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.
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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.
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.
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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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