Selbyville, Delaware, July 03, 2024 (GLOBE NEWSWIRE) --
The connected ship market valuation is predicted to exceed USD 10.7 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market growth is driven by rapid advancements in digitalization and the integration of Internet of Things (IoT) technologies within the maritime industry. Of late, fleets are receiving advanced sensors, communication systems and data analytics tools to improve operational efficiency, safety and decision making. For example, in April 2022, The Port of Antwerp introduced a new service for monitoring cargo temperature conditions in collaboration with logistics partners including Foodcareplus, Dockflow, and TrakAssure for providing alerts for shippers and 3PLs. This technology enables real-time monitoring of vessel functions, such as engine performance, fuel consumption and progress, resulting in efficiencies and reduced operating costs.
The growing emphasis on environmental sustainability and the need to reduce carbon footprint of the maritime industry will favor the market growth. Integrating cybersecurity measures into connected fleet systems is becoming increasingly important, as maritime operators seek to protect against cyber threats and ensure that data and operations are secured. Collaboration between technology suppliers and maritime companies is also supporting innovation and the development of bespoke solutions to meet the specific end-user needs.
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Connected ship market value from the fleet health monitoring application segment may exhibit a decent growth rate over 2024-2032 driven by the enhancements in operational efficiency, safety, and cost management for maritime operators. By leveraging real-time data analytics and advanced diagnostic tools, fleet health systems enable efficient maintenance, early detection of potential problems, and designed programs. The ability to monitor the health of the entire fleet from a central location also improves decision-making and resource allocation, making fleet operations more efficient and reliable.
The connected ship market from the software segment will register a noteworthy CAGR from 2024 to 2032. Software solution enables seamless integration and real-time processing of data from fleet systems for improving decision-making and operational efficiency. This application also provides services, such as route optimization, forecast resolution, fuel management, and compliance monitoring critical for improving overall fleet performance and easily reducing operating costs.
North America connected ship market will register significant growth from 2024 to 2032, attributed to the investments in maritime infrastructure and the strong presence of major technology providers that are pioneering advancements in ship connectivity solutions. The stringent regulatory framework for marine safety and environmental standards in the region is forcing shipping companies to adopt advanced shipping technologies communication to ensure compliance. The emphasis on cybersecurity in the maritime sector is also contributing to the integration of secure and robust interconnected systems, thus strengthening regional market growth.
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Some of the leading connected ship market are Wartsila Corporation, Atos SE, Kongsberg Gruppen ASA, Viasat, Inc., KVH Industries, Speedcast International, Marlink AS, Rockwell Automation Inc., Northrop Grumman Corporation, and ORBCOMM Inc. are some major connected ship industry contenders. These players are working on new product developments, acquisitions, and mergers to widen their product portfolio. For instance, in November 2022, the India-UAE comprehensive economic partnership agreement encouraged Maersk to start a new container vessel service linking India, UAE, and Saudi Arabia.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Connected Ship Industry 3600 synopsis, 2021 - 2032
Chapter 3 Connected Ship Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Hardware providers
3.2.2 Software providers
3.2.3 Technology providers
3.2.4 Service providers
3.2.5 Ship manufacturers
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Ongoing advancements in communication technologies
3.8.1.2 Proliferation of maritime satellite communication
3.8.1.3 Rising adoption of IoT in ships
3.8.1.4 Growing demand for data-driven insights and analytics
3.8.2 Industry pitfalls & challenges
3.8.2.1 Cybersecurity risks
3.8.2.2 High initial investments
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
