Offshore APAC Electrical Equipment Market: New Survey

MarineLink.com
Wednesday, September 25, 2013

New analysis from Frost & Sullivan 'Electrical Equipment and Solution for Marine and Offshore Markets in Asia-Pacific', finds that the market earned revenues of US$350.0 million in 2012 and estimates this to reach US$467.4 million in 2017. The main end-user segments are marine vessels and offshore structures. Excerpts follow:

The Asia-Pacific market for electrical equipment for marine and offshore solutions has been concentrated in South Korea, Japan and Singapore. While South Korea and Singapore have been the hubs of the offshore structure building industry, Japan and South Korea are leaders in marine vessel manufacturing.

"The shipbuilding industry had experienced a slump in demand for ships due to oversupply and financial constraints among shipbuilders," said Frost & Sullivan Energy & Environmental Senior Research Analyst Avanthika Satheesh P. "However, the electrical equipment market is likely to grow with the rising demand for ship maintenance and increasing offshore oil exploration."

The depletion of onshore fields has spawned offshore explorations, and the recent trend of converting existing liquid nitrogen gas (LNG) carriers into offshore structures such as floating production storage offloading (FPSO) provides a huge boost to the electrical equipment market.

The market will also benefit greatly from the incentives offered by governments in countries such as Malaysia and the Philippines. They offer tax holidays and tax rebates on the equipment used in the shipbuilding sector, which is a significant revenue driver for electrical equipment manufacturers.

"In Indonesia and Malaysia, the government gives high priority to 'local content value' in oil & gas projects," noted Satheesh. "They mandate the installation of equipment that is manufactured in the country, giving an opportunity to regional manufacturers to increase their presence in offshore projects."

The shipbuilding industry too has regulations to ensure high-quality production. The high technical specifications of the shipbuilding sector compel the installation of electrical distribution products that are compliant with various standards such as National Electrical Manufacturers Association (NEMA) and American National Standards Institute (ANSI). However, not many OEMs are capable of adhering to these standards and the shipbuilders end up procuring the products from European countries such as Belgium and Norway.

Shipbuilders and oil companies maintain a master list of vendors that are most preferred during project procurements. The market will have abundant opportunities for regional participants that strive to gain entry into that list by complying with the customers' technical and commercial terms and conditions.

More information on the analysis at: http://www.frost.com/prod/servlet/svcg.pag/EGEP

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Contracts

USA Urged Not to Delay Arctic Drilling

The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP.

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Viking Bags Charter Deal for AHTS Brage Viking

Viking Supply Ships has entered into a contract with an Oil major for the charter of “Brage Viking” commencing 1stof April 2015. The duration is for 2 years and 8 months firm,

Offshore

China Unveils Action Plan on Maritime Silk Road

China has unveiled the principles, framework, and cooperation priorities and mechanisms in its Maritime Silk Road initiative in a bid to enhance regional connectivity

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

Marine Equipment

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

US Navy to Roll out Underwater Spy Satellites

The robotic series that remade crusade in skies will shortly extend to a low sea, with underwater view “satellites,” drone-launching pods on a sea building and unmanned ships sport submarines,

Viking Bags Charter Deal for AHTS Brage Viking

Viking Supply Ships has entered into a contract with an Oil major for the charter of “Brage Viking” commencing 1stof April 2015. The duration is for 2 years and 8 months firm,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2825 sec (4 req/sec)