ID: MRFR/A&D/6620-HCR | 133 Pages | Published By Sejal Akre on March 2023
Connected Ship Market Size Valued at USD 9.54 Billion, market Grow at a CAGR Of 6.01% by 2020 -2030
Connected Ship Market Overview
Connected Ship Market Size Anticipeted to Reach at a USD 9.54 Billion and Grow at a CAGR Of 6.01% by 2020 -2030
In terms of designs, uses, methods of construction, and technologies, connected technology in defense ships differs from that in commercial boats. Various governments throughout the world are spending much in this technology in order to produce new and improved navy ships and submarines. Ships are becoming smarter and more connected, but with new and exciting prospects for operational efficiency comes a greater danger of hacking. The connected ship technology is implemented in commercial and defense cargo ships and is generally utilized for cargo transfer to seagoing ships that are either underway or stationary.
The growing incorporation of ICT in the global marine industry, the growing maritime tourism industry, and augmented budgets of shipping companies for the adoption of digitalization of vessels are some of the significant factors influencing the growth of the market for the connected ship, while the high deployment cost of marine broadband connectivity is expected to hinder the market's growth. Increasing expenditure by various countries on linking systems to increase the monitoring capabilities of their naval ships has been a prominent development driver of the market.
Segmentation of the Global Connected Ship Market
On the basis of ship type, the market has been bifurcated into commercial and defense. In 2018, the commercial segment dominated the global market. However, the defense segment is expected to register the higher CAGR during the forecast period. Increased adoption of connected ships by naval forces of various countries such as the US and China is driving the segment growth. For example, in June 2019, Lockheed Martin Corporation, in collaboration with the US Navy, launched Littoral Combat Ship 21, a connected ship that assists in anti-submarine warfare, mine warfare, and surface warfare.
Based on installation type, the market has been divided into onboard and onshore. The onboard segment dominated the market in 2018 and is expected to record the higher CAGR during the forecast period. Onboard installation supports various advanced systems such as navigation systems, communication management systems, and ship information management systems. These systems offer enhanced communication, real-time location information, and details regarding the vessel such as fuel consumption and capacity to navy officials and fleet operators.
On the basis of fit, the market has been classified as line fit and retrofit. The line fit segment dominated the market in 2018 and is expected to register the higher growth during the forecast period of 2019 to 2025. Increasing orders for new ships and rising investments in naval defense by countries such as India and China are driving the growth of the segment.
Based on application, the market has been categorized as fleet operations, vessel traffic management, and fleet health monitoring. The fleet operations segment dominated the market in 2018. However, the fleet health monitoring segment is expected to register the highest CAGR during the forecast period. Diagnostics and remote monitoring solutions provided by companies such as Furuno Electric Co., Ltd. offer features such as machine health information and fuel efficiency data. This in turn assists in effective fleet health monitoring.
The global connected ship market has been segmented, based on region, into North America, Europe, Asia-Pacific, and the rest of the world. The European market dominated the global connected ship market in 2018 owing to the growing marine tourism industry. However, the market in Asia-Pacific is expected to be the fastest-growing during the forecast period. Increasing military naval modernization activities undertaken by countries such as China and India are driving the market growth in the region.
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
Connected Ship Market can expand to rise at 6.01% by 2020 -2030
General Electric (US), ABB (Switzerland), and Emerson Electric Co. (US) are some renowned names in the Connected Ship Market.
The availability of on-board solutions can promote the Connected Ship Market.
The presence of inadequate expertise can restrains the Connected Ship Market expansion.