The global connected ship solutions market size will grow by USD 2.25 billion during 2019-2023. This market report provides a detailed analysis of the market by ship type (commercial and defense), installation type (on-board and onshore), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on many market vendors, including ABB Ltd., Emerson Electric Co., General Electric Co., Northrop Grumman Corp., and Siemens AG.
Key Insights on Connected Ship Solutions Market - Global Forecast 2019-2023
Browse TOC and LoE with selected illustrations and example pages of on connected ship solutions market
Industry Overview
The rising seaborne trade activities have increased commercial ship operations, which is one of the significant factors driving the need for connected ship solutions. Rising seaborne trading activities have also augmented the need for technological advances for improved fuel efficiencies and efficient onboard operations. The growing popularity of marine tourism is also increasing the manufacturing of passenger cruises. Most of the commercial ships and cruises nowadays have connected devices because of the high internet penetration, which is increasing the sales of connected ship solutions. Rising competition in the shipping industry has propelled shipping companies to adopt automation and digital techniques for streamlining business and customer handling processes to enhance their market share.
Upcoming connected ship solutions market trends such as the emerging use of satellite imagery will also fuel market growth over the forecast period. Many governments and private organizations are adopting satellite imagery technology in their marine vessel operations. Most countries in MEA extensively use satellite imagery for communication as the implementation of a wired communication network, and getting terrestrial information is difficult in certain parts of these regions. Moreover, many vendors in the market, such as Northrop Grumman and Inmarsat, are focusing on the security of satellite communication to increase the reliability of connected ship solutions using satellite. Because of the emerging use of satellite imagery, the shipping industry has been recording changes in the use of technology for surveying remote areas to develop maps. As a result of such factors, the connected ship solutions market is expected to register a CAGR of almost 5% during 2019-2023.
Top Companies in Connected Ship Solutions Market
The global market is fragmented. To help clients improve their positions, this connected ship solutions market forecast report provides an analysis of the market’s competitive landscape and offers information on the solutions offered by various companies. This connected ship solutions market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies in creating strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading connected ship solutions providers, including:
- ABB Ltd.
- Emerson Electric Co.
- General Electric Co.
- Northrop Grumman Corp.
- Siemens AG.
Market Segmentation
Connected Ship Solutions Market by Ship Type
- Commercial
- Defense
The commercial segment held the largest market share in 2018 and will account for the highest connected ship solutions market share over the forecast period. The accelerating seaborne trade and growing marine tourism industry will boost the growth of the market segment during the forthcoming years. This report provides an accurate prediction of the contribution of all the segments to the growth of the connected ship solutions market size.
Connected Ship Solutions by Region
- APAC
- Europe
- MEA
- North America
- South America
With a complete study of the growth opportunities for companies, it has been identified that Europe will account for the highest share of the connected ship solutions market throughout the forecast period. Factors such as the high seaborne external freight trade and the rising installation of advanced technologies in cruise and passenger ships are contributing to the connected ship solutions industry growth in this region.
Major Highlights of the Connected Ship Solutions Market - Global Forecast 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the connected ship solutions market during the next five years
- Precise estimation of the global connected ship solutions market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the connected ship solutions industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of connected ship solutions companies
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