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.
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.
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.