Integrated Bridge Systems Market Size

Integrated Bridge Systems Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The market for integrated bridge systems is estimated to be worth seven billion dollars in 2023, and the forecast is that this will remain the same through 2030. This stability, a CAGR of 3.8 per cent from 2020 to 2030, indicates a fairly stable demand for advanced marine navigation and control systems. The market’s growth trend is characterised by a gradual increase in automation and digitalization in the maritime industry, driven by the need to improve operational efficiency and safety in vessel management. The trend towards increased maritime safety regulations, the technological development of artificial intelligence and machine learning, and the growing trend of smart shipping are driving forces in this market. Companies like Wartsila, Kongsberg and Rolls-Royce are at the forefront of development and have been very active in establishing strategic alliances and investing in new products. Recent strategic alliances to integrate new cutting-edge technology into IBS solutions are expected to further drive market growth and ensure that the industry continues to adapt to evolving maritime challenges and opportunities.

Regional Market Size

Regional Deep Dive

The Integrated Bridge System (IBS) Market is experiencing significant growth across various regions, owing to advancements in maritime technology, increasing automation, and growing need for improved navigational safety. In North America, the market is characterized by the presence of leading technology players and a robust regulatory framework that encourages innovation. In Europe, the market is characterized by a combination of old and new practices. In Asia-Pacific, the market is characterized by increasing maritime activities and investments in the maritime sector. The Middle East and Africa (MEA) is characterized by government initiatives to modernize the naval forces, whereas Latin America is characterized by the gradual adoption of IBS technology.

North America

• This new navigation system is required by the U.S. Coast Guard and is in turn driving demand for IBS solutions on both commercial and military ships.
• In the field of IoT, Northrop Grumman and Raytheon are leading the way in the development of new IoT-based systems, focusing on cybersecurity and data integration to enhance operational efficiency.
• The growing trend towards digitalization in the maritime sector is prompting shipbuilders to build in IBS in new ships, thereby improving safety and reducing operating costs.

Europe

• Moreover, the European Maritime Safety Agency (EMSA) is promoting the use of smart ships and other smart technology in order to increase maritime safety and to protect the marine environment.
• The major European companies, such as Kongsberg and Wartsila, are investing heavily in R&D to develop next-generation IBS that combine artificial intelligence and machine learning to improve decision-making.
• The strictest of the European regulations are forcing shipowners to adopt solutions that optimize fuel consumption and reduce emissions. These solutions are in line with the European Union's Green Deal.

Asia-Pacific

• The demand for I.B.S. is growing, because the maritime industry in countries such as China and Japan is developing.
• The development of smart ports in the region is facilitating the integration of IBS with port management systems, thereby enhancing the efficiency and safety of port operations.
• There are also local companies, such as Mitsubishi Heavy Industries, which cooperate with foreign companies to develop and manufacture products for the Asia-Pacific market.

MEA

• Hence, the United Arab Emirate’s maritime strategy is to acquire and develop a maritime industry based on IBS, which will be applied to commercial and military ships.
• This is in order to ensure the safety of navigation and to increase the efficiency of its expanding maritime activities.
• Local collaboration between local shipyards and international technology companies is facilitating the transfer of knowledge and technology relating to the IBS.

Latin America

• Brazil’s government is pushing for the development of its maritime industry, and is keen to adopt new technology to make its ships safer and more efficient.
• The Panama Canal Authority is now examining the integration of IBS into its operations to improve the traffic management and navigational safety in one of the world’s busiest waterways.
• Local shipyards are increasingly collaborating with IBS suppliers to modernize their fleets. This reflects the growing recognition of the importance of advanced navigation systems.

Did You Know?

“The market for integrated bridges is expected to be very skewed towards automation. By 2025 it is estimated that over 50% of all new ships will be equipped with some form of integrated bridge technology.” — Market Research Future

Segmental Market Size

The Integrated Bridge System (IBS) segment is of crucial importance for maritime navigation and operational efficiency. It is currently growing steadily. Demand is being driven by the increasing automation of shipboard operations, which enhances safety and reduces human error, as well as by stricter regulations aimed at enhancing maritime safety standards. In addition, digitalization, the Internet of Things (IoT), and artificial intelligence (AI) are driving the use of sophisticated IBS solutions.

The present stage of the development of IBS is that of implementation. The industry is now moving from the stage of implementation towards the stage of implementation. Several of the leading manufacturers, such as Wärtsilä and Kongsberg, are implementing the latest systems on various naval and commercial vessels. IBS is used primarily for navigation, communication and ship management. The integration of real-time data in cruise ships and cargo ships is an example of this. In the near future, the trend towards the use of IBS will continue to grow. The industry will be driven by trends such as green shipping and government legislation. IBS will continue to evolve with the advent of cloud computing and big data.

Future Outlook

INTEGRATED BRIDGE SYSTEMS MARKET IS ESTABLISHED TO GROW STEADY THROUGH OUT THE YEARS AHEAD. The market is expected to remain at the level of $ 7 billion. The market is driven by technological developments in the maritime industry, and by increasing regulations to enhance the safety and efficiency of navigation. IBS is expected to continue to increase in use, and penetration of new vessels will reach 60 per cent by 2030, up from 45 per cent in 2023. The need for increased situational awareness and operational efficiency in the increasingly complex maritime environment will also drive the market.

In the IBS market, one of the main technological drivers is the integration of artificial intelligence (AI) and machine learning (ML) into navigation systems. This integration is expected to improve decision-making and reduce human errors. The push towards digitalization and automation in the maritime industry is causing the development of more advanced IBS that offer real-time data analysis and remote monitoring. Policy drivers, such as the IMO’s safety and environment regulations, are also encouraging shipbuilders and operators to invest in more advanced IBS. Emerging trends, such as the rise of unmanned ships and the increasing focus on sustainability, are expected to create new opportunities for innovation and growth in the IBS market, making it an essential part of the future maritime landscape.