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“Rise in maritime tourism and increase in world seaborne trade are major factors expected to drive the growth of the integrated bridge systems market globally”
The integrated bridge systems market size is projected to grow from USD 7.0 billion in 2019 to USD 8.8 billion by 2025, at a CAGR of 3.9% from 2019 to 2025.The market is driven by factors such as increasing demand for maritime tourism and a rise in seaborne trade across the globe. With increasing trade volume, the demand for new ships (such as dredgers, research vessels, cargo ships, bulk carriers, and oil & gas tankers) and the revamping of existing ships (with latest technologies) are also expected to increase. According to the United Nations Conference on Trade and Development, the seaborne trade is expected to grow between 2018 to 2023 at a CAGR of 3.8% on account of increasing population and demand for goods. Growing intra-Asian trade arising from a shift of low cost manufacturing activities from China to other neighboring East and South Asian countries are expected to boost the seaborne trade during the forecast period. Similarly, for Europe increase in merchandise trade and fleet growth curve have been increased since past few years. The increased seaborne trade worldwide has pushed the demand for merchant ships, subsequently driving the market for integrated bridge systems.
“By ship type, the commercial segment is estimated to account for a larger share of the overall market in 2019”
Commercial ships are vessels used to carry out commercial trade or transport passengers. They are classified based on their functions. For instance, the dry cargo vessel type consists of ships carrying general dry cargo, containerized cargo, wheeled cargo (RO – RO), and bulk cargo, whereas liquid vessels or tankers transport liquefied natural gas (LNG), crude oil and its products, and chemicals worldwide. An increase in the number of passengers resorting to marine transportation and a rise in demand for recreational boats are expected to lead to the growth of the commercial segment of the integrated bridge systems market across the globe.
“By component, the hardware segment is estimated to account for a larger share of the overall market in 2019“
Displays, control units, and data storage devices are some of the major hardware of the integrated bridge system. A display is an output device that presents information gathered from different sources. A data storage device is used to store, port, and extract data in a quicker and more efficient way. It deals with data security, data management, and harnessing of the information to meet the application and software networking needs of the end-user industries.
“Asia Pacific is estimated to be the largest market for integrated bridge systems in 2019”
The geographic analysis of this region includes China, South Korea, Japan, the Philippines, Singapore, and the Rest of APAC. According to the United Nations Conference on Trade and Development, in 2018, almost 39.1% of loaded and 53.8% unloaded seaborne trade took place in Asia. There is a growing trend by traditional large shipbuilders from countries such as South Korea, China, Japan as well as Southeast Asia toward enhancing offshore capabilities and providing a single marine solution for both, shipbuilding and offshore, thus driving the growth of the commercial integrated bridge systems market in the Asia Pacific region.
The break-up of profiles of primary participants for the integrated bridge systems market has been given as follows:
- 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%, and Rest of the World (RoW) – 5%
Some of the key players in the integrated bridge systems market are the Raytheon Company (US), Northrop Grumman Corporation (US), W?rtsil? (Finland), Kongsberg (Norway), and Furuno Electric Co. Ltd (Japan).
This research report categorizes the integrated bridge systems market based on end user (OEM, aftermarket), component (hardware and software), subsystem, ship type, and region. The report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons To Buy this report:
- This report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall integrated bridge systems market and its subsegments.
- The report covers the entire ecosystem of the integrated bridge system in the maritime industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.