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Increase in seaborne trade in the coming years is the key factor expected to impact the growth of the integrated marine automation system market
The integrated marine automation system market is estimated to be valued at USD 3.64 billion in 2018 and is projected to reach USD 4.00 billion by 2023, at a CAGR of 1.90% during the forecast period. Increasing seaborne world trade, increasing compliance with maritime safety norms, and growth in maritime tourism are the drivers for the integrated marine automation system market. Digitalization making ships vulnerable to cyber threats, and the shortage of qualified professionals in the maritime industry, are the restraints in the integrated marine automation system market.
Product segment is projected to grow at the highest CAGR during the forecast period
The product segment is further segmented into hardware, software, and datalinks & connectivity. The software segment is projected to be the fastest-growing segment amongst all 3. The requirement of various analytical and monitoring software is expected to drive demand in the product segment.
The OEM segment is projected to witness higher growth in the integrated marine automation system market during the forecast period
Based on end user, the OEM segment of the integrated marine automation system market is anticipated to grow at the higher CAGR during the forecast period. Large new shipbuilding orders are expected to increase due to the increasing seaborne trade across the world.
Europe to account for the highest share and grow at the highest rate during the forecast period
Europe is estimated to lead the integrated marine automation system market in 2018. The region has the highest concentration of passenger and cruise shipbuilding companies, and further growth is expected to continue in the coming years. This region is expected to grow at the highest rate during the forecast period. Europe is one of the prime consumers of marine electronic equipment. Countries in this region, such as Germany and Italy are major shipbuilding nations.
Break-up of profiles of primary participants in this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45% and Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America - 45%, Europe – 20%, Asia Pacific – 30%, RoW – 5%
Key players profiled in the integrated marine automation system market report include Northrop Grumman (US), ABB (Switzerland), Kongsberg Gruppen (Norway), Wartsila (Finland), Transas (Ireland), and Praxis Automation Technology (Netherlands), among others.
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analyses ? industry analysis (industry trends), market ranking analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the integrated marine automation system market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on integrated bridge systems offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the integrated marine automation system market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for integrated bridge systems across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the integrated marine automation system market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the integrated marine automation system market