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