Dublin, April 07, 2023 (GLOBE NEWSWIRE) -- The "Integrated Bridge Systems Market" report has been added to ResearchAndMarkets.com's offering.
The global integrated bridge systems market size is expected to reach USD 8.93 billion by 2030, according to a new study.
The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increased adoption of cascade adaptive bridge systems, high technological advancements like robotic ship management systems, and rapid surge in naval ship demand across the globe are major factors expected to boost the growth.
Furthermore, rapid growth in the global seaborne trade activities and the rising number of port cities in the Asia Pacific region coupled with the prevalence of maritime tourism and introduction to advanced INS systems worldwide are further likely to fuel the adoption of the integrated bridge systems and contribute to the market growth significantly over the coming years.
For instance, in November 2022, Radio Zeeland DMP B.V., a leading manufacturer of maritime electronics announced the launch of its new highly sophisticated integrated bridge system named Z-Bridge. It is a sold all-in-one pre-engineered system certified by Lloyd's. The system has the ability to be configured easily with a wide range of well-known navigation systems like Raytheon Anschutz and Synapsis NX.
In recent years, the demand for the IBS enables naval ships like dredgers, bulk carriers, & oil & gas tankers & increasing intra-Asian trade activities, especially from China, and an increase in merchandise trade in the European region, has gained momentum and anticipated to contribute significantly to the growth. Countries like US, UK, Germany, and India are enforcing regulations pertaining to the safety of marine as per the International Maritime Organization guidelines, which has enabled the manufacturers of integrated bridge systems to gain contracts from various companies across the globe.
Market Dynamics
Drivers and Opportunities
- Increasing Adoption of Cascade Adaptive System Technology
- Rising Preference for Maritime Tourism
Restraints and Challenges
- Digitalization Leading to Cyber Threats
Integrated Bridge Systems Market Report Highlights
- Commercial ships segment accounted for a significant market share in 2021 owing to increased international seaborne trade and the growing popularity of maritime tourism
- OEM segment is expected to grow at a significant CAGR during the projected period on account of the rising need for ships equipped with advanced integrated bridge systems
- Integrated navigation systems held a significant market revenue share in 2021, which is accelerated by the high adoption of INS in both commercial and defense-related ships
- Hardware segment is likely to register the fastest growth over the forecast period due to increased demand for sensors, displays, data storage devices, and alarms in all types of subsystems including INS, AIS, and AWOS
- North America dominated the global market in 2021 and is expected to maintain its dominance throughout the anticipated period, which is mainly driven by a high defense budget and growing development-related activities in the region
- The global integrated bridge systems market is competitive in nature owing to the presence of many large market players such as Maine Technologies Inc., Northrop Grumman Corporation, and Mackay Communication Inc.
The publisher has segmented the integrated bridge systems market report based on ship type, end-user, sub-system, component, and region:
Integrated Bridge Systems, Ship Type Outlook (Revenue - USD Billion, 2018 - 2030)
- Commercial Ships
- Defense Ships
Integrated Bridge Systems, End-User Outlook (Revenue - USD Billion, 2018 - 2030)
- OEM
- Aftermarket
Integrated Bridge Systems, Sub-systems Outlook (Revenue - USD Billion, 2018 - 2030)
- INS
- Automatic Weather Observation System
- Voyage Data Recorder
- Automatic Identification System
Integrated Bridge Systems, Component Outlook (Revenue - USD Billion, 2018 - 2030)
- Hardware
- Software
Integrated Bridge Systems, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $6.13 billion |
| Forecasted Market Value (USD) by 2030 | $8.93 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Global Integrated Bridge Systems Market Insights
5. Global Integrated Bridge Systems Market, by Sub-system
6. Global Integrated Bridge Systems Market, by End-User
7. Global Integrated Bridge Systems Market, by Ship Type
8. Global Integrated Bridge Systems Market, by Component
9. Global Integrated Bridge Systems Market, by Geography
10. Competitive Landscape
11. Company Profiles
Companies Mentioned
- Alphatron Marine B.V.
- Consilium Marine & Safety Ab
- Danelec Marine A/S
- Gem Elettronica
- L3 Mapps Inc.
- Mackay Communications Inc.
- Marine Technologies Inc.
- Northrop Grumman Corporation
- Noris Group GmbH
- OSI Maritime Systems
- Praxis Automation Technology B.V.
- Tokyo Keiki Inc.
- Japan Radio Co. Ltd.
- Furuno Electric Co. Ltd.
- Kongsberg
- Raytheon Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/6lfd9r
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