Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- The global integrated marine automation system market is expected to rise during the forecast period, owing to the increasing demand for an emergency of electronic chart display and information systems used in navigation tools such as RADAR, GPS, and ARPA. The rising demand fueled global market growth of 7.40% in 2021 compared to the average growth from 2018 to 2020. Fortune Business Insights™ publishes this information in a report titled, "Integrated Marine Automation System Market, 2022-2029". As per the report, the integrated marine automation system market size was USD 3.58 billion in 2021. The market size is expected to rise from USD 3.84 billion in 2022 to USD 6.33 billion by 2029 at a CAGR of 7.39% during the forecast period.
The integrated marine automation system is used to control and monitor the operations performed on a ship. Implementing these automated systems increases the operational efficiency and safety of marine vessels. Increasing demand for digitalization in the marine sector is expected to fuel the market during the projected period.
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List of Key Players Profiled in Market Report for Integrated Marine Automation System:
- ABB (Switzerland)
- Honeywell International, Inc. (U.S.)
- Rolls-Royce PLC (U.K.)
- Wartsila (Finland)
- Kongsberg (Norway)
- Siemens (Germany)
- Hyundai Heavy Industries (South Korea)
- General Electric (U.S.)
- Ingeteam (Spain)
- Emerson Electric Co. (U.S.)
Market Segments:
Vessel Management System to Dominate Market Due to Increased Adoption in Naval and Marine Sector
By product type, the market is bifurcated into hardware and software.
On the basis of solution, the market is segmented into the vessel management system, power management system, safety system, and others.
Based on the end-users, the market is divided into commercial and defense.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, and Rest of the world.
Report Coverage:
The report provides complete information and factual data regarding market development and current trends in the industry. Furthermore, key advancements and business development strategies such as mergers, acquisitions, alliances, and partnerships are discussed in the report. Also, the impact of COVID-19 pandemic on industrial growth and development is highlighted further. Drivers and restraints affecting the market growth are elaborated along with the latest key developments in the industry.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/integrated-marine-automation-system-market-106580
Drivers & Restraints:
Rising Investment in Advanced Technologies to Stimulate Growth
The market is expected to witness prominent growth during the projected period owing to the increasing demand for digitalizing marine operations. Increased development in a software solution is anticipated to boost the naval, marine, and offshore sectors' product demand. Rising investment into technological advancements and development in shipbuilding and shipping companies will likely bolster market expansion. These factors are likely to ensure integrated marine automation system market growth in the coming years.
However, the increased risk of cyber threats may hinder market growth.
Regional Insights:
Asia Pacific Dominated Market Due to Technological Advancements
Asia Pacific dominates the global integrated marine automation system market share during the forecast period due to major shipbuilding companies in the region. The region stood at USD 1.20 billion in 2021. Technological development in emerging countries is likely to bolster market growth.
Europe is expected to hold the second-largest global market position due to the rising demand for the cruise, ships, and autonomous ships. Also, an ongoing ship modernization program is likely to boost the demand.
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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 – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Integrated Marine Automation System Market
- Impact of COVID-19 Pandemic on Global Integrated Marine Automation System
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
- Global Integrated Marine Automation System Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Product Type
- Hardware
- Software
- Market Analysis, Insights and Forecast – By Solution
- Vessel Management System
- Power Management System
- Safety System
- Others
- Market Analysis, Insights and Forecast – By End-User
- Commercial
- Defense
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
TOC Continued…!
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Competitive Landscape:
Partnerships Allow Key Players to Expand Business Globally
The key players in market focus on implementing various business developments strategies to expand their market reach. These strategies include forming strategic alliances, partnerships, mergers, or acquiring other companies. Also, implementing innovative product development and differentiation strategy allow companies to propel growth.
Industry Developments:
- December 2020: Rolls-Royce acquired Servowatch Systems, an international supplier of integrated marine automation systems. Servowatch will expand the ship automation division with Rolls-Royce's Power Systems business.
- October 2020: Hoglund and Veracity signed a collaboration agreement to combine onboard integration and data capture capabilities of Hoglund and ecosystem and platform architecture with helping ship owners accelerate their digital initiatives.
Read Related Insights:
Autonomous Ships Market Size, Share & COVID-19 Impact Analysis, By Autonomy (Partial Automation, Remotely Operated, and Fully Autonomous), By Solution (Hardware and Software), By Ship Type (Commercial (Bulk Carriers, Tankers, Dry Cargo, Containers, and Others) and Defense), By End User (Line Fit and Retrofit), and Regional Forecast, 2021-2028
Marine Port Services Market Size, Share & COVID-19 Impact Analysis, By Service (Container Handling Services, Ship Repair, and Maintenance Services, Navigation Services, Supply Chain and Logistics Solutions Services, and Mechanical & Electrical Engineering Services), and Regional Forecast, 2021-2028
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