Quick Summary:
The Connected Ship market has been projected to see significant growth, driven by advancements in technology and a global increase in seaborne trade. This industry is at the forefront of innovation, installing state-of-the-art systems during construction, like VSAT, AIS and ECD to improve efficiency, safety, and situational awareness.
The interest in high-performing products from leading countries like China demonstrates increased recognition of the importance of efficient fleet management, security, and fleet operation. The Connected Ship report provides detailed insights into such leading countries and their involvement, valuable for stakeholders in understanding the industry landscape. Prominent companies analysed include ABB, Emerson Electric Co., and Kongsberg Gruppen ASA.
The report will help stakeholders understand the pulse of the market and get crucial information on key market drivers, restraints, challenges, and opportunities. Whether you're a new market entrant or an industry leader, this report provides the data to help you position your business better and plan effective strategies. From evaluating emerging technologies to profiling leading industry players, it equips you with the knowledge necessary to navigate this fast-paced industry.
The report further offers insights into product development, market development, diversification strategies, competitive assessments and more, covering all aspects of the Connected Ship market. If you're looking to gain a comprehensive understanding and evaluate growth possibilities, this report is an essential resource.
Asia-Pacific is Expected to Account for the Largest Market Share in 2023
The Connected Ship market is projected to grow from USD 11.3 Billion in 2023 to USD 17.2 Billion by 2028, at a CAGR of 7.7 % during the forecast period. Technological advancements and increase in seaborne trade across the globe are driving the growth of the market.
The Line fit segment is projected to witness the highest CAGR during the forecast period.
Based on Fit, the Line fit segment of the Connected Ship market is projected to hold the highest growth rate during the forecast period. The line fit offers the installation of advanced technology for the connected ship during its construction, such as the Very Small Aperture Terminal (VSAT), Automatic Identification System (AIS), and Electronic Chart Display (ECD) to improve efficiency, safety, and situational awareness for the connected ship.
The Onboard segment is projected to dominate the market share by Installation.
Based on Installation, the Onboard segment is projected to dominate the market share during the forecast period. An Onboard installation is integrated systems, sensors, and data processing infrastructure installed on the ship. Onboard installation offers a Navigation and automation system to enhance safety, efficiency, and real-time data collection for enhanced situational awareness.
Asia Pacific is expected to account for the largest market share in 2023.
The Connected Ship market industry has been studied in North America, Europe, Asia Pacific, Rest of the World. Asia Pacific accounted for the largest market share for connected ship. China leads the market in Asia Pacific with a large number of companies and startups operating in the industry. The country is playing a vital role in the advancement and manufacturing of Connected ship. The market is expected to expand owing to the demand for connected ship systems to improve fleet management, security, and fleet operation.
The break-up of the profile of primary participants in the Connected Ship Market:
- By Company Type: Tier 1 - 55%, Tier 2 - 20%, and Tier 3 - 25%
- By Designation: C Level - 40%, Managers - 35%, Others-25%
- By Region: North America -10%, Europe - 20%, Asia Pacific - 40%, Rest of the World - 30%
Prominent companies include ABB (Switzerland), Emerson Electric Co. (US), Kongsberg Gruppen ASA (Norway), Wartsila (Finland), and Thales Group (France), among others.
Research Coverage:
This research report categorizes the Connected Ship Market by Application (Vessel Traffic Management, Fleet Operation, Fleet Health Monitoring, Other Applications, by Installation (Onboard, Onshore), by Platform (Ships, Ports), and fit (Line fit, Retrofit, Hybrid fit), and by region (North America, Europe, Asia Pacific, Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the Connected Ship market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services; key strategies; Contracts, partnerships, and agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the Connected Ship System market. Competitive analysis of upcoming startups in the Connected Ship market ecosystem is covered in this report.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Connected Ship System market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (Incorporation of ICT in marine industry, Increased spending on digitalization of vessels, Increase in global seaborne trade, Need for situational awareness in fleet operations, Growing maritime tourism industry), restraints (High cost of marine broadband connectivity, Digitalization renders connected ships vulnerable to cyber threats), opportunities (Rigorous development of connected autonomous ships Adoption of Vessel Traffic Services (VTS) by shipping companies, Adoption of vessel traffic services by shipping companies, Development of new port cities in emerging economies), and challenges (Limited Internet facilities in connected ships, Lack of skilled personnel to handle and operate connected ships) influencing the growth of the authentication and brand protection market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Connected Ship market
- Market Development: Comprehensive information about lucrative markets - the report analyses the Connected Ship market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Connected Ship market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the Connected Ship market
What is the estimated value of the Global Connected Ship Market?
What is the growth rate of the Global Connected Ship Market?
What is the forecasted size of the Global Connected Ship Market?
Who are the key companies in the Global Connected Ship Market?
Report Attribute | Details |
---|---|
No. of Pages | 243 |
Published | August 2023 |
Forecast Period | 2023 - 2028 |
Estimated Market Value ( USD | $ 11.3 Billion |
Forecasted Market Value ( USD | $ 17.2 Billion |
Compound Annual Growth Rate | 7.7% |
Regions Covered | Global |
No. of Companies Mentioned | 27 |
Table of Contents
Executive Summary
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
Methodology
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