Marine Switchboards Market By Product Type (Low Voltage Marine Switchboards, High Voltage Marine Switchboards); By Cabinet (Power and Lighting Distribution Boards, Individual and Group Starters, Electrical Testing Panel, Shore Connection Box, Battery Charging & Discharging Panels, Miscellaneous customized control cabinets); By End Use (Recreational & Boats, Merchant Marine, Naval Vessels, Cruise/ Passenger Ships, Fishing Vessels, Submarines); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Marine Switchboards Market Overview and Definition

The global marine switchboards market size was valued at around USD 3.8 billion in 2021 and is projected to grow at a compound annual rate of growth (CAGR) of around 7.3% from 2022 to 2032.The market size is projected to succeed in USD 7.2 billion by 2032.

The global marine switchboard market size was estimated at around USD 2.5 billion in 2022 and is expected to reach USD 5.7 billion by 2032,

The market for marine switchboards is expected to reach rise at a significant CAGR 0f 6.9% during the forecast period 2022-2030. Marine switchboards are a dedicated type of switchboard that facilitates the naval and marine industries. They are mainly used aboard large ships, research vessels, commercial fishing boats, tugboats, and other offshore marine vessels. The designs of such switchboard includes same components as any other switchboard; however, they are optimized for the marine and naval industry. For instance, the components of marine switchboard are specially treated to prevent fungus, corrosion, and damage caused by high temperatures. In addition to this, this type of switchboards supplies sufficient amount of voltage to circuit breakers, consists of an electrical interlocking system, and are energy efficient with monitoring alarm.

Marine Switchboards Market: Key Drivers

Growth of the global marine switchboard market is majorly depends on the shipbuilding industry along with the trend of technology update in the existing fleet. The flourishing shipbuilding industry around the globe fuels demand for marine switchboards. This factor primarily drives growth of the marine switchboard market over the forecast period.  In addition to this, the category of vessel and total number of active fleet plays a vital role in representing the demand for marine switchboards.  Moreover, marine electrical power or marine electricity is an important part of a ship’s operation. Without marine electrical power, ships may not be able to run the machinery and perform their purpose of sailing from one place to another. Marine switchboards are the vital component of marine electrical power system. Thus, increasing number of ships fuels in demand for marine switchboards. However, marine switchboard are considerably expensive; thus its adoption across the privately owned ships, such as recreational boats, is projected to be on the lower side. This factor can slow down the demand for marine switchboards; hence, hindering the global marine switchboards market.

On the other hand, the owners as well as designers of ships are aiming for bigger ships for more profitability. Therefore, as the size of the ship increases, there is a need to install more powerful engines along with other machineries including marine switchboards. Thus demand for bigger ships is one of the key opportunity for the market growth around the globe.

Furthermore, the COVID-19 pandemic has disrupted supply chains and economies around the world. Several trade chains, such as the major export and import trade, is in the face with a downfall. In addition to this, a ban has also been imposed by numerous countries on the entrance of vessels and containers that are being operated from other ports. Such factors have led to the negative impact on the logistics and operations industries across the globe. The aforementioned factors hampers growth of the market.

According to the product type, the high voltage marine switchboards segment is expected to hold a dominant share of the global market. In ships, low voltage motors such as the 690V are generally utilized for much higher power levels than 300kW. Hence, there is growing demand for high voltage marine switchboards on the ships to manage high voltage levels.

Marine Switchboards Market Challenges

Despite the growth in demand for marine switchboards, the market faces several challenges, including:

High cost: Marine switchboards are complex and expensive components, and the cost of these systems can be a major barrier to market growth. The high cost of marine switchboards is a major challenge for ship owners, particularly smaller companies and operators of older vessels.

Stringent regulations: The maritime industry is heavily regulated, and marine switchboards must meet strict standards for safety, reliability, and environmental impact. This can be a challenge for manufacturers, as meeting these standards can be time-consuming and expensive.

Lack of standardization: There is a lack of standardization in the marine switchboard market, which can lead to confusion and compatibility issues among different brands and models. This can be a challenge for ship owners, who must ensure that their switchboards are compatible with their existing electrical systems.

Maintenance and repair costs: Marine switchboards are complex systems that require regular maintenance and repair. This can be a challenge for ship owners, who must budget for these costs and ensure that their switchboards are properly maintained.

Competition from alternative technologies: The marine switchboards market faces competition from alternative technologies, such as distributed energy systems and microgrids. These technologies can offer similar functionality to marine switchboards at a lower cost, and they may become more popular in the future as the shipping industry looks to reduce costs and improve efficiency.

Marine Switchboards Market: Segmentation

By Product Type

• Low Voltage Marine Switchboards
• High Voltage Marine Switchboards

By Cabinet

• Power and Lighting Distribution Boards
• Individual and Group Starters
• Electrical Testing Panel
• Shore Connection Box
• Battery Charging & Discharging Panels
• Miscellaneous customized control cabinets

By End Use

• Recreational & Boats
• Merchant Marine
• Naval Vessels
• Cruise/ Passenger Ships
• Fishing Vessels
• Submarines

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Marine Switchboards Market: Regional Analysis

The marine switchboards market is growing across various regions, with some regions experiencing stronger growth than others. Some of the key regions in the marine switchboards market include:

Asia Pacific: Asia Pacific is the largest and fastest-growing market for marine switchboards, driven by the growth of the shipping industry in countries such as China, Japan, and South Korea. The region is also home to several major shipbuilding yards, which are boosting demand for marine switchboards.

Europe: Europe is a mature market for marine switchboards, with a well-established maritime industry and a strong presence of shipbuilders and suppliers. The region is experiencing steady growth, driven by the demand for modern and efficient ships.

North America: North America is a growing market for marine switchboards, driven by the growth of the shipping industry and the presence of several major shipbuilders and suppliers. The region is also benefiting from the increasing adoption of renewable energy sources in the maritime sector.

Middle East and Africa: The Middle East and Africa is a developing market for marine switchboards, driven by the growth of the shipping industry in countries such as Saudi Arabia and the United Arab Emirates. The region is expected to experience strong growth in the coming years as the shipping industry continues to develop.

South America: South America is a growing market for marine switchboards, driven by the growth of the shipping industry in countries such as Brazil and Argentina.

Asia-Pacific is expected to witness highest growth rate during the forecast period. The region has the diverse marine industry and it is the largest shareholder in global shipbuilding industry. In addition, surge in defence spending for strengthening coastal security and naval fleet, the region is expected to generate huge demands for the marine switchboards in upcoming future.

Marine Switchboards Market: Recent Developments

The marine switchboards market has seen several recent developments, including:

Growing demand for digitalization and automation: There is a growing demand for digitalization and automation in the marine switchboards market, as ship owners look to improve efficiency and reduce costs. Manufacturers are developing switchboards with advanced digital features, such as remote monitoring and control capabilities.

Increasing adoption of renewable energy sources: The shipping industry is increasingly adopting renewable energy sources, such as solar panels and wind turbines, to reduce its carbon footprint. This is driving demand for marine switchboards that can manage and control the integration of these energy sources into the ship's electrical system.

Expansion of major players: Major players in the marine switchboards market are expanding their operations, both through organic growth and strategic acquisitions. This is helping to consolidate the market and increase competition.

Growing focus on safety and reliability: The maritime industry is heavily regulated, with a strong focus on safety and reliability. This is driving demand for high-quality marine switchboards that meet strict standards for safety and reliability.

Development of compact and modular switchboards: Manufacturers are developing compact and modular switchboards to meet the needs of smaller vessels and ships with limited space. These switchboards offer similar functionality to traditional switchboards in a more compact form factor, making them ideal for smaller vessels.

Marine Switchboards Market: Key Players

• LARSEN & TOUBRO LIMITED
• Kongsberg Maritime
• INDUSTRIAL ELECTRIC MFG
• Lake Shore Electric Corporation
• ELCOME
• Schneider Electric
• HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD.
• Fine Line Marine Electric
• Siemens AG