Integrated Marine Automation Systems Market Scenario
Integrated Marine Automation Systems Market is projected to reach USD 4,440 Million by 2028 and register a 2.1% CAGR. An integrated marine automation system is an automation system distributed control and monitoring system. It has applications in vessel control and safety, operational efficiency, and reduction of training expenses. This system offers the essential information required by ship owners and shipyards. It configures information from 16 to 2,000 channels. It also helps identify and neutralize threats as well as manage risks. It also helps improve the overall performance of the vessel.
The global Integrated Marine Automation Systems Market is expected to register significant growth during the study period due to factors such as the increasing international seaborne trade and growing maritime tourism industry. Furthermore, rising awareness of cyber threats is also expected to drive the growth of the global market. Additionally, the adoption of new technologies such as AI and machine learning to support the solutions offered in this market is also expected to drive the growth of the market. For example, marine image annotation software (MIAS) is expected to assist in the annotation of underwater imagery. Integration into accessible MIAS is currently limited to the semi-automated processes of pixel recognition through computer vision modules. The development in this field is expected to create a new trend towards the integration of AI in automation in information management under the vessel management segment.
However, issues related to the risk of unauthorized access or malicious attacks are expected to restrict the growth of the global market.
The global Integrated Marine Automation Systems Market is expected to grow due to the development of new port cities in rising economies and technological advancements in the marine industry.
Integrated Marine Automation Systems Market Drivers
- Growing international seaborne trade
- Growing maritime tourism industry
- Rising awareness about maritime safety rules: The awareness about the maritime safety norms due to the growing concerns regarding cyber threats because of digitalization.
- Issues related to the risk of unauthorized access or malicious attacks
- Lack of skilled & trained professionals
Integrated Marine Automation Systems Market Segmentation
- Power Management System: This segment is expected to grow significantly owing to the increasing demand for power distribution management, engine monitoring and control systems, and diesel generator monitoring (DGMS).
- Vessel Management System: This segment dominated the market in 2019 and is expected to register the highest CAGR throughout the study period owing to the rising demand for various propulsion control and security management systems. Furthermore, the increasing development of connected ships and autonomous ships that support advanced systems is also likely to drive the growth of the vessel management system segment.
- Process Control: The increasing development of advanced HVAC control systems is expected to drive the growth of the process control segment.
- Safety System: The safety system segment is expected to witness notable growth owing to the rising demand for enhanced vessel safety systems and stringent government regulations regarding maritime security.
By Ship Type
- Commercial: The commercial segment dominated the global market in 2019. This segment includes various types of ships, such as cargo and passenger carriers. The increasing seaborne trade and growing marine industry are expected to drive the growth of the commercial segment.
- Defense: The defense segment is expected to grow due to the rising demand for aircraft carriers, submarines, and UAVs in various developing economies.
- OEM: The rising trade activities across the globe are expected to lead to increased shipbuilding orders, which is expected to drive the OEM segment. Hence, the segment is expected to grow at a higher CAGR during the review period.
- Aftermarket: The increasing awareness about maritime safety rules and the growing maritime tourism industry is likely to boost the growth of the aftermarket segment in the global market.
- Product: The product segment is projected to grow with a higher CAGR during the forecast period. The increasing demand for various hardware, software, datalinks, and connectivity in marine automation systems is expected to drive the growth of the product segment.
- Service: This segment is expected to show significant growth during the review period. The growing requirement of various analytical services and operation & monitoring services is expected to drive the growth of the segment in the global market.
- North America: North America dominated the integrated marine automation system market in 2019 due to the presence of prominent companies such as Honeywell International Inc. and Northrop Grumman Corporation.
- Europe: The increasing marine tourism and growing development of autonomous ships in Europe are expected to drive the regional market growth during the forecast period.
- Asia-Pacific: The regional market is projected to register the highest CAGR during the forecast period. The growing seaborne trade in the region and increasing defense expenditure in countries such as China and India are likely to drive the market growth in the region.
- Rest of the World: The increasing tourism and import-export of goods in various countries such as South Africa and Brazil are expected to increase the demand for integrated marine automation systems in the region.
Integrated Marine Automation Systems Market Key Players
- Honeywell International, Inc. (US)
- Northrop Grumman Corporation (US)
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- Kongsberg Gruppen ASA (Norway)
- Wartsila Corporation (Finland)
- Tokyo Keiki Inc. (Japan)
- Consilium AB (Sweden)
- Thales Group (France)
- FINCANTIERI S.p.A. (Italy)
Other Prominent Players
- MTU Friedrichshafen (Germany)
- Transas Marine Ltd. (Ireland)
- Praxis Automation Technology (Netherland)
- Marine Technologies, LLC (US)
- API Marine Inc. (Denmark)
- Rockwell Automation Inc. (US)
- Jason Marine Group (Singapore)
- Ulstein Group (Norway)
- SMEC Automation Pvt. Ltd. (India)
- Logimatic (Denmark)
- Sedni Marine Systems, Inc. (US)
- Rolls-Royce Power Systems AG (Germany)
USD 4,440 Million (2028)
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Solution, Ship Type, End User, Component
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Honeywell International, Inc. (US), Northrop Grumman Corporation (US), ABB Ltd. (Switzerland), Siemens AG (Germany), Kongsberg Gruppen ASA (Norway), Wartsila Corporation (Finland), Tokyo Keiki Inc. (Japan), Consilium AB (Sweden), Thales Group (France), FINCANTIERI S.p.A. (Italy)
Key Market Opportunities
Rising Economies and Technological Advancements
Key Market Drivers
Growing international seaborne trade. Growing maritime tourism industry. Rising awareness about maritime safety rules
Frequently Asked Questions (FAQ) :
Global Integrated Marine Automation System market is touted to record a substantial market valuation of USD 4.44 billion by 2028.
Global Integrated Marine Automation System market is projected to register a moderate 2.1% CAGR in the forecast period.
The product segment is expected to secure the highest CAGR.
The OEM segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global Integrated Marine Automation System market are Honeywell International, Inc. (US), Northrop Grumman Corporation (US), ABB Ltd. (Switzerland), among others.