Pune India, March 09, 2023 (GLOBE NEWSWIRE) -- 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 operations and health monitoring of ships will increase the market's footprint. The report also includes a detailed analysis of the various applications of connected ships, including fleet management, vessel tracking and monitoring, environmental monitoring, safety and security, and others. It provides insights into the current and future market trends, along with the growth potential of each application segment.
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Connected ships refer to vessels that are equipped with advanced technologies that enable them to communicate and share information with other ships, as well as with onshore facilities. These technologies may include satellite communication systems, internet of things (IoT) sensors, and advanced analytics software, among others. The goal of connected ships is to improve the efficiency, safety, and sustainability of maritime transportation by enabling real-time data sharing, enhanced situational awareness, and streamlined decision-making. By leveraging the power of digital technologies, connected ships can help shipping companies optimize their operations, reduce costs, and minimize their environmental impact. Additionally, connected ships can enhance crew welfare by providing real-time access to critical information and support services, thereby promoting safer and more comfortable working conditions.
List of all the Connected Ships Market manufacturers operating in the global market. They are as follows:
- 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)
Report Scope & Segmentation:
|2028 Value Projection||USD 8.83 Billion|
|Connected Ships Market Size in 2021||USD 6.23 Billion|
|No. of Pages||200|
|Segments Covered||By Ship Type Analysis, By Installation Type Analysis, By Application Analysis|
|Connected Ships Market Growth Drivers||Increasing Demand for Smooth Traffic Flow Across Congested Marine Routes is Driving Market Growth|
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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.
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.
Drivers & 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 & 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.
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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 & 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.
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 & 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 & development are compelling manufacturers to integrate advanced connectivity measures such as artificial intelligence, the Internet of Things, and augmented reality.
- November 2021: Taiwan Navigation selected Inmarsat’s fleet for connecting a new innovative ship bridge solution application.
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TABLE OF CONTENT
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Connected Ships Market
- Impact of COVID-19 Pandemic on the Global Connected Ships Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
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