Global Connected Ship Market 2020-2026

Global Connected Ship Market Size, Share & Trends Analysis Report, By Ship Type (Commercial and Defense), By Application (Vessel Traffic Management, Fleet Operations, and Fleet Health Monitoring), By Installation Type (Onboard and Onshore) and Forecast, 2020-2026
The global connected ship market is estimated to grow significantly during the forecast period owing to the emerging demand for maritime transportation and increasing implementation of IoT solutions in shipping. As per the World Shipping Council, liner ships transport nearly 60% of the value of seaborne trade or over $4 trillion worth of goods every year. The global shipping industry carries 90% of the international trade by tonnage. In the competitive shipping industry, several shipping players are actively pursuing new technologies including data analytics, Internet of Things (IoT), blockchain, and artificial intelligence (AI) for greater efficiencies and competitive advantage. New chipsets, AI, transmission protocols, long-life batteries, blockchain and IoT, along through Application Programming Interface (API) and Electronic Data Exchange (EDI), can increasingly secure and simplify the supply chain, minimize the amount of paperwork, and allow a real-time, holistic, operational view, and data-analytic rich management of the overall supply chain.

Geographically, Asia-Pacific is estimated to witness significant growth during the forecast period. The rising seaborne trade in the region. As per the Invest India, seaborne trade in the country has increased at twice the international growth rate of 3.3%. This results in the increasing demand for connected ships that deliver real-time situational awareness to improve vessel safety, efficiency, and navigation. Further, the Indian Navy is actively focusing on anti-piracy operations which are also expected to accelerate the demand for connected ships in the country.

Key players in the market include ABB Ltd., General Electric Co., Emerson Electric Co., Kongsberg Gruppen ASA, Wärtsilä Corp. The strategic initiatives adopted by the market players include mergers and acquisitions and product launches. For instance, in May 2018, Wärtsilä declared the acquisition of Transas, a provider of marine navigation solutions, based in the UK. Transas offers complete digital products, bridge systems, and electronic charts for ship and fleet operational solutions. With this acquisition, Wärtsilä will speed delivery by setting up a Smart Marine ecosystem. Wärtsilä envisions a cloud-based, secure, and smart future with the development of applications that leverage AI and machine learning. Transas business will become combined within Wärtsilä’s Marine Solutions business. It is anticipated that the Transas significant base of software engineers will play a major role in supporting Wärtsilä to develop a digital platform and smart products.

Research Methodology

The market study of the global connected ship market is incorporated by extensive primary and secondary research. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. The team collects facts and data related to the market from different geography to provide a better regional outlook.

In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. The analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings authenticity in the reports.

Secondary Sources Include:

• Financial reports of companies involved in the market
• Authentic public databases
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog

The report provides in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation:

• Global Connected Ship Market Research and Analysis, By Ship Type
• Global Connected Ship Market Research and Analysis, By Application
• Global Connected Ship Market Research and Analysis, By Installation Type

The Report covers:

• Comprehensive research methodology of the global connected ship market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• Exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global connected ship market.
• Insights about market determinants which are stimulating the global connected ship market.
• Detailed and extensive market segments with regional distribution of forecast revenues.
• Extensive profiles and recent developments of market players.