Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The "Connected Ship Market by Application (Vessel Traffic Management, Fleet Operation, Fleet Health Monitoring, Other Applications), Installation (Onboard, Onshore), Platform (Ships, Ports) & Fit (Line Fit, Retrofit, Hybrid Fit) and Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Connected Ship market is poised for substantial growth, expected to increase from USD 11.3 billion in 2023 to USD 17.2 billion by 2028, with a robust CAGR of 7.7% during the forecast period. Technological advancements and the surge in seaborne trade across the globe are the key drivers propelling market expansion.
Premium Insights:
- Increasing Use of Autonomous Systems and Inter-Ship Communications Systems in Large Seafaring Vessels
- Ships to be Largest Segment During Forecast Period
- Commercial Ships to Show Highest Growth During Forecast Period
- Greenfield Ports to Show Highest Growth During Forecast Period
- China to be the Fastest-Growing Country During Forecast Period
Segmentation Analysis:
Fit:
- Line Fit (highest CAGR due to advanced technology installation during ship construction)
- Retrofit
Installation:
- Onboard (dominating market share with integrated systems and sensors)
- Onshore
Regional Insights:
- Asia Pacific is poised to seize the largest market share in 2023. China, in particular, leads the charge with a plethora of companies and startups in the connected ship industry. The region's growth is fueled by the demand for ship systems to enhance fleet management, security, and operation efficiency.
Market Dynamics:
Drivers:
- Incorporation of ICT in the Marine Industry
- Increased Spending on Digitalization of Vessels
- Surge in Global Seaborne Trade
- Need for Situational Awareness in Fleet Operations
- Growing Maritime Tourism Industry
Restraints:
- High Cost of Marine Broadband Connectivity
- Vulnerability of Connected Ships to Cyber Threats
Opportunities:
- Rigorous Development of Connected Autonomous Ships
- Adoption of Vessel Traffic Services by Shipping Companies
- Development of New Port Cities in Emerging Economies
Challenges:
- Limited Internet Facilities in Connected Ships
- Shortage of Skilled Personnel
Key Companies Mentioned:
- ABB
- Emerson Electric Co.
- Furuno Electric Co. Ltd.
- Garmin International
- General Electric
- Hanwha Systems
- Huntington Ingalls Industries
- Hyundai Heavy Industries
- Inmarsat
- Intelsat
- Iridium
- Jason Marine Group
- Kongsberg Gruppen Asa
- L3Harris Technologies, Inc.
- Marlink
- Northrop Grumman Corporation
- Rh Marine
- Rockwell Automation
- Rolls Royce PLC
- Saab Ab
- Schneider Electric
- Siemens
- St Engineering
- Thales Group
- Ulstein
- Valmet
- Wartsila
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 243 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $11.3 Billion |
| Forecasted Market Value (USD) by 2028 | $17.2 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/vsva0q
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