Lucintel Forecasts Global Marine Switchboard Market to Reach $2.5 billion by 2030.

CITY, Country, 2023-Oct-30 — /EPR Network/ —

According to a market report by Lucintel, the future of the global marine switchboard market looks promising with opportunities in the recreational & boat, merchant marine, naval vessel, cruise/passenger ship, fishing vessel, and submarine markets. The global marine switchboard market is expected to reach an estimated $2.5 billion by 2030 with a CAGR of 5.1% from 2024 to 2030. The major drivers for this market are increasing demand for modern and efficient ships, rapid growth in maritime trades, and continous expansion of shipbuilding sector.

A more than 150 – page report is developed to understand trends, opportunity and forecast in marine switchboard market to 2030 by product type (low voltage marine switchboards and high voltage marine switchboards), cabinet (power and lighting distribution boards, individual and group starters, electrical testing panel, shore connection box, battery charging & discharging panels, and others), end use (recreational & boats, merchant marine, naval vessels, cruise/passenger ships, fishing vessels, submarines, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).

In this market, low voltage and high voltage are the two major segments of marine switchboard market by product type. Lucintel forecasts that low voltage will remain the larger segment due to its widespread use in power distribution to the majority of electrical components on ships.

Within this market, recreational & boat is expected to witness highest growth over the forecast period.

APAC will remain the largest region due to significant growth of the shipping industry and presence of major shipbuilding yards in the region.

Larsen & Toubro, Kongsberg Maritime, Industrial Electric, Lake Shore Electric, ELCOME, Schneider Electric, and Hyundai Electric & Energy Systems are the major suppliers in the marine switchboard market.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com

About Lucintel

At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times.

Contact
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email roy.almaguer@lucintel.com
Tel. 972.636.5056

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