Connected Ship Market By Application Is Estimated To Register A CAGR Of Nearly 4
Posted by Nita on December 1st, 2020
The growth of the global connected ship market can be attributed to the increasing adoption of connected smart ships as they offer numerous benefits such as vessel traffic management data and fleet health monitoring data. Furthermore, connected ships have integrated systems that can connect multiple ship systems and components under one monitoring and controlling unit. Therefore, this assists in enhanced communication and connectivity between the ships and the onshore stations.
Factors such as increasing initiatives undertaken by the governments of various countries such as China for the development of new port cities in developing economies are driving the market growth. For example, in 2018, according to China’s Ministry of Transport, shipping companies invested in the construction and development of 42 ports in 34 countries under the Belt and Road Initiative. However, the lack of skilled personnel to operate connected ships may hinder the growth of the market.
The global connected ship market has been segmented based on ship type, installation type, fit, application, and region.
On the basis of ship type, the global connected ship market has been bifurcated into commercial and defense. The commercial segment is expected to account for a larger market share during the forecast period of 2019 to 2025. However, the defense segment is expected to register the higher CAGR during the forecast period. Collaborations between various connected ship technology providers such as Tech Mahindra and naval forces of countries such as India to utilize IT technologies to modernize the navy are driving the growth of the segment.
Based on installation type, the global connected ship market has been divided into onboard and onshore. The onboard segment dominated the market in 2018 and is expected to register the higher CAGR during the forecast period. The onboard installation assists in efficient route planning and enhanced safety and security by supporting surveillance, safety systems, and navigation systems.
On the basis of fit, the global connected ship market has been classified as line fit and retrofit. The line fit segment dominated the market and is expected to grow at the higher CAGR during the forecast period. Factors such as increasing modernization of naval fleets by countries such as South Korea, China, and India to enhance their naval power and increasing deliveries of new ships are driving the segment growth.
By application, the global connected ship market has been categorized as fleet operations, vessel traffic management, and fleet health monitoring. In 2018, the fleet operations segment dominated the market. However, the fleet health monitoring segment is expected to register the highest CAGR during the forecast period. The rising demand for remote engine monitoring systems for marine engines is driving the growth of the segment.
Based on region, the global connected ship market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The European market accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Growing investment in the navy by China and India is driving the market growth in the region.
The key players in the global connected ship market are ABB (Switzerland), Emerson Electric Co. (US), Kongsberg Group (Norway), Marlink (France), Lockheed Martin Corporation (US), RH Marine (Netherlands), Rockwell Automation, Inc. (US), GENERAL ELECTRIC (US), Schneider Electric (France), Siemens AG (Germany), Viasat, Inc. (US), Wärtsilä (Finland), Intelsat (Luxembourg), Inmarsat plc (UK), and Hyundai Heavy Industries Co., Ltd (South Korea).
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About the AuthorNita
Joined: November 14th, 2019
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