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. 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…