Integrated Bridge Systems (IBS) Market Overview ;
The Global Integrated Bridge Systems (IBS) Market Will Most Likely Achieve A Growth Rate Of 2.95% During The Forecast Period (2018-2023), Believes Market Research Future (MRFR).
Integrated Bridge Systems (IBS) Market Boosters and Key Barriers ;
An Integrated Bridge System (IBS) is used for enhancing secure and efficient ship management by skilled operators. IBS is made up of systems that are connected, which enables centralized monitoring of numerous navigational tools. IBS also helps operators take control of sensor information for several operations including machinery control, passage execution, safety & security, and communication.
The surge in the adoption rate of wireless sensors in yachts, ships, containers, cruise ships, and vessels, happens to be a major booster in the integrated bridge system market growth. Cheap wireless sensors due to intense competition between manufacturers boost the demand for the integrated bridge system market. At present, a number of ship owners are now opting for integrated bridge systems instead of traditional bridge systems given the easy upgrade facilities. Moreover, integrated bridge system offers a host of advantages to ship owners, shipbuilders, and navigators. Considerable investments by integrated bridge system manufacturers to create smart route planning, custom integration and new concept with other systems can benefit the integrated bridge system market.
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Integrated bridge systems are anticipated to gain substantial traction in the coming years, on account of significant surge in import and export of goods and services via the sea route. Also, prevalence of digitization has given a substantial boost to maritime tourism, which further elevates the market position of integrated bridge systems.
Integrated Bridge Systems (IBS) Market Significant Players :
Marine Technologies, LLC, Tokyo Keiki, Northrop Grumman Sperry Marine B.V., Transas, Kongsberg Gruppen, Raytheon Company, Rolls-Royce plc., Wartsila, Furuno Electric Co., Ltd., Consilium, Praxis Automation Technologies B.V., are some of the renowned players shaping the worldwide integrated bridge systems market.
Integrated Bridge Systems (IBS) Market Segmentation :
The report highlights a segmental analysis of the integrated bridge systems market with respect to application and type.
In terms of application, the market includes naval warship and commercial ships. The commercial ships segment is estimated to be a highly attractive market in the next few years. The segment holds a value of more than USD 2,900 Mn and can attain a CAGR of 2.26% during the assessment period. Demand for commercial ships has been on the rise in recent years because of the increasing number of intercontinental and intracontinental trade activities around the world. The naval warships segment will also remain highly profitable throughout the forecast period.
The types of integrated bridge systems are ECIDIS communication console and radar system. Radar system is expected to be the leading segment during the review period and was worth more than USD 2,000 Mn in 2017. The segment is also touted to demonstrate a strong growth rate during the forecast period. Radar systems help detect objects like submarines, ships, marine animals etc. These systems are highly important since they help facilitate collision alert. The ECDI segment is at the second position in the market and is set to attain a CAGR of 3.16% CAGR from 2018 to 2023.
Integrated Bridge Systems (IBS) Market Regional Insight :
Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA) and Latin America are the primary markets for integrated bridge systems.
The possibility of APAC gaining the leading position in the global IBS market is the highest, with the region currently controlling over 30% share. The IBS market in the region is set to attain a CAGR of 4.79% in the coming years. Growth in trade activities owing to adoption of free trade policies among BRICS, TPPA, ASEAN member countries has helped the market gain momentum in the region. Additionally, increasing investment in infrastructural development as well as port modernization also benefits the regional market to a great extent.
Europe and North America are two highly lucrative markets for IBS. High growth of maritime sector has rendered these regions extremely attractive investment destinations. The ship operators in these regions are the biggest end-users of integrated bridge systems. The IBS market is growing on the back of surging ship transport coupled with rising number of import and export operations.
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