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Depleting Onshore O&G Fields and Increasing Demand for Marine Vessels Bolster Market Growth

The study covers LV switchgears and assemblies, metal-clad switchgears and assemblies, MV distribution transformers, and motor control centers markets for marine and offshore applications in Asia-Pacific. South Korea, Japan, and Singapore are the leading revenue generators with strong shipbuilding companies driving the demand for electrical products. The total market revenue is expected to witness a CAGR of 6.0% during 2012–2017. Increase in demand for ships, offshore structures, and offshore support vessels drive the demand for electrical equipment and solutions. Moreover, ship maintenance and offshore retrofit operations contribute significantly to the revenue. The base year of the study is 2012 and the forecast period is 2013–2017.

Executive Summary

•In 2012, the revenue for the Asia-Pacific electrical equipment and solutions for marine and offshore market was $X0 million. The three major shipbuilding countries in Asia-Pacific, namely South Korea, Japan, and Singapore, contributed X% of the market revenue in 2012.
•South Korea and Singapore market revenue is largely contributed by offshore structure manufacturing sector, while Japan market revenue mainly comes from marine vessels manufacturing sector.
•The 2010–2012 period was very challenging for the market, as new ship orders shrank due to oversupply and the impact of economic crisis of 2008–2009.
•The market revenue is expected to witness a CAGR of X% from 2012 to 2017 to reach $X million by 2017. The shipyards in the region are to be flooded with ships for dry-dock maintenance services, which involve equipment replacement and retrofit. Liquefied natural gas (LNG) carrier to floating production storage and offloading (FPSO) conversion trends have surged due to increased exploration and production.
•Depleting onshore reserves have driven the explorers to invest in offshore exploration and production, which are the key drivers to the offshore structure and supply vessels manufacturing sector.
•Government incentives, such as tax holiday and import tax rebates on equipment used in shipbuilding sector, in Southeast Asian nations such as Malaysia, the Philippines, and Thailand are likely to boost the electrical equipment revenue from shipbuilding sector during the forecast period.
•Global demand for ships continues to grow due to increasing international trade relationships, and the key shipbuilding countries such as South Korea and Japan have strong growth prospects.
•High technical standards of the electrical equipment used in marine and offshore sectors pose major challenge to the local manufacturers, as few companies have the capability to comply with the standards.
•Tier I companies with market share greater than X% are ABB Ltd, Schneider Electric Ltd, and Siemens A.G. Together they held X% market share in 2012 and are preferred by offshore companies and shipbuilders alike.
•Lack of financial support and skilled labor discourages market growth in the region.
•The electrical equipment and solutions for marine and offshore market in Australia is limited only to equipment replacements and maintenances. This is because Australia does not have an active shipbuilding sector. Marine and offshore vessels used in the country are manufactured in South Korea, Singapore, and so on.

CEO’s Perspective

1. South Korea, Japan, and Singapore are the biggest revenue generators and constituted X%,X%, and X%, respectively, of the total market revenue in 2012.
2. Increased investment in offshore reserves, LNG carrier to FPSO-FSO conversion trends and ship repairs and maintenances to drive the eelectrical equipment and solutions for marine and offshore market growth till 2017.
3. Technical compliance, price, and adherence to commercial terms are the key factors that drive marine and offshore companies’ electrical equipment procurements.
4. Demand for LV and MV breakers fitted with communication module for increasing remote control from the plant will increase in the forecast period.
5. Reserve-rich nations in Southeast Asia are optimizing the opportunity created by the shift of focus from nuclear fuel to LNG and oil by engaging in offshore exploration projects.

Market Overview

Marine and Offshore Structures
•Electrical equipment and solutions supplied to the following marine and offshore structures are covered in the study.

Marine Vessels
•Bulk Carriers
•Pure Car Carriers
•Container Ships
•LNG Vessels
•LPG Vessels
•Chemical Tankers
•Passenger Cruise Ships

Offshore Structures
•Mobile Drilling
•Construction Vessels
•Remotely operated vehicle (ROV) Support
•Floating Production Storage Offloading (FPSO)
•Floating Liquefied Natural Gas (FLNG)
Offshore Support Vessels
•Anchor handling tug supply (AHTS) Vessel
•Supply Vessels
•Utility Support

Market Overview—Scope

Power Distribution System in Marine Vessel
•Every marine vessel has a generation unit that supplies power to power-intensive devices such as pumps, drives, safety devices, lighting, fire fighting, and so on. Electrical equipment used in a marine vessel should comply with regulations such as Institute of Electrical and Electronic Engineers (IEEE) regulation for electrical and electronics equipment for ships, regulation from classified societies such as Lloyd’s Register (LR), American Bureau of Shipping (ABS), and Det Norske Veritas (DNV).
•The electrical equipment power rating is dependent on the type of the marine vessel or offshore structure, and the machinery on-board. While a merchant ship has a low voltage (LV) distribution system at X volts (V), an electrically propelled tanker could have a X kilo volt (kV) power system.
•Medium voltage (MV) power (XkV to XkV) is stepped down to low voltage (LV) power (up to XkV) through a distribution transformer (DT), and fed to the distribution board. This is used to power lighting loads, emergency panels, safety devices, LV motors, and so on.
•The MV power is fed to MV motor control centers (MCCs), propulsion units, and so on.

Power Distribution System in Offshore Structures
Offshore platforms usually have large power generation equipment to meet requirements in oil and gas (O&G) field development and production. For instance, FPSOs are required to have more than X MW capacity. Hence, the offshore structures have power distribution systems in medium voltage (MV) ranges. In certain cases, offshore platforms use X MW or X MW high voltage direct current (HVDC) systems at X kV or X kV, respectively. There are instances when a single generating unit supplies to a series of offshore structures through power cables. In such cases, power plants up to X kV are installed.

Electrical equipment and solutions used to distribute power in the marine and offshore sectors considered in the study are as follows:
•Medium voltage (MV) distribution transformers
•Low voltage (LV) switchgears and assemblies
•Metal-clad switchgears and assemblies
•Motor control centers

Market Overview—Research Scope

Research Coverage:
This research covers the following countries:
•South Korea

Rest of Asia-Pacific
•The Philippines
•Australia and New Zealand (ANZ)

Research period:
•Study period: 2010–2017
•Base year: 2012
•Forecast period: 2013–2017

Key Questions This Study Will Answer

• Is the market growing, how long will it continue to grow, and at what rate?
• Are the existing competitors structured correctly to meet customer needs?
• How will the structure of the market change with time?
• Are the products offered currently meeting customer needs, or is additional development needed?
• What are the customer demand trends in the market?
• How have the new products fared in the market?

Table Of Contents

Electrical Equipment and Solutions for Marine and Offshore Market in Asia-Pacific
Table of Contents

1. Executive Summary
2. Market Overview
3. Total Electrical Equipment and Solutions for Marine and Offshore Market
• External Challenges: Drivers and Restraints
• Forecasts and Trends
• South Korea Market
• Japan Market
• Singapore Market
• Rest of APAC
• Market Share and Competitive Analysis
4. The Last Word (Conclusions and Implications)
5. Appendix

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