Dublin, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The "Integrated Bridge Systems Market by Ship Type, End User (Oem And Aftermarket), Sub-System (Ins, Automatic Weather Observation System, Voyage Data Recorder and Automatic Identification Systems), Component, Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The integrated bridge systems market is projected to grow from USD 6.1 Billion in 2022 to USD 7.9 Billion by 2027, at a CAGR of 5.4% from 2022 to 2027. Rising preference for maritime tourism is expected to drive the integrated bridge systems market growth during the forecast period.
According to a United Nations report in 2017, the population worldwide will go up to 8.6 billion by 2030, and most of the population growth will take place in Asian countries. This population explosion will mark a remarkable shift toward urbanization in China, Southeast Asian countries, Bangladesh, Nigeria, and Turkey. As eight out of 10 world's largest cities will become port cities, there will be tremendous opportunities for shipbuilding and marine technology business in the future. Today, with major importance being given to safety norms, the building of a new ship includes IBS and other related equipment. In addition, 65.31% of the world container port share volume is from China, and 14.39% is from Europe. Increasing population and growing GDPs have led to the development of some of the world's largest and busiest ports in Asian countries. As the number and size of these Asian ports grow, the integrated bridge system manufacturers for commercial ships mainly located in these countries will be at an advantage.
Besides, mergers, acquisitions, and contracts were among the key strategies adopted by leading players to sustain their position in the integrated bridge systems market. Apart from these strategies, key market players also engaged in new product launches. Companies such as Raytheon Technologies Corporation (US), Furuno Electric Co. Ltd. (Japan), Wartsila Corporation (Finland), and Kongsberg (Norway) have adopted the strategy of new product launches to develop their business and strengthen their product portfolio in the integrated bridge systems market.
Based on subsystem, the INS is expected to lead market with the largest share in 2022
Based on subsystem, the integrated bridge systems market has been segmented into integrated navigation system (INS), automatic weather observation system (AWOS), voyage data recorder (VDR), and automatic identification system (AIS). Among these, the INS segment registered largest share in the base year. The navigational safety of a vessel is given a lot of importance. With advancements in technology, systems such as integrated navigation systems have been developed to provide vessels with real-time navigation. The integrated navigation system is a part of the integrated bridge system. Components of the integrated navigation system include navigation/ARPA radar, electromagnetic log, differential global positioning system, ECDIS, gyro, echo sounder, transmitting magnetic compass, and autopilot. Other components can also be equipped with the system according to the requirement of the vessel. An increasing focus on the development of sense and avoid systems and demand for accurate and precise navigation for ships have driven the growth of the integrated navigation systems.
Based on Component, software segment registered largest share in base year
Based on component, the integrated bridge systems market has been classified into hardware and software. Hardware components include displays, controls, data storage devices, sensors, and alarms. Software is an integral part of the integrated bridge system and supports the overall operation and integration of different components of the system. It is an interface for the display of information. The market for software is projected to grow at a higher rate than hardware due to an increase in the adoption of advanced systems, which require the application of software to integrate with other integrated bridge systems.
Market Dynamics
Drivers
- Continuously Growing World Seaborne Trade
- Rising Preference for Maritime Tourism
Restraints
- Digitalization Leading to Cyber Threats
Opportunities
- Increase in Port Modernization and New Port Development Programs in Asian Countries
- Precise Navigational Safety Standards and Regulations
Challenges
- Lack of Skilled IBS Operators
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Integrated Bridge Systems Market, by Ship Type
8 Integrated Bridge Systems Market, by End-user
9 Integrated Bridge Systems Market, by Subsystem
10 Integrated Bridge Systems Market, by Component
11 Regional Analysis
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Alphatron Marine B.V.
- Consilium
- Danelec Marine A/S
- Furuno Electric Co. Ltd.
- Gem Elettronica Srl
- Hensoldt UK
- Japan Radio Co. Ltd.
- Kongsberg
- L3Harris Technologies, Inc.
- Mackay Communications, Inc.
- Marine Technologies LLC
- Naudeq
- Noris Group Gmbh
- Northrop Grumman Corporation
- PC Maritime Ltd
- Praxis Automation Technology B.V.
- Prime Mover Controls Inc.
- Raytheon Technologies Corporation
- Tokyo Keiki Inc.
- Wartsila
For more information about this report visit https://www.researchandmarkets.com/r/abg9ej
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