

Examples of some of the market participants in the global Marine Switchboards market identified across the value chain include:

Siemens AG
LARSEN & TOUBRO LIMITED
Schneider Electric
HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.
Kongsberg Maritime
INDUSTRIAL ELECTRIC MFG
Lake Shore Electric Corporation
ELCOME
Fine Line Marine Electric
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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