ID: MRFR/A&D/8145-HCR | February 2023 | Region: Global | 168 Pages
Integrated Marine Automation System Market is projected to grow USD 4.44 Billion at a CAGR 2.1% by during the forecast period.
$4.44 Billion
2.1%
North America
2020-2030
Integrated Marine Automation Systems Market is projected to reach USD 4.440 Billion by 2030 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.
Market Synopsis
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.
Market USP
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
Market Restraints
Integrated Marine Automation Systems Market Segmentation
By Solution
By Ship Type
By End-User
By Component
By Region
Integrated Marine Automation Systems Market Key Players
Other Prominent Players
Report Attribute/Metric | Details |
---|---|
Market Size | USD 4,440 Million (2028) |
CAGR | 2.1% (2020-2028) |
Base Year | 2019 |
Forecast Period | 2028 |
Historical Data | 2018 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Solution, Ship Type, End User, Component |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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 |
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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.