DUBLIN, Sept. 1, 2023 /PRNewswire/ — The “Connected Ship Market by Application (Vessel Traffic Management, Fleet Operation, Fleet Health Monitoring, Other Applications), Installation (Onboard, Onshore), Platform (Ships, Ports) & Fit (Line Fit, Retrofit, Hybrid Fit) and Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global Connected Ship market is poised for substantial growth, expected to increase from USD 11.3 billion in 2023 to USD 17.2 billion by 2028, with a robust CAGR of 7.7% during the forecast period. Technological advancements and the surge in seaborne trade across the globe are the key drivers propelling market expansion.
Premium Insights:
Increasing Use of Autonomous Systems and Inter-Ship Communications Systems in Large Seafaring Vessels
Ships to be Largest Segment During Forecast Period
Commercial Ships to Show Highest Growth During Forecast Period
Greenfield Ports to Show Highest Growth During Forecast Period
China to be the Fastest-Growing Country During Forecast Period
Segmentation Analysis:
Fit:
Line Fit (highest CAGR due to advanced technology installation during ship construction)
Retrofit
Installation:
Onboard (dominating market share with integrated systems and sensors)
Onshore
Regional Insights:
Asia Pacific is poised to seize the largest market share in 2023. China, in particular, leads the charge with a plethora of companies and startups in the connected ship industry. The region’s growth is fueled by the demand for ship systems to enhance fleet management, security, and operation efficiency.
Market Dynamics:
Drivers:
Incorporation of ICT in the Marine Industry
Increased Spending on Digitalization of Vessels
Surge in Global Seaborne Trade
Need for Situational Awareness in Fleet Operations
Growing Maritime Tourism Industry
Restraints:
High Cost of Marine Broadband Connectivity
Vulnerability of Connected Ships to Cyber Threats
Opportunities:
Rigorous Development of Connected Autonomous Ships
Adoption of Vessel Traffic Services by Shipping Companies
Development of New Port Cities in Emerging Economies
Challenges:
Limited Internet Facilities in Connected Ships
Shortage of Skilled Personnel
Key Companies Mentioned:
ABB
Emerson Electric Co.
Furuno Electric Co. Ltd.
Garmin International
General Electric
Hanwha Systems
Huntington Ingalls Industries
Hyundai Heavy Industries
Inmarsat
Intelsat
Iridium
Jason Marine Group
Kongsberg Gruppen Asa
L3Harris Technologies, Inc.
Marlink
Northrop Grumman Corporation
Rh Marine
Rockwell Automation
Rolls Royce PLC
Saab Ab
Schneider Electric
Siemens
St Engineering
Thales Group
Ulstein
Valmet
Wartsila
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
243 |
|
Forecast Period |
2023 – 2028 |
|
Estimated Market Value (USD) in 2023 |
$11.3 Billion |
|
Forecasted Market Value (USD) by 2028 |
$17.2 Billion |
|
Compound Annual Growth Rate |
7.7 % |
|
Regions Covered |
Global |
For more information about this report visit https://www.researchandmarkets.com/r/d8x2kv
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SOURCE Research and Markets