Connected Ship Market Dynamics
The Global Connected Ship Market Could Attain A CAGR Of Close To 4% During The Forecast Period (2019-2025), Says Market Research Future (MRFR).
Growth Drivers and Top Challenges
Connected ship can be described as the integration of advanced technology including information and communication technology with the vessel’s hardware by fleet operators for enhanced safety, security, as well as navigational efficiency. This aids the on-ship system in increasing control and awareness. Following this, the operational team gets high levels of situational awareness by combining numerical and visual data from different ship systems including radars, cameras, information system (ECDIS), automatic identification system (AIS) and electronic chart display. This is highly instrumental in on-ship safety and off-ship surveillance. Additionally, connected ships are useful in vessel monitoring, voyage management, fuel management, predictive diagnosis & assessment, and economic voyage.
Connected ships also find applications in entertainment, operational and welfare activities. The entertainment and welfare for passengers as well as crew could favor the market. Operational applications like cargo logistic, route planning, administration communication between vessels and application monitoring have accelerated the demand for connected ships.
Latest technological advancements in the field of big data analytics, artificial intelligence, satellite communication, and vessel traffic management could do wonders for the connected ship market in the coming years. In more good news, fully connected ships are being developed that could help reduce human errors, piracy, and also carry more cargo.
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Connected Ship Market Significant Companies
Significant vendors operating in the worldwide connected ship market include Kongsberg Group (Norway), Marlink (France), Lockheed Martin Corporation (US), Hyundai Heavy Industries Co., Ltd (South Korea), Inmarsat plc (UK), RH Marine (Netherlands), Schneider Electric (France), ABB (Switzerland), Siemens AG (Germany), Viasat, Inc. (US), Wärtsilä (Finland), Intelsat (Luxembourg), GENERAL ELECTRIC (US), Emerson Electric Co. (US), Rockwell Automation, Inc. (US), to name a few.
Connected Ship Market Segmentation
The worldwide connected ship market has been segregated depending on ship type, installation type, fit, and application.
With respect to the ship type, the connected ship market has been considered for commercial and defense. The commercial segment could accumulate a larger share during the evaluation period. On the other hand, the defense segment could obtain a higher CAGR in the following years. The defense segment gets a boost from collaborations between several connected ship technology vendors like Tech Mahindra and naval forces of countries like India using IT technologies to modernize the navy.
With context to the installation type, the connected ship market includes onboard and onshore. In 2018, the onboard segment had been at the top spot and is estimated to achieve a higher CAGR during the review period. Onboard installation helps in coherent route planning as well as enhanced safety and security by backing up safety systems, navigation systems, and surveillance.
Fit-wise, the connected ship market can be narrowed down to line fit and retrofit. The line-fit segment is leading the market, with predictions of it to attain a higher CAGR in the ensuing years. Surging modernization of naval fleets from countries like China, India, and South Korea to accelerate their naval power and also increase deliveries of new ships establishes the segment’s dominance in the market.
In terms of the application, the connected ship market can be split into vessel traffic management, fleet operations, and fleet health monitoring. In 2018, the fleet operations segment’s coverage of the market had been maximum out of all the segments. But the fleet health monitoring segment could surge at the highest CAGR during the conjectured period. Soaring demand for remote engine monitoring systems used in marine engines favors the segment.
Connected Ship Market Regional Insight
The connected ship market is spread across the primary regions of Europe, North America, Asia Pacific, along with the rest of the world (RoW).
In 2018, Europe was recognized as the leading market for connected ship. Market growth in the region is in response to the strong demand for connected ships and cruises. Moreover, Europe is a prime consumer of marine electronic equipment, backed by some of the prominent shipbuilding countries including France, Germany, Russia, and Italy. Renowned OEMs as well as start-make heavy investments in the research and development of connected ships, supported by Artificial Intelligence for enhanced decision making as well as increased situational awareness.
The Asia Pacific connected ship market could rise at the highest rate in the coming years. The market could profit from the rising seaborne trade, booming maritime tourism industry as well as massive budgets of shipping companies to digitalize their vessels.
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