Increasing Offshore Oil & Gas Exploration and Maritime Trades have Propelled the Growth of the Marine Power Systems and Equipment Market in the APAC Region!

• Himanshu Patni
• August 12, 2023
• ENERGY & POWER, NEWS
• Bahrain Marine Power Systems and Equipment Market, Kuwait Marine Power Systems and Equipment Market, Marine Power Systems and Equipment Market, Marine Power Systems and Equipment Market Share, Marine Power Systems and Equipment Market Size, Marine Power Systems and Equipment Market Trends, Middle East Marine Power Systems and Equipment Market, Oman Marine Power Systems and Equipment Market, Qatar Marine Power Systems and Equipment Market, Saudi Arabia Marine Power Systems and Equipment Market, UAE Marine Power Systems and Equipment Market
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The marine power and equipment market in the Asia-Pacific region is being driven by several factors, including increasing maritime trade and transportation, growing offshore oil and gas exploration and production, government initiatives and investments, technological advancements, and increasing tourism. The increasing maritime trade and transportation in the region is leading to a growing demand for marine power and equipment, including propulsion systems, engines, and generators. The region is a major hub for international trade and is home to some of the busiest ports in the world, which are driving the demand for marine power and equipment. Government initiatives and investments in infrastructure development projects, such as ports, harbours, and waterways, are also driving the demand for marine power and equipment. Governments in the region are investing in infrastructure development to support the growth of the maritime industry and improve regional connectivity, which is creating new opportunities for the marine power and equipment market. Technological advancements, such as the development of more efficient and environmentally friendly marine power and equipment, are also contributing to the growth of the market in the region. Advancements in technology are making it possible to develop more efficient and sustainable marine power and equipment, which is attracting more interest from industry players and customers.

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Further, the Marine Power Systems and Equipment Market is expected to grow at a strong CAGR of 5.0% during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing marine power systems and equipment market primarily owing to the Growing offshore oil and gas exploration and production activities in the region are also driving the demand for marine power and equipment, such as subsea equipment, floating production storage and offloading (FPSO) vessels, and offshore wind turbines. The region is rich in oil and gas resources, and the increasing exploration and production activities are creating new opportunities for the marine power and equipment market.

• FIG. 1 APAC Marine Power Systems and Equipment Market Revenue (2020-2028)- USD Mn

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Based on product, the market is segmented into communication systems, navigation lighting, surveillance systems, and internal lighting. The surveillance system segment is expected to hold a significant market share during the forecast period owing to the increasing demand for safety and security in the maritime industry. Also, Governments around the world are implementing regulations to improve safety and security in the maritime industry, which is driving the adoption of surveillance systems. For example, the International Maritime Organization (IMO) has set guidelines for the installation of surveillance systems on board ships to enhance security and safety.

Based on end-users, the market is segmented into on-water commercial and high-end leisure, underwater AUV, and small recreational boats. The underwater autonomous underwater vehicle segment is expected to register significant CAGR during the forecast period due to their ability to work independently and suitability to operate at larger depths, anti-submarine warfare, surveillance, and countermeasure operation along with the increasing demand for subsea inspection, maintenance, and repair (IMR) operations. In addition, advancements in technology, such as the development of advanced sensors and navigation systems, are also contributing to the growth of the UUV market. These technologies enable UUVs to perform more complex tasks, such as mapping and data collection, which are in high demand in various industries, such as oil and gas, defence, and scientific research.   

Global Marine Power Systems and Equipments Market Segmentation

Market Insight, by Type

• Communication System
• Navigation Lighting
• Surveillance System
• Internal Lighting

Market Insights, by Application

• On-Water Commercial and High-End Leisure
• Underwater AUV
• Small Recreational Boats

Market Insight, by Region

• North America
  •  U.S.
  •  Canada
  •  Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Caterpillar
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• General Electric
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• Rolls-Royce plc
• Cummins Inc.