Global Marine Electrical Consumables Market: Snapshot
The marine industry is in the throes of paradigmatic change with growing array of new electronics adopted by vessels of all size. The incessant focus on improving the safety and operational viability of vessels has been propelling a spate of electrical consumables onboard. The market has gained considerably and consistently from commercial logistics. Meanwhile, rise in recreational activities have opened new prospects for marine electrical consumables in the shipping industry. Incessant focus on maritime security is also boosting the market. Growing deployment of control and automation equipment in large vessels have fueled the uptake of marine electrical consumables around the world. Growing use of assortment kits has bolstered the application of marine electrical consumables. Further, the adoption of high-quality marine lighting fixtures is boosting the marine electrical consumables market. Over the past few years, the shipping industry has been receptive of automation in its operations. This has accentuated the prospects of the marine electrical consumables market.
Strides made in maritime and coastal tourism in developing regions are opening new avenues in the market. Developing countries have also been witnessing rise in international seaborne trade. This is a significant trend boosting the market. Moreover, governments in these countries over the past few years are spending sizably in shipbuilding activities. This will open new door to lucrative opportunities to providers of marine electrical consumables. Developments being made in shipbuilding plans for the Navy in numerous developed and emerging economies are also boosting the market. The wide product portfolio of players in the U.S. has been cementing the potential of North America in the global marine electrical consumables market. The regional market is also progressing on the back of rising demand for electrical consumables in anti-submarine technology.
Marine Electrical Consumables Market: Introduction
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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