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

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Contracts

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

Russia, France Close to Deal on Mistrals

Russia and France are close to reaching an agreement for Paris to cancel a frozen contract on the sale of Mistral helicopter carriers and reimburse Moscow, a Russian

Horizon's Hawaii Business Acquisition Cleared by DOJ

Horizon Lines, Inc. reported yesterday that, after a review by the Antitrust Division of the Department of Justice, Horizon's proposed sales transaction with The

Offshore

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

OSV Technology: Notable Designs & Deliveries

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years.

Marine Equipment

Apply Now for the MN 100

The August 2015 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

MMT Presents Surveyor Interceptor ROV (SROV)

At Ocean Business in Southampton  MMT´s key topic was the new Surveyor Interceptor ROV (SROV). Together with its Norwegian partners Reach Subsea AS, MMT developed a new generation,

Incat Crowther Designs Commercial Security Vessel

Incat Crowther has received a contract to design an offshore commercial oilfield security vessel for Veecraft Marine and its client, UTM Dredging Ltd, the designer announced today.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.3021 sec (3 req/sec)