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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Jet Edge Celebrates 30 Years in Waterjet Industry

Waterjet systems manufacturer Jet Edge, Inc. celebrated its 30th anniversary Sept. 3 with a special open house celebration. Jet Edge’s anniversary event included

TITAN Salvage Receives NAMEPA Award

The North American Marine Environment Protection Association (NAMEPA) announced earlier this month that Houston-based TITAN Salvage, a subsidiary of Crowley Maritime Corp.

MM&P Hopes to Pad Ranks with Brown Water Mariners

New York Harbor Tug Boat Captains and Crews, Staten Island Ferry Workers, Circle Line and Other Tourist Boat Crews Vote on Joining New Union Uniting with the International Organization of Masters,

Contracts

AEGIR-Marine Partners with On Site Alignment

AEGIR-Marine and On Site Alignment (OSA) signed a contract at SMM in Hamburg confirming the companies’ strategic alliance concerning stern seal and propulsion service

Brommeland to Supply KNS VSATs to Kopervik

Brommeland Elektronikk AS, the Norwegian distributor for KNS, was awarded a contract to supply 13 VSAT systems to a large part of the Norwegian shipowner Kopervik Group fleet.

Seaspovill Orders Second Damen Fast Ferry

South Korean operator Seaspovill signed its second contract for a Fast Ferry with the Netherlands-based shipbuilder Damen Shipyards Group. The Fast Ferry 4212 -

Offshore

LQT Delivers Accommodation Facility and Helideck in Gulf of Mexico

LQT Industries , a full-service provider of accommodation facilities, design-build construction services, and support services to the oil and gas industry, has

Upcoming Expo 'Offshore Marintec Russia'

ExpoForum Convention and Exhibition Centre in St. Petersburg, October 7-10  will host the International Specialised Offshore Exhibition and Conference 'Offshore

RWE Dea Awarded Two New Concessions in Egypt

In the International Bid Round 2013, RWE Dea has been awarded two new offshore concessions with operatorship by the Egyptian General Petroleum Corporation (EGPC).

Marine Equipment

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Jet Edge Celebrates 30 Years in Waterjet Industry

Waterjet systems manufacturer Jet Edge, Inc. celebrated its 30th anniversary Sept. 3 with a special open house celebration. Jet Edge’s anniversary event included

3D Scanning Speeds Up Drag Boat Racing

NVision, Inc., a company in 3D laser scanning and reverse engineering for over 24 years, said it was able to help a motorsports boat designer optimize the design

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Winch
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: 0.1184 sec (8 req/sec)