Connected Ships Market Worth USD 8.83 Billion by 2028 | At a CAGR of 5.11% Size, Demand & Upcoming Trends

PRESS RELEASE
Published March 16, 2023

Key companies covered in Connected Ships Market, are Northrop Grumman Corporation (U.S.),Wartsila Oyj (Finland),General Electric Company (U.S.),Kongsberg Gruppen (Norway),Marlink (U.S.),Schneider Electric SE (France),Emerson Electric Co. (U.S.),ABB Ltd. (Switzerland),Rockwell Automation Inc. (U.S.) others companies.

The connected ships market size was USD 6.05 billion in 2020. The market is projected to grow from USD 6.23 billion in 2021 to USD 8.83 billion in 2028 at a CAGR of 5.11% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Connected Ships Market, 2021-2028.” Factors, such as improved security, safety, navigation efficiency, and rising expansive activities, are expected to boost market growth during the forecast period. Additionally, immense control over critical ship operation and health monitoring of ships will increase the market's footprint.

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Segments

Ship Type, Installation Type, Fit, Application, and Region are Studied

On the basis of ship type, the market is divided into commercial and defense.

By installation type, the market is broken down into on-board and onshore.

With respect to fit, the market is segmented into line fit and retrofit.

Based on application, the market is fragmented into fleet operations, vessel traffic management, fleet health monitoring, and others.

In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.

Report Coverage

The market report provides a detailed analysis of the industry by providing critical aspects such as key players, ship types, installation type, fit, and applications of connected ship. The report also offers insights on market trends, drivers, restraints, competitive landscape, market competition, and various product pricing. Additionally, the report also encompasses factors responsible for affecting the market in a positive/negative way.

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Drivers and Restraints

Rising Demand for Smooth Traffic Across Overcrowded Marine Routes to Augment Market Growth

Increasing international trade and growing seaborne transactions are expected to boost the Connected Ships Market growth during the forecast period. Additionally, increasing maritime trade and transport and rising demand for vessel traffic management and real-time navigation systems will increase the market's footprint. Also, rising vessels' digitalization activities and the integrated ability to provide remote access to container/cargo monitoring systems will fuel the market growth.

However, a higher cost of digitalization will limit the market growth during the forecast period. Also, increased vulnerability to cyberattacks due to increased volume of data will hinder the market growth.

Regional Insights

Asia Pacific to Hold Largest Market Share due to Increasing Traffic Across Ports

Factors such as increased traffic among ports in emerging economies of China and South Korea and the rise in development of new ports in Indonesia and Hong Kong will increase the Connected Ships Market share during the forecast period. Also, improving trade relations and rocketing import-export activities will boost the market.

Europe is expected to witness a considerable market share due to increasing demand for autonomous and connected ship and cruises. Additionally, leading shipbuilding companies in the region will fuel the market growth.

Competitive Landscape

Product Development and Innovations to Bolster Market Growth

The prominent players in the market are constantly trying to present novel products to attract a wider consumer base. Strategies such as mergers and collaborations among like-minded organizations are expected to accelerate product development activities. For example, in July 2021, ABB Ltd launched its online platform service ABB Ability Marine Fleet Intelligence-Advisory, which can collect data from a wide variety of vessel systems. This service will be offered in the form of Software as a Service (SaaS). Increased investments in research and development are compelling manufacturers to integrate advanced connectivity measures such as artificial intelligence, the Internet of Things, and augmented reality.

Industry Development

  • November 2021: Taiwan Navigation selected Inmarsat’s fleet for connecting a new innovative ship bridge solution application.

List of Key Players Present in the Market

  • Northrop Grumman Corporation (U.S.)
  • Wartsila Oyj (Finland)
  • General Electric Company (U.S.)
  • Kongsberg Gruppen (Norway)
  • Marlink (U.S.)
  • Schneider Electric SE (France)
  • Emerson Electric Co. (U.S.)
  • ABB Ltd. (Switzerland)
  • Rockwell Automation Inc. (U.S.)
  • Ulstein Group ASA (Norway)
  • Valmet Oyj (Finland)

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Press Release Distributed by The Express Wire

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