New York USA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The market size of marine e-logs software market size was evaluated to be at USD 125.05 million in 2023. It is projected to flourish and grow from USD 134.44 million in 2024 to USD 245.63 million by 2032, displaying a CAGR of 7.8% during the forecast period of 2024-2032.
What is Marine E-log Software?
Marine e-logs software, also called electronic logbooks or e-logbooks, is a type of tool that is made to automate and simplify the process of recording data and maritime activities on board ships and other vessels. A versatile and dynamic tool, eLogbook is built to work with different kinds of ships and operations. It is also simple to add and configure for vessels in addition to the standard library of events, ship-specific events, and company-specific events.
These software programs use digital interfaces that are accessible through computers, tablets, and smartphones to replace traditional paper logbooks. One of the main and important characteristics of e-logbooks is the fact that they significantly increase efficiency. It also provides you with features such as real-time data entry, maintenance scheduling and management, and cruising planning. Due to such advantages marine e-logs software market is blooming.
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Marine E-logs Software Market Scope and Attributes:
| Report Attribute | Details |
| Market Value in 2023 | USD 125.05 million |
| Market value by 2032 | USD 245.63 million |
| CAGR | 7.8% |
| Base Year | 2023 |
| Historical Data | 2019–2022 |
| Forecast Period | 2024–2032 |
Major Market Participants:
The leading key players in the market are having a very vast competition among themselves. The key players are putting more focus on the adoption of cloud-based solutions as it has yielded better results in real-time data monitoring with better accessibility. The key players are implementing strategic planning such as product upgrades, collaborations, and heavy investment in the research and development department in order to fight for their market share.
A few of the marine e-logs software market key players are:
- NAPA
- Navtor A.S.
- Opsealog
- SERTICA
- Trackwell
- Wärtsilä
- Weilbach
- ABS Group
- ABS Wavesight
- Catchlog Trading Pty. Ltd.
- Kongsberg Maritime
- MariApps Marine Solutions
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Market Drivers and Opportunities:
Rising Need to Manage Complex Vessel Operations Efficiently: The resource-intensive nature of managing ships has made the efficient management of complex vessel operations necessary. The maritime sector is always changing over time, so companies must find a balance between operational effectiveness, cost-effectiveness, and keeping up with new technology. Due to these reasons, there is a rise in marine e-log software.
Mandatory Regulatory Adherence to Improve Safety and Risk: In order to ensure safety, security, and environmental protection regulatory compliance is one the most important thing in maritime operations. As Marine e-log software offers an effective, precise, and auditable way to manage and record a variety of operational activities and data offshore, they are essential to support compliance with these regulations, hence the marine e-logs software market demand is expanding.
Higher Efficiency Output: In the traditional logbook system, each work has to be registered using a paper and pen model, which, after a tiring day of work on the vessel, was making the workers more mistake-prone and hence leading to misinformation and miscalculations. As they provide an option of access from multiple sources in the same vessel and option real-time data entry, it has resulted in efficiently better results and thus is in demand nowadays.
Regional Overview:
The research provides market insight into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America appears to be the largest contributor of the marine e-logs software market share. This is mostly attributed to the rise in demands for environmentally conscious ships and shipping services, economic growth, increased energy consumption, and an increase in seaborne trade.
A robust increase in trade activity and economic expansion are making Asia Pacific a region that is expected to fastest growing region within the forecasted period of 2024–2032. Some of the ongoing things, like strategic investments in port infrastructure, industrialization, and increasing energy demands, can further strengthen this position of the region in the forecasted period.
Recent Market Progress:
- January 2024: The use of ABS Wavesight's e-Logs software by US-flagged ships was officially certified by the United States Coast Guard (USCG), allowing digital copies of the included logs intended to assist crew members in managing recordkeeping on board. The system is developed to guarantee adherence to SOLAS, the BWM Convention, and requirements set forth by the IMO Marine Environmental Protection Committee.
- November 2023: Columbia Shipmanagement (CSM) incorporated the use of Software from Kaiko Systems to assist seafarers with routine inspections and to offer on-the-job training. This software makes it quick and simple for seafarers to gather data consistently and dependably, such as photos and functionality test results. Kaiko Systems' software uses AI algorithms to enable CSM to quickly obtain data-driven judgments from its onshore teams, allowing for instantaneous crucial decision-making.
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Marine E-Logs Software Market Segmentation:
By Component:
- Software
- Tracking & Monitoring
- Navigation & Routing
- Supply Chain & Logistics
- Finance & Accounting
- System Testing
- Services
- Professional Services
- Managed Services
By Deployment Mode:
- Cloud
- On-premises
By Location:
- Onshore
- Offshore
By End User:
- Commercial Vessels
- Cargo Vessels
- Fishing Vessels
- Tankers Vessels
- Others
- Naval Vessels
By Region:
- North America
- US
- Canada
- Europe
- France
- Germany
- Netherlands
- UK
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- Malaysia
- Indonesia
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Egypt
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