Global Marine Switchboard Market – Introduction
- Marine switchboards are typically designed to control the power and electrical requirement of the shipping industry and to supply electricity and power to various vessels operating in sea water. It is difficult to carry out a number of electrically powered tasks in the sea or in naval industries as water and electricity together produce current which can prove dangerous for people working in the marine industry. Therefore, marine switchboards are a specialized switchboard manufactured with sophisticated and automated electrical specifications. Marine switchboards have an electrical interlocking system, multiple controlling mechanisms providing redundancy, are energy efficient with monitoring alarm, and supply adequate amount of voltage to circuit breakers.
Ease of use and customized design driving demand for marine switchboards
- Metering and control units are made keeping in mind specifications of the marine industry for larger ships, tugboats, commercial fishing boats, research vessels, etc. It is essential to meet the particular requirements of power for vessels operating in the sea; therefore, a customized design is needed and calculation of power units are according to the temperature, chemical properties of water, and ergonomics, etc. These properties make it easier to operate for inexperienced crew members as well. Metering and control units are easy to view, and easy to understand as they are manufactured with large colored touchscreens and a digital metering power & energy system. Therefore, marine switchboards are gaining popularity, leading to their higher sales.
Marine engineered applications and higher degree of protection provided leading to advanced results for marine switchboards
- Components of marine switchboards are built with mechanisms which prevent corrosion, fungus, and damage to switches and the processes are based on years of marine experience, aiming at implementing utmost security of crew members. The materials used for making switchboard enclosures are lightweight corrosion resistant material and are smaller in size compared to the typical switchboard designs. Long lasting powder coated cabinets for voltage and current supplying systems have enabled the implementation of marine engineering effectively. These additions made to marine switchboards have led to their rising sales and demand in the market.
North America considered the dominant region in the global marine switchboard market
- In terms of geography, the global marine switchboard market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America accounted for major share of the global marine switchboard market in 2019. The market in North America is anticipated to expand at a significant rate during the forecast period due to growing naval bases in the region, increase in transportation and logistics via the shipping industry, and increased focused on marine hybrid systems to optimize energy while reducing emissions in countries such as the U.S., Canada, and Mexico, all of which is projected to fuel the demand for marine switchboards in the region.
- The market in Asia Pacific is expected to expand at a substantial rate during the forecast period due to an increase in transportation of petroleum, and oil & natural gas in countries of the Middle East such as Iran, Iraq, and Saudi Arabia. Growing activities by the defense industry and increased focused on coastal security in China, South Korea, Japan, India etc. is projected to surge the demand for marine switchboards in the region. Furthermore, growth in the shipbuilding industry, and expansion of the navy in other countries of Southeast Asia is estimated to boost the use of marine switchboards in the near future.
Key Players Operating in the Marine Switchboard Market
Major manufacturing companies are competing with each other in the market. Prominent players such as Kongsberg Maritime, Larsen & Toubro Limited, Schneider Electric, and Bay Power Inc., are aiming at producing products which are safer and easier to handle by crew members. Companies are expanding by designing marine switchboards which help ships to manage their energy consumption and can facilitate the use of battery technology. Some of the key players operating in the global marine switchboard market include:
- Kongsberg Maritime
- Larsen & Toubro Limited
- Schneider Electric
- Bay Power Inc.
- Lake Shore Electric Corporation
- HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.
- Industrial Electric Mfg
- Elcome Integrated Systems Pvt. Ltd.
- Fine Line Marine Electric
- DEIF A/S
Global Marine Switchboard Market – Research Scope
Global Marine Switchboard Market, by Type
- Low Voltage Marine Switchboard
- Medium Voltage Marine Switchboard
- High Voltage Marine Switchboard
Global Marine Switchboard Market, by Voltage
- Below 500 V
- 500- 800 V
- 800-1000 V
- Above 1000 V
Global Marine Switchboard Market, by Power
- Below 10000 W
- 10000-40000 W
- 40000-80000 W
- Above 80000 W
Global Marine Switchboard Market, by Price Range
Global Marine Switchboard Market, Application
- Offshore Supply Vessels
- US Navy Ships
- US Coast Guard Vessels
- US Army Corps of Engineer Vessels
- Oil and Gas
- Casino Boats
- Pilot Boats
- Others (Commercial Fishing Boats, Luxury Motor Yachts, etc.)
Global Marine Switchboard Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Global Marine Switchboard Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
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?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.