The oil & gas industry has witnessed low prices since 2014,
and these have had a significant financial impact on its supply chain and oil
& gas operators. The impact has been further aggravated for vessel owners
due to the issue of oversupply. The marine industry needs energy-efficient and
reliable solutions that power productivity and increase profitability. In terms
of volume, 90% of global trade is transported by the sea. This drives the
marine and vessel industry globally. Carbon emissions by the marine industry
have increased to more than 3% of the total global emission. Stringent
environmental regulations are prompting operators and ship owners, globally and
regionally, to make energy-efficiency their upmost priority. Thus, increasing
global trade via the sea and increasing competition in vessel operators is
anticipated to drive the power
consumables market for vessels.
Adoption
of integrated power and automation systems is essential to cater to the
increase in demand for fuel efficiency and reduction in emission in the marine
industry. This is estimated to augment the global power consumables market for
subsea vessels during the forecast period. Integrated automation solutions are
projected be a major factor for achieving more energy, more profitable vessel operation
and cost efficiency. Thus, rising demand for global energy and energy-efficient
solutions is likely to drive the power consumable market for vessel and which
in turn is estimated to propel the marine industry. Moreover, continuous
development of oil & gas reserves due to increase in production of oil
& gas is anticipated to lead to an increase in trade of oil & gas
through vessels. This, in turn, is also likely to fuel the global power
consumables market for subsea vessels. Rise in deep-water production and
exploration of oil & gas is projected to boost the power consumables market
for subsea vessels.
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Fuel is a
major source of energy to drive vessels and generate electricity. Stringent
carbon emission regulations by governments are likely to hinder the power
consumables market for subsea vessels. Integration power and automation
technology and green fuel propulsion system are expected to provide opportunity
for subsea vessels. This, in turn, is estimated to propel the power consumables
market for subsea vessels.
The power
consumables market for subsea vessels can be segmented based on equipment and
type of vessel. Based on equipment, the market is divided into electrical
motors, lights, navigational equipment, and others. Electrical motors are used
to drive various pumps, which are used to generate hydraulic power.
Navigational equipment include radar, the electronic chart display and
information system (ECDIS), communication equipment, and others. In terms of
type of vessel, the market has been segmented into very large crude carrier
(VLCC/ULCC), suezmax, aframax, and panamax. The VLCC segment accounted for a
major share of the market across globe.
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Based on
region, the power consumables market for subsea vessels can be segmented into
North America, Latin America, Asia Pacific, Europe, and Middle East &
Africa. South East Asia, the U.S, Brazil, and West Africa are anticipated to
account for major share of the market globally due to large infrastructure, the
large capacity of well stocks, re-engineered green-field projects and mega
projects approved before the oil price breakdown. However, the development of
Africa (East) gas basins and the significantly fast development such
as Zohr and Liza reserves.
Key
players operating in the global power consumables market for subsea vessels
include ABB Group, Lynch Motor Company Ltd., Ingeteam Group, and FURUNO
ELECTRIC CO., LTD.
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