Marine Electrical Consumables Market

Global Marine Electrical Consumables Market Size (2024-2029):

The Global Marine Electrical Consumables Market was valued at US$ 5.55 billion in 2023 and is predicted to reach US$ 12.99 billion by 2029 from US$ 6.39 billion in 2024 at a CAGR of 15.22% over a foreseen period of 2024-2029.

The maritime industry is in the midst of a paradigm shift, with a growing range of new electronic devices being adopted by ships of all sizes. The constant focus on improving the safety and operational viability of ships has fueled a wave of electrical consumables on board. The market has won significantly and consistently in commercial logistics. At the same time, the increase in recreational activities has opened up new prospects for marine electrical consumables in the shipping industry. The relentless focus on maritime safety is also driving the market. The escalating deployment of automation and control equipment on large ships has driven the adoption of marine electrical consumables around the world.

Market Trends

The escalating use of assorted kits has reinforced the application of marine electrical consumables. Furthermore, the adoption of high-quality marine lighting fixtures is boosting the marine electrical consumable market. In recent years, the shipping industry has been receptive to automation in its operations. This has improved the prospects for the marine electrical consumables market.

Market Drivers

Advances in maritime and coastal tourism in developing regions are opening new avenues in the market. Developing countries have also experienced an increase in international maritime trade.

This is a significant trend driving the market. In addition, the governments of these countries have allocated significant sums to shipbuilding activities in recent years. This will open a new door to lucrative opportunities for suppliers of marine electrical consumables. Ongoing advances in shipbuilding plans in many developed and emerging economies are also driving the market. The broad product portfolio of players in the United States has cemented North America's potential in the worldwide market for marine electrical consumables. The regional market is also advancing thanks to the growing call for electrical consumables in anti-submarine technology. Increased adoption of advanced equipment for safe navigation and communications and increased maritime trade will drive the market for marine electrical consumables. Rapid urbanization and escalating purchasing power are predicted to boost the worldwide market for marine electrical consumables during the foreseen period.

Market Restraints

Lack of investment and infrastructure, incompetence of software, and insecure data transmission mode are some of the factors that can hamper the market for marine electrical consumables.

Market Opportunities

Increases in fishing, logistics, and recreational water sports, primarily in developing economies such as Mexico, Brazil, China, and India, are predicted to drive the call for marine electrical consumables during the foreseen period. Increased focus on improving ship safety and operational viability is predicted to increase the call for electrical consumables in the transportation industry. The expansion of recreational activities should open up new prospects for marine electrical consumables. Geopolitical tensions and maritime disputes in some of the developed and developing economies, as well as the deployment of control and automation equipment on large vessels, are some of the predominant factors driving the expansion of the worldwide marine electrical consumables market. Furthermore, the use of assorted kits and the adoption of high-quality marine lighting fixtures are predicted to drive market expansion.

Market Challenges

Fluctuations in the cost of raw materials are predicted to limit the expansion of the worldwide market for marine electrical consumables.

Impact of COVID-19 on the Global Marine Electrical Consumables Market:

The outbreak of the infectious disease called coronavirus disease (COVID-19) caused by the newly discovered coronavirus has caused chaos and panic around the world, causing all normal daily activities such as going to work, going for a walk to stop outside some countries, and even walking one foot outside the house. This outbreak has led the maritime and shipping industry to face the worst circumstances, as the workforce in these sectors has been closed for safety and prevention of the escalation of COVID-19. This decrease was also due to the stoppage of all types of cargo by sea or air during this quarantine period (isolation period) since the transport of these cargoes in ships or by air can drag the virus from one port to another. This widespread pandemic has caused a significant burden on the maritime and maritime industry, not only in ports in China (where the virus is believed to originate) but also in ports around the world. All commercial chains, including the main import and export exchanges, are facing a recession.

MARINE ELECTRICAL CONSUMABLES MARKET REPORT COVERAGE:

Market Segmentation:

Global Marine Electrical Consumables Market Analysis By Component

• Hardware
• Software

The hardware segment is predicted to see significant expansion due to the widespread call for GPS systems on ships.

Global Marine Electrical Consumables Market Analysis By Application

• Automation
• Communication
• Navigation
• Others

The navigation segment is predicted to contribute XX% to the worldwide marine electrical consumables market expansion during the foreseen period. The maximum market share is attributed to the increase in maritime and coastal tourism, international maritime trade activities, and the emphasis on maritime safety and its consequences. The navigation system is an integral part of the marine system because it has the ability to manage and monitor the movement of a vessel as it moves from one place to another. The needs of the marine transportation segment are predicted to increase the call for electrical consumables in the marine industry.

Global Marine Electrical Consumables Market Analysis By Vessel

• Recreational Boats
• Naval Vessels
• Fishing Vessels
• Others

Market Regional Analysis:

The Marine Electrical Consumables Report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Asia Pacific, marine electrical consumables market, is predicted to grow at a significant rate during the foreseen period due to increased investment in shipbuilding infrastructure development. Increased shipbuilding activities in developing economies, especially Japan, India, China, and other Southeast Asian countries, are also predicted to drive market expansion. Furthermore, the introduction of ambitious plans to establish naval superiority in the Pacific will further support the expansion of the market. North America is also predicted to have a key market share during the foreseen period due to the high call for anti-submarine technology and unmanned underwater vehicles in the region. The escalating emphasis on automation in the US military has led to an increased reliance on marine electronics. This is predicted to drive market expansion during the foreseen period.

Europe is likely to be a stable region for the marine electrical consumables market, due to increased maritime trade, especially in the Mediterranean Sea and the Sea of ​​Marmara. The marine electrical consumables market in Latin America and the Middle East and Africa is predicted to develop at a slow pace during the foreseen period. The Asia-Pacific region is predicted to grow at an XX% CAGR rate during the foreseen year. The expansion of the market is attributed to factors such as the fact that the region has a large presence of companies that manufacture electronic consumables. Increased investment in military spending and shipbuilding activities in developing economies such as China and India is predicted to boost regional market expansion.

Market Key Players:

Some of the major players operating in the Global Marine Electrical Consumable Market are

1. Wartsila SAM Electronics GmbH
2. Oceanlink Marine Services Pty Ltd
3. Mareleng,Inc
4. SRT Marine Systems
5. FLIR Systems, Furuno Electric
6. Raytheon Company
7. Icom Inc
8. Japan Radio
9. Kongsberg Maritime
10. Garmin Ltd
11. Ultra Electronics
12. Northrop Grumman Corporation
13. Atlas Elektronik GmbH
14. Tokyo Keiki Inc

Market Recent Developments:

• ABB has introduced a new DC (direct current) electrical system for marine applications. Known as the DC-Grid, the system is designed for today's greenest ship designs. ABB says the system is part of a renaissance of power solutions that use DC electricity, reverting to old principles, but adapting them to use modern technology and avoid many sources of inefficiency in power distribution systems alternating current.
• Evoyintroduces the world's most powerful electric outboard motor. He might be a 90-pound wimp next to the world's biggest and nastiest in combustion, but Evoy's new zero-emission outboard.