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“Rise in seaborne trade activities across the globe is expected to fuel the growth of the connected ship market from 2018 to 2023.”
The connected ship market is projected to grow from USD 5.92 billion in 2018 to USD 7.19 billion by 2023, at a CAGR of 3.95% from 2018 to 2023. The key factors fueling the growth of the connected ship market are the incorporation of the Information and Communication Technology (ICT) in the global marine industry, increased budgets of shipping companies for digitalization of their vessels, growth of the seaborne trade across the globe, need for situational awareness among fleet operators, and growth of the maritime tourism industry. However, high costs of marine broadband connectivity and the vulnerability of connected ships to cyber threats due to their digitalization are expected to restrain the growth of the connected ship market across the globe.
“The fleet health monitoring segment of the connected ship market is projected to grow at the highest CAGR during the forecast period.”
Based on application, the connected ship market has been segmented into fleet operations, fleet health monitoring, and vessel traffic management. The fleet health monitoring segment is projected to grow at the highest CAGR from 2018 to 2023. The requirement for real-time connectivity in marine ships is expected to fuel the growth of the fleet health monitoring segment of the market during the forecast period. Fleet health monitoring increases the lifespan of fleets and reduces their maintenance costs. The data acquired from sensors installed on marine vessels is transmitted to onshore stations by vessel operators for analysis to avoid component and machinery failures in them.
“The onboard segment of the connected ship market is projected to grow at a higher CAGR than the onshore segment from 2018 to 2023.”
Based on installation type, the onboard segment of the connected ship market is projected to grow at a higher CAGR than the onshore segment during the forecast period. Increased demand for modernizing the existing connectivity systems of ships is expected to fuel the growth of the onboard segment of the market. The growth of the global cruise industry, owing to an increase in the number of passengers traveling by cruises, worldwide is also fueling the growth of the onboard segment of the market.
“The European region is projected to lead the connected ship market during the forecast period.”
The European region is projected to lead the connected ship market from 2018 to 2023. The Europe connected ship market is also projected to grow at the highest CAGR during the forecast period. Although the shipbuilding industry in the region is going through a rough patch at present, the increased demand for autonomous ships and cruises from the region is expected to fuel the growth of the Europe connected ship market. The European region is one of the prime consumers of marine electronic equipment as some of the leading shipbuilding countries such as Germany, France, Italy, and Russia are in this region.
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%, and Others – 40%
- By Region: North America – 50%, Europe – 30%, Asia Pacific – 15%, and Rest of the World (RoW) – 5%
The key players profiled in the connected ship market report include Northrop Grumman (US), General Electric (US), Wartsila (Finland), Kongsberg Grumman (Norway), and Marlink (Norway), among others.
Reasons To buy this report:
From an insight perspective, this research report focuses on various levels of analyses ? industry analysis (industry trends), market ranking analysis of the top players, supply chain analysis, and company profiles. These insights together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the connected ship market, high-growth regions, and drivers, restraints, opportunities, and challenges for the connected ship market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on various connected ship systems offered by the top players of the market
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the connected ship market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for connected ships across various regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the connected ship market
- Competitive Assessment: In-depth assessment of the market shares, strategies, products, and manufacturing capabilities of leading players in the connected ship market