Press release
Marine Switchboards Market to Experience a Significant Increase in Revenues by 2026
The market for marine switchboards is expected to reach rise at a significant CAGR during the forecast period. Features such as customized design as well as ease of use are driving growth of the marine switchboards Market.
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MARINE SWITCHBOARD MARKET SEGMENTATION:
By Product Type
Low Voltage Marine Switchboards
High Voltage Marine Switchboards
By Cabinet:
Power and Lighting Distribution Boards
Individual and Group Starters
Electrical Testing Panel
Shore Connection Box
Battery Charging & Discharging Panels
Miscellaneous customized control cabinets
By End Use:
Recreational & Boats
Merchant Marine
Naval Vessels
Cruise/ Passenger Ships
Fishing Vessels
Submarines
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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REGIONAL INSIGHT:
The global marine switchboards market is dominated by North America region in 2019. This is mainly attributed to increased logistics and transportation via the shipping industry, growing naval bases across the region, and upsurge in focused on marine hybrid systems to optimize energy in order to reduce emissions in various countries including the U.S., Canada, and Mexico.
Asia-Pacific is expected to witness highest growth rate during the forecast period. The region has the diverse marine industry and it is the largest shareholder in global shipbuilding industry. In addition, surge in defence spending for strengthening coastal security and naval fleet, the region is expected to generate huge demands for the marine switchboards in upcoming future. Moreover, China has represented the highest growth potential due to navy expansions and flourishing shipbuilding industry. The maritime industry in the Asia-Pacific is mainly dominated by China, South Korea, and Japan.
Even if the shipbuilding industry is dominated by Asian manufacturers; they are mainly dependent on the imports from U.S. and Europe manufacturers.
FEW KEY PLAYERS IN MARINE SWITCHBOARD MARKET:
Siemens AG
LARSEN & TOUBRO LIMITED
Kongsberg Maritime
INDUSTRIAL ELECTRIC MFG
Lake Shore Electric Corporation
ELCOME
Schneider Electric
HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.
Fine Line Marine Electric
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