The integrated bridge systems market is estimated to be USD 7.0 billion in 2019 and is projected to reach USD 8.8 billion by 2025, at a CAGR of 3.9% from 2019 to 2025. The growth of this market can be attributed to rising seaborne trade and growth in maritime tourism globally.
Software segment projected to register higher CAGR than hardware segment during forecast period
Based on component, the integrated bridge systems market has been segmented into software and hardware. The software segment is projected to witness a higher CAGR than the hardware segment during the forecast period. Software plays a vital role in this market, and its demand is increasing for analytics and monitoring applications. Individual components of the bridge system are integrated with the help of software applications, which provide an interface for display of information. However, the hardware segment is estimated to have largest market share in 2019.
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Commercial segment projected to lead integrated bridge systems market during the forecast period
Based on ship type, the integrated bridge systems market has been segmented into commercial and defense. The commercial segment is estimated to lead the market over the forecast period. An increase in the number of passengers resorting to marine transportation and a rise in demand for recreational boats are anticipated to lead to the growth of the commercial segment of the integrated bridge systems market across the globe.
Asia Pacific expected to lead integrated bridge systems market from 2019 to 2025
Asia Pacific is estimated to lead the integrated bridge systems market during the forecast period. The shipbuilding industry in Asia Pacific is on the rise, and the key players in the region, such as South Korea, China, and Japan, are making advances in terms of technological competencies so as to capture a greater market share of the commercial maritime industry. According to the World Shipping Council, the first 10 busiest container ports are in Asia. As per UNCTAD, in 2019, 64% of the total world container port volume is from Asia.
Key Market Players
Some of the key players in the integrated bridge systems market are Kongsberg (Norway), Wärtsilä (Finland), Northrop Grumman Corporation (US), Raytheon Company (US), Furuno Electric Co. Ltd. (Japan), and Japan Radio Co. Ltd. (Japan).