The future of the global marine switchboard market looks promising with opportunities in the recreational & boat, merchant marine, naval vessel, cruise/passenger ship, fishing vessel, and submarine markets. The global marine switchboard market is expected to reach an estimated $2.5 billion by 2030 with a CAGR of 5.1% from 2024 to 2030. The major drivers for this market are increasing demand for modern and efficient ships, rapid growth in maritime trades, and continous expansion of shipbuilding sector.
Some of the key questions
answered in this exclusive report are:
Q.1. What are some of
the most promising, high-growth opportunities for the marine switchboard market
by product type (low voltage marine switchboards and high voltage marine
switchboards), cabinet (power and lighting distribution boards, individual and
group starters, electrical testing panel, shore connection box, battery
charging & discharging panels, and others), end use (recreational &
boats, merchant marine, naval vessels, cruise/passenger ships, fishing vessels,
submarines, and others), and region (North America, Europe, Asia Pacific, and
the Rest of the World)?
Q.2. Which segments will
grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and
why?
Q.4. What are the key
factors affecting market dynamics? What are the key challenges and business
risks in this market?
Q.5. What are the
business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market
and the reasons behind them?
Q.7. What are some of
the changing demands of customers in the market?
Q.8. What are the new
developments in the market? Which companies are leading these developments?
Q.9. Who are the major
players in this market? What strategic initiatives are key players pursuing for
business growth?
Q.10. What are some of
the competing products in this market and how big of a threat do they pose for
loss of market share by material or product substitution?
Q.11. What M&A
activity has occurred in the last 5 years and what has its impact been on the
industry?
Market Segmentation:
In this market, low
voltage and high voltage are the two major segments of marine switchboard
market by product type. Lucintel forecasts that low voltage will remain the
larger segment due to its widespread use in power distribution to the majority
of electrical components on ships. Within this market, recreational & boat
is expected to witness highest growth over the forecast period.
APAC will remain the
largest region due to significant growth of the shipping industry and presence
of major shipbuilding yards in the region.
Larsen & Toubro,
Kongsberg Maritime, Industrial Electric, Lake Shore Electric, ELCOME, Schneider
Electric, and Hyundai Electric & Energy Systems are the major suppliers in
the marine switchboard market.
About
Lucintel
Lucintel, the premier global
management consulting and market research firm, creates winning strategies for
growth. It offers market assessments, competitive analysis, opportunity
analysis, growth
consulting, M&A, and due diligence services to executives and
key decision-makers in a variety of industries.
Contact
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email roy.almaguer@lucintel.com
Tel. 972.636.5056
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