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Marine switchboards are a dedicated type of switchboard that facilitates the naval and marine industries. They are mainly used aboard large ships, research vessels, commercial fishing boats, tugboats, and other offshore marine vessels. The designs of such switchboard includes same components as any other switchboard; however, they are optimized for the marine and naval industry. For instance, the components of marine switchboard are specially treated to prevent fungus, corrosion, and damage caused by high temperatures. In addition to this, this type of switchboards supplies sufficient amount of voltage to circuit breakers, consists of an electrical interlocking system, and are energy efficient with monitoring alarm.
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.
Growth of the global marine switchboard market is majorly depends on the shipbuilding industry along with the trend of technology update in the existing fleet. The flourishing shipbuilding industry around the globe fuels demand for marine switchboards. This factor primarily drives growth of the marine switchboard market over the forecast period. In addition to this, the category of vessel and total number of active fleet plays a vital role in representing the demand for marine switchboards. Moreover, marine electrical power or marine electricity is an important part of a ship’s operation. Without marine electrical power, ships may not be able to run the machinery and perform their purpose of sailing from one place to another. Marine switchboards are the vital component of marine electrical power system. Thus, increasing number of ships fuels in demand for marine switchboards. However, marine switchboard are considerably expensive; thus its adoption across the privately owned ships, such as recreational boats, is projected to be on the lower side. This factor can slow down the demand for marine switchboards; hence, hindering the global marine switchboards market.
On the other hand, the owners as well as designers of ships are aiming for bigger ships for more profitability. Therefore, as the size of the ship increases, there is a need to install more powerful engines along with other machineries including marine switchboards. Thus demand for bigger ships is one of the key opportunity for the market growth around the globe.
Furthermore, the COVID-19 pandemic has disrupted supply chains and economies around the world. Several trade chains, such as the major export and import trade, is in the face with a downfall. In addition to this, a ban has also been imposed by numerous countries on the entrance of vessels and containers that are being operated from other ports. Such factors have led to the negative impact on the logistics and operations industries across the globe. The aforementioned factors hampers growth of the market.
According to the product type, the high voltage marine switchboards segment is expected to hold a dominant share of the global market. In ships, low voltage motors such as the 690V are generally utilized for much higher power levels than 300kW. Hence, there is growing demand for high voltage marine switchboards on the ships to manage high voltage levels.
MARINE SWITCHBOARD MARKET SEGMENTATION:
By Product Type
By End Use:
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:
The report offers a comprehensive insight on the Marine Switchboards Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
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