Global Marine Electrical Consumables Market: Snapshot
The marine industry is in the throes of paradigmatic change with growing array of new electronics adopted by vessels of all size. The incessant focus on improving the safety and operational viability of vessels has been propelling a spate of electrical consumables onboard. The market has gained considerably and consistently from commercial logistics. Meanwhile, rise in recreational activities have opened new prospects for marine electrical consumables in the shipping industry. Incessant focus on maritime security is also boosting the market. Growing deployment of control and automation equipment in large vessels have fueled the uptake of marine electrical consumables around the world. Growing use of assortment kits has bolstered the application of marine electrical consumables. Further, the adoption of high-quality marine lighting fixtures is boosting the marine electrical consumables market. Over the past few years, the shipping industry has been receptive of automation in its operations. This has accentuated the prospects of the marine electrical consumables market.
Strides made in maritime and coastal tourism in developing regions are opening new avenues in the market. Developing countries have also been witnessing rise in international seaborne trade. This is a significant trend boosting the market. Moreover, governments in these countries over the past few years are spending sizably in shipbuilding activities. This will open new door to lucrative opportunities to providers of marine electrical consumables. Developments being made in shipbuilding plans for the Navy in numerous developed and emerging economies are also boosting the market. The wide product portfolio of players in the U.S. has been cementing the potential of North America in the global marine electrical consumables market. The regional market is also progressing on the back of rising demand for electrical consumables in anti-submarine technology.
Marine Electrical Consumables Market: Introduction
- Electrical components used at workplaces, shopping malls, homes, retail outlets, and industries are known as electrical consumables. Marine electrical consumables are used in ships.
- Electrical consumables, used onboard are designed to fit in small confines of a bridge and are water-resistant
Key Drivers & Restrains of Marine Electrical Consumables Market
- Rise in adoption of advanced equipment for secure communication and navigation, and increase in marine trade will drive the marine electrical consumables market. As per Review of Maritime Transport 2018, seaborne trade rose by 4% in 2017 from 2013.
- Rapid urbanization along with increase in purchasing power are expected to augment the global marine electrical consumables market during the forecast period
- Surge in fishing, logistics, and recreational water activities primarily in developing economies, including Mexico, Brazil, China, and India is projected to drive the demand for marine electrical consumables during the forecast period.
- Lack of investments and infrastructure, incompetency of software and insecure mode of data transmission are some of the factors which may hamper the marine electrical consumables market.
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Navigation Segment Expected to Hold Major Share of Global Market
- The global marine electrical consumables market can be segmented based on component, vessels, application, and region
- In terms of component, the global marine electrical consumables market can be divided into hardware and software. The hardware segment is anticipated to witness significant growth due to widespread demand for GPS systems in boats.
- On the basis of vessel, the global marine electrical consumables market can be classified into recreational boats, naval vessels, fishing vessels, merchant vessels, and others
- Based on application, the global marine electrical consumables market can be segregated into automation, communication & navigation, and others.
- The navigation segment is projected to witness rapid growth due to its ability to manage and supervise the movement of a vessel as it moves from one location to another. Increase in maritime and coastal tourism, surge in international seaborne trade activities, growing focus on maritime security and subsequent increase in naval budgets across the globe are some of the factors further stimulate the market growth.
Asia Pacific Expected to Hold a Major Share of Global Marine Electrical Consumables Market
- In terms of region, the global marine electrical consumables market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The marine electrical consumables market in Asia Pacific is expected to expand at a significant pace during the forecast period due to surge in investments in the development of shipbuilding infrastructure. Increase in shipbuilding activities in developing economies, including Japan, India, China, and other Southeast Asia countries is also anticipated to propel market growth. Moreover, the introduction of ambitious plans to establish naval superiority in the Pacific will further support market growth.
- North America is also projected to hold a key share of the market during the forecast period due to high demand for anti-submarine technology and unmanned underwater vehicles in the region. The growing focus on automation in the U.S. Armed Forces has led to increased dependence on marine electronics. This is likely to fuel market growth during the forecast period.
- Europe is likely to be a stable region for the marine electrical consumables market, owing to the rise in marine trade, especially through the Mediterranean Sea and the Sea of Marmara. The marine electrical consumables market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period.
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Key Players Operating in Global Marine Electrical Consumables Market
Leading companies operating in the global marine electrical consumables market include:
- Wartsila SAM Electronics GmbH
- OCEANLINK MARINE SERVICES PTY LTD
- Mareleng, Inc
- SRT Marine Systems
- FLIR Systems
- Furuno Electric
- Raytheon Company
- Icom Inc.
- Japan Radio
- Kongsberg Maritime
- Garmin Ltd.
- Ultra Electronics
- Northrop Grumman Corporation
- Atlas Elektronik GmbH
- Tokyo Keiki Inc.
Global Marine Electrical Consumables Market: Research Scope
Global Marine Electrical Consumables Market, by Component
Global Marine Electrical Consumables Market, by Vessel
- Recreational Boats
- Naval Vessels
- Fishing Vessels
Global Marine Electrical Consumables Market, by Application
Global Marine Electrical Consumables Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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