Connected Ship Market worth $14.5 billion by 2030 at a CAGR of 7.4%

 


(I-BusinessNews.Com, July 14, 2020 ) According to the new market research report on the “Connected Ship Market by Application (Vessel Traffic Management, Fleet Operations, Fleet Health Monitoring), Installation Type (Onboard, Onshore), Ship Type (Commercial, Defense), Fit (Linefit, Retrofit), Region – Global Forecast to 2030″, The connected ship market is projected to reach $14.5 billion by 2030, at a CAGR of 7.4% from 2019 to 2030.

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The growth of the market can be attributed to 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. Recent technological advancement in the field of artificial intelligence, big data analytics, vessel traffic management, and satellite communication are expected to drive the market for connected ships. Development of fully connected ships is expected to reduce piracy, human errors and will help in carrying more cargo.

The defense segment of the connected ship market is projected to grow at a higher CAGR than the commercial segment during the forecast period.

Based on ship type, the connected ship market has been segmented into commercial and defense. The defense segment of the market is projected to grow at a higher CAGR than the commercial segment from 2019 to 2030. The growth of this segment of the market can be attributed to the extensive use of connected ships by the naval forces of different countries. This market is primarily driven by the requirement for improved efficiency and reliability for automation through modern technologies. Technological advancements have resulted in the development of smart automation systems and connected ships with high performance, thereby enhancing growth prospects for manufacturers of marine automation systems.

The fleet operations segment is projected to lead the connected ship market from 2019 to 2030.

Based on application, the connected ship market has been segmented into fleet operations, fleet health monitoring, and vessel traffic management. The fleet operations segment is projected to lead the connected ship market during the forecast period. The growth of this segment can be attributed to increased demand for real-time data exchange among different ships and ports by a number of merchant shipping companies. Marine automation systems are optimizing operations of ships by lowering the communication time required by operators, reducing the number of route alarms, improving the fuel efficiency of ships, and enhancing performance by carrying out hull diagnostics, engine diagnostics, route planning, and speed profile optimization.

The Europe connected ship market is projected to grow at the highest CAGR during the forecast period.

The connected ship market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW). The European region is projected to lead the connected ship market from 2019 to 2030. The growth of the Europe connected ship market can be attributed to the increased demand for connected ships and cruises from the region. Moreover, 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. Majors OEMs and start-ups are investing increasingly in the research and development of all connected ships aided by Artificial Intelligence—for better decision making and improved situational awareness (through the sensor fusion technology).

Key Market Players

The key players operating in the connected ship market report are Northrop Grumman (US), General Electric (US), Wartsila (Finland), Kongsberg Grumman (Norway), and Marlink (Norway).

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