Marine Switchboard Market

Marine Switchboard Market Outlook (2023 to 2033)

One might be interested in learning more about the advantages of marine switchboards if he or she is considering buying a new yacht or updating an old boat. These switchboards have grown significantly in popularity as a means of managing electrical distribution in recent years.

Your ship can have clean, evenly distributed power thanks to a top-notch marine switchboard. More on the fundamentals of switchboards and the advantages of a well-made expertly placed will be covered in this article.

These switchboards are responsible for controlling power distribution throughout the entire vessel. The marine companies give focus on choosing the switchboard which includes standard safety features considering overcurrent relays and short circuit protection fuses along with circuit breakers.

Significant factors influencing the expansion of the regional market include the rising adoption of light car trailers for transportation, the rising use of light car trailers for recreational purposes, and rising investments by regional manufacturers in the development of new light car trailer manufacturing processes.

What are the drivers of this market?

The global market is majorly dependent on the shipbuilding industry as well as on the trend of technology updates in the existing fleet. Pertaining to the high influence of the global shipbuilding industry on the demand, it is anticipated that the market will witness substantial growth over the forecast period. Further, the total number of active fleets and the category of vessels play a crucial role in depicting the demand. Furthermore, the new ship order book and overall backlogs are expected high impact on the demands.

However, they are considered to be considerably expensive, thus its adoption in privately owned ships, such as recreational boats, is estimated to be on the lower side, which in turn, could slow down the demand thereby hampering the global market.

What are the benefits of quality focus while manufacturing?

These are capable of controlling power distribution within the entire vessel and as a result, the switchboard chosen should include all necessary features to enhance the quality. These boards ensure the vessel is free of electric errors and it’s even more crucial when the vessel is away from the repair center and within the sea. These products are designed to offer perpetual and 100% reliable effects.

However, there is no electric system that is error-proof. All of the most important onboard ship systems are supplied with clean, appropriate voltage and amperage power by modern marine switchboards, which employ intelligent system monitoring.

Particularly with contemporary yacht software monitoring programs, older marine switchboards are frequently rather difficult to operate. Yet, contemporary switchboards provide simple monitoring options that may be connected with yacht control systems. Better monitoring tools enable yacht captains and owners to identify possible electrical issues before they develop into disasters. They can also guarantee the efficiency of power distribution and the proper operation of all electrical systems.

Regional Outlook

Asia Pacific is the largest shareholder in the global shipbuilding industry and has a diverse marine industry; the region is expected to dominate the demand. Moreover, increasing defense spending for strengthening the naval fleet and coastal security, the region is anticipated to generate high demands in near future.

At the country level, China has shown high growth potential in recent years owing to increasing shipbuilding industry and navy expansions. In conclusion, the maritime industry is fairly dominated by South Korea, China, and Japan. Although the shipbuilding industry is dominated by Asian manufacturers, however, they are still majorly dependent on imports from Europe and U.S manufacturers hence resulting in price disparities. Further, Middle East Africa is the hub of the petroleum industry and exports a huge share of its oil and gas by sea.

Thus Middle East Africa is considered to hold a significant share of the market. Furthermore, the NAFTA (North American Free Trade Agreement) trade agreement is anticipated fuel the demand in the region. Also, the Americas is a major exporter and importer of commodities which will lead to high demand for ships, thereby attributing to the growth of the market over the forecast period.

Key Players

Examples of some of the market participants in the global market identified across the value chain include:

• Siemens AG
• LARSEN & TOUBRO LIMITED
• Schneider Electric
• HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.
• Kongsberg Maritime
• INDUSTRIAL ELECTRIC MFG
• Lake Shore Electric Corporation
• ELCOME
• Fine Line Marine Electric

Segmentation

• On the basis of product type :

  • Low Voltage
  • High Voltage

• On the basis of the cabinet :

  • Power and Lighting Distribution Boards
  • Shore Connection Box
  • Battery Charging & Discharging Panels
  • Individual and Group Starters
  • Electrical Testing Panel
  • Miscellaneous customized control cabinets

• On the basis of end-users :

  • Recreational & Boats
  • Merchant Marine
    • Container Vessels
    • Bulk Carriers
    • Tankers
  • Cruise/ Passenger Ships
  • Fishing Vessels
  • Naval Vessels
  • Submarines

• On the basis of Regions :

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil)
  • Western Europe (Germany, Italy, France, U.K, Spain)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, ASEAN, Australia & New Zealand)
  • Japan
  • Middle East and Africa (GCC Countries, S. Africa, Northern Africa)