Global Connected Ship Market 2020 is estimated to register a CAGR of nearly 4% during the forecast period of 2019 to 2025.
The growth of the linked shipping industry can be attributed to the introduction of Information and Communication Technology (ICT) into the global marine industry, the higher budgets of shipping firms for the digitalisation of their ships, the growth of global seaborne trade, the need for situational knowledge among fleet operators and the growth of the maritime tourism industry. The demand for connected ships is expected to be powered by recent technical developments in the area of artificial intelligence, big data analytics, vessel traffic control and satellite connectivity. It is expected that the production of fully linked ships would minimize smuggling, human errors and help to hold more cargo.
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The major players in the Global Connected Ship Market are ABB (Switzerland), Kongsberg Group (Norway), Emerson Electric Co. (US), MARLINK (France), Lockheed Martin Corporation (US), RH Marine (Netherlands), GENERAL ELECTRIC (US), Schneider Electric (France), Rockwell Automation, Inc. (US), Siemens AG (Germany), WÄRTSILÄ (Finland), Intelsat (Luxembourg), VIASAT, Inc. (US), Inmarsat plc (UK), and Hyundai Heavy Industries Co., Ltd (South Korea).
The sector has been bifurcated into trade and protection on the basis of the ship class. The global market was dominated by the industrial sector in 2020. However, during the forecast period, the safety segment is expected to report a higher CAGR.
The business has been split into onboard and onshore depending on installation form. In 2020, the onboard segment led the market and during the forecast period, the higher CAGR is expected to record.
The market has been segmented as line fit and retrofit on the basis of fit. The line fit segment dominated the market in 2020 and during the forecast period it is expected to report higher growth.
The global Connected Ship Market has been segmented, based on region, into Asia-Pacific, North America, Europe, and the rest of the world.
Thanks to the rising maritime tourism industry, the European market dominated the worldwide related ship market in 2020. Increased demand for related ships and cruises from the area can be due to the development of the connected ship industry in Europe. Moreover, as some of the leading shipbuilding countries such as Germany, France, Italy, and Russia are in this region, the European region is one of the prime buyers of maritime electronic equipment. Major OEMs and start-ups are rapidly investing in Artificial Intelligence-supported research and production of all linked ships for better decision-making and increased situational awareness (through the sensor fusion technology).
However during the projected period, the Asia-Pacific market is projected to be the fastest-growing one. The demand growth in the area is led by increased military naval modernization efforts undertaken by countries such as China and India.
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