Pune, India, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global connected ships market size was valued at USD 5.79 billion in 2022 and is anticipated to expand from USD 6.22 billion in 2023 to USD 10.09 billion by 2030, exhibiting a CAGR of 7.1% over the projected period. The rise is impelled by the surging product adoption for ship traffic management, the monitoring of ship conditions for preventive maintenance, and improved management of critical ship operations.
Fortune Business Insights™ provides this information in its research report, titled “Connected Ships Market, 2023-2030”.
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List of Key Players Profiled in the Connected Ships Market Report:
- 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)
- Jason Inc (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 7.1% |
| 2030 Value Projection | USD 10.09 Billion |
| Market Size in 2023 | USD 6.22 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Connected Ships Market Growth Drivers | Growing Demand for Smooth Traffic on Congested Sea Lanes to Drive the Market Growth |
| Shipping Companies’ Increasing Investment for Digitalization of their Vessel to Fuel Market Growth |
Browse Detailed Summary of Research Report with TOC: https://www.fortunebusinessinsights.com/connected-ships-market-105824
Russia-Ukraine War Impact:
Market Expansion Impacted due to Closure of Ports
The Russia-Ukraine war led to product shortages and rising costs. Besides, it disrupted the flow of goods across various regions. The war also resulted in the closure of numerous ports and led to an increase in the costs of sea freight. These factors impacted industry expansion to some extent.
Segments:
Commercial Segment to Witness Highest CAGR over the Forecast Period Driven by Surging Commercial Fleet Demand for Transport
On the basis of ship type, the market is fragmented into defense and commercial. The commercial segment is anticipated expected to witness the fastest CAGR over the study period. The rise is driven by the soaring demand for commercial fleets for the transport of goods such as FMCG products, electronic devices, automobiles, and others.
On-board Segment to Hold Major Share Due to Rising Demand for Monitoring and Controlling Operations
On the basis of installation type, the market for connected ships is categorized into onshore and on-board. The on-board segment held a key share in the market in 2022 and is anticipated to exhibit notable growth over the forecast period. The rise is driven by the growing demand for effective operation of monitoring and controlling functions on a ship.
Line Fit Segment Held the Largest Market Share Owing to Rise in Seaborne Activities
By fit, the market for connected ships is segregated into retrofit and line fit. The line fit segment accounted for the largest share in the market in 2022 and is poised to depict substantial growth over the analysis period. The surge is propelled by an upsurge in ship orders and rise in seaborne trade activities.
Vessel Traffic Management Segment to Ace the Market Impelled by Surge in Safety Demand
On the basis of application, the market for connected ships is segregated into vessel traffic management, fleet operations, and fleet health monitoring. The vessel traffic management segment held a key share in the market in 2022 and is slated to record appreciable expansion over the projected period. The expansion is due to the increasing demand for maritime safety and the efficient handling of large container volumes.
Based on geography, the market for connected ships has been studied across North America, Asia Pacific, Europe, and the rest of the world.
COVID-19 Impact:
Operational Restrictions Affected Shipping and Shipbuilding Sectors Impacting Industry Expansion
The pandemic led to the enforcement of lockdown restrictions by the governments of various countries. This resulted in lower revenues in the shipping industry, considering the effect on shipbuilding companies, shipyards, and other organizations. The reduced shipping demand resulted in the cancellation of new ship orders, affecting industry expansion to a considerable extent.
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Report Coverage:
The report provides substantial coverage of the key trends driving the global business landscape in the coming years. It further presents an account of the impact of COVID-19 pandemic on industry growth. Additional components include the driving factors, restraining factors, and the steps adopted by major companies for strengthening their industry footings.
Drivers and Restraints:
Market Value to Rise Due to Increasing Smooth Traffic Demand on Congested Sea Lanes
The connected ships market growth is being propelled by the increasing demand for effective management of traffic congestion in key channels. The demand for ship traffic management is rising in light of increasing maritime transportation and trade.
However, the high cost associated with digitalization of ships may hamper industry expansion to a certain extent.
Regional Insights:
Asia Pacific Held a Dominant Position Driven by Rising Traffic between Developing Countries in the Region
Asia Pacific accounted for a dominating position in the global connected ships market share. The regional market is anticipated to exhibit a substantial CAGR over the projected period. The surge is driven by the increasing traffic between developing countries in the region such as South Korea, China, and other ports.
The Europe market is estimated to grow at a considerable rate over the study period. The rise is impelled by the growing demand for autonomous ships in the U.K., France, and others.
Competitive Landscape:
Leading Players Enter Collaborations to Strengthen Industry Footing
Major market participants focus on adopting strategic initiatives to strengthen their industry footings. Some of these steps include partnership deals, collaborations, and the launch of new products. These steps are being adopted for the expansion of their geographical footprints.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- 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
- Impact of COVID-19 Pandemic on the Global Connected Ships Market
- Impact of Russia-Ukraine War Pandemic on the Global Connected Ships Market
- Global Connected Ships Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Ship Type
- Commercial
- Defense
- Market Analysis, Insights and Forecast – By Installation Type
- On-board
- Onshore
- Market Analysis, Insights and Forecast – By Fit
- Line Fit
- Retrofit
- Market Analysis, Insights and Forecast – By Application
- Fleet Operations
- Vessel Traffic Management
- Fleet Health Monitoring
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Connected Ships Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Ship Type
- Commercial
- Defense
- Market Analysis, Insights and Forecast – By Installation Type
- On-board
- Onshore
- Market Analysis, Insights and Forecast – By Fit
- Line Fit
- Retrofit
- Market Analysis, Insights and Forecast – By Application
- Fleet Operations
- Vessel Traffic Management
- Fleet Health Monitoring
- Others
- Market Analysis, Insights and Forecast – By Ship Type
TOC Continued...!
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Key Industry Development:
November 2021 - Taiwan Navigation selected Inmarsat’s fleet connect to enable new smart ship bridge solution applications.
Read Related Insights:
Autonomous Ships Market to Worth USD 9.87 Billion by 2030 | Fortune Business Insights™
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