Pune, May 13, 2020 (GLOBE NEWSWIRE) -- The global integrated bridge system market size is projected to reach USD 9.43 billion by 2026, exhibiting a CAGR of 3.93% during the forecast period. Rising adoption of digital technologies in ships is set to emerge as one of the central growth drivers for this market, states Fortune Business Insights™ in its report, titled “Integrated Bridge System Market Size, Share and Industry Analysis, By Vessel Type (Commercial Vessel: Bulk Carriers, Cruise Ships, Dry Cargo, Gas Tankers, Ro-Ro Ships, Dredgers, and others), and Defense Vessel: Aircraft Carriers, Amphibious Ships, Destroyers, Frigates, Corvettes Among and Others) By Component (Hardware, and Software), By Subsystem (INS, VDR, AWOS, and AIS), By End User (OEM, and Aftermarket), and Regional Forecast, 2019-2026”. According to the UN Conference on Trade and Development (UNCTAD), maritime shipping industry is rapidly adopting advanced technologies to reduce operational costs and boost efficiency in ships.
One such technology is integrated bridge systems (IBS) that the International Maritime Organization (IMO) defines as an amalgam of interconnected systems that enable centralized access to sensor information from different workstations in a ship. As a result, the efficiency in handling sensitive processes while navigating a vessel gets augmented and this factor is expected to the lead the integrated bridge system market trends in the near future.
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What are the Objectives of the Report?
The report states that the value of the market stood at $7.20 billion in 2018. The other highlights of the report include:
- An exhaustive study of the various market drivers and trends;
- In-depth evaluation of the hindrances facing the market;
- Careful analysis of the different market segments; and
- Comprehensive research into the competitive landscape and regional dynamics of the market.
Market Driver
Increasing Global Maritime Trade to Aid Market Expansion
With global economic growth steadily gaining momentum, international trade activities are also intensifying and they are best reflected in the promising progress made by world seaborne trading operations. The UN Conference on Trade and Development (UNCTAD) reported in 2018 that maritime trade and shipping account for nearly 80% of the total global trade volume and more than 70% of the global trade value is handled at seaports across the globe. In 2018, global seaborne trade expanded at an impressive 4% from 2017 levels. Thus, a flourishing maritime trade industry brings good news for the integrated bridge system market growth as higher revenues and profits will prompt governments and industry players to upgrade existing ship fleets with advanced communication and analysis technologies.
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Regional Analysis
Rapid Growth in Shipbuilding to Propel the Market in Asia-Pacific
Among regions, Asia-Pacific is slated to lead the integrated bridge system market share during the forecast period as a result of rising intensity of shipbuilding activities in South Korea and China. An UNCTAD report states that 90% of the world’s shipbuilding occurs in Japan, China, and South Korea. In addition to this, India and China are also actively upgrading their naval systems to have their ships combat-ready, which bodes well for this market.
The market size in North America stood at USD 0.94 billion in 2018 and the region is anticipated to emerge as highly lucrative owing to expanding defense budget of the US government. On the other hand, in Europe, the market will be primarily driven by the growing oil & gas exploration and production activities in the North Sea and the Norwegian Shelf.
Competitive Landscape
Contractual Partnerships to Characterize Market Competition
Competition in this market is intense and fragmented due to the presence of a few large players and plenty of small and medium-sized companies. Thus, in a bid to enlarge their share in the market, many of these players are entering into short-term contractual partnerships, the integrated bridge system market analysis observes.
List of Key Companies Profiled in Integrated Bridge System Market Research Report are:
- Raytheon Company
- Praxis Automation Technology B.V.
- Northrop Grumman Corporation
- Wärtsilä Oyj Abp.
- Naudeq
- Mackay Communications, Inc.
- Japan Radio Co., LTD.
- Hensoldt UK
- DSME Co., Ltd.
- Consilium Marine & Safety Ab
- Tokyo Keiki Inc.
- Prime Mover Controls Inc.
- OSI Maritime Systems
- Noris Group GmbH
- Kongsberg
- L3 Mapps Inc.
- Danelec Marine A/S
- Alphatron Marine B.V.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Global Integrated Bridge System Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vessel Type
- Commercial Vessel
- Defense Vessel
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Software
- Market Analysis, Insights and Forecast – By Subsystem
- INS
- VDR
- AWOS
- AIS
- Market Analysis, Insights and Forecast – By End User
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Middle East
- Rest of the world
TOC Continued…!
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Major Industry Developments of the Market include:
- September 2019: Kongsberg, the Norwegian marine engineering major, signed a deal with the Dutch company Damen Shipyards to provide the company with its flagship fully integrated Kongsberg Maritime solution for the cruise liner, the SeaDream Yacht Club.
- September 2019: The German navigation systems specialist Raytheon Anschütz collaborated with UK-based shipbuilder Babcock and Thales to install its Warship Integrated Navigation and Bridge Systems (WINBS) in the new Type 31e frigates of the UK Royal Navy.
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