- Electrical components used at workplaces, shopping malls, homes, retail outlets, and industries are known as electrical consumables. Marine electrical consumables are used in ships.
- Electrical consumables, used onboard are designed to fit in small confines of a bridge and are water-resistant
Key Drivers & Restrains of Marine Electrical Consumables Market
- Rise in adoption of advanced equipment for secure communication and navigation, and increase in marine trade will drive the marine electrical consumables market. As per Review of Maritime Transport 2018, seaborne trade rose by 4% in 2017 from 2013.
- Rapid urbanization along with increase in purchasing power are expected to augment the global marine electrical consumables market during the forecast period
- Surge in fishing, logistics, and recreational water activities primarily in developing economies, including Mexico, Brazil, China, and India is projected to drive the demand for marine electrical consumables during the forecast period.
- Lack of investments and infrastructure, incompetency of software and insecure mode of data transmission are some of the factors which may hamper the marine electrical consumables market.
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Navigation Segment Expected to Hold Major Share of Global Market
- The global marine electrical consumables market can be segmented based on component, vessels, application, and region
- In terms of component, the global marine electrical consumables market can be divided into hardware and software. The hardware segment is anticipated to witness significant growth due to widespread demand for GPS systems in boats.
- On the basis of vessel, the global marine electrical consumables market can be classified into recreational boats, naval vessels, fishing vessels, merchant vessels, and others
- Based on application, the global marine electrical consumables market can be segregated into automation, communication & navigation, and others.
- The navigation segment is projected to witness rapid growth due to its ability to manage and supervise the movement of a vessel as it moves from one location to another. Increase in maritime and coastal tourism, surge in international seaborne trade activities, growing focus on maritime security and subsequent increase in naval budgets across the globe are some of the factors further stimulate the market growth.
Asia Pacific Expected to Hold a Major Share of Global Marine Electrical Consumables Market
- In terms of region, the global marine electrical consumables market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The marine electrical consumables market in Asia Pacific is expected to expand at a significant pace during the forecast period due to surge in investments in the development of shipbuilding infrastructure. Increase in shipbuilding activities in developing economies, including Japan, India, China, and other Southeast Asia countries is also anticipated to propel market growth. Moreover, the introduction of ambitious plans to establish naval superiority in the Pacific will further support market growth.
- North America is also projected to hold a key share of the market during the forecast period due to high demand for anti-submarine technology and unmanned underwater vehicles in the region. The growing focus on automation in the U.S. Armed Forces has led to increased dependence on marine electronics. This is likely to fuel market growth during the forecast period.
- Europe is likely to be a stable region for the marine electrical consumables market, owing to the rise in marine trade, especially through the Mediterranean Sea and the Sea of Marmara. The marine electrical consumables market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period.
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Key Players Operating in Global Marine Electrical Consumables Market
Leading companies operating in the global marine electrical consumables market include:
- Wartsila SAM Electronics GmbH
- OCEANLINK MARINE SERVICES PTY LTD
- Mareleng, Inc
- SRT Marine Systems
- FLIR Systems
- Furuno Electric
- Raytheon Company
- Icom Inc.
- Japan Radio
- Kongsberg Maritime
- Garmin Ltd.
- Ultra Electronics
- Northrop Grumman Corporation
- Atlas Elektronik GmbH
- Tokyo Keiki Inc.