Connected Ship Market
Modes of transport are developing and have made everything easy and affordable. Transport of materials and goods through the sea is an affordable means of transportation. Ships are specially designed to carry a bulk quantity of goods and materials to far-off places in less time and with minimum risk. The connected ship integrates the latest technologies like information and communication technology with vessel hardware by fleet operators to ensure increased safety, security, and maritime efficiency.
Connected Ship Market Size Valued at USD 9.54 Billion, market Grow at a CAGR Of 6.01% by 2020 -2030. The Connected Ship Market Share is expected to grow by a CAGR of 6.01% by the end of 2030.
The connected ship technology is mainly installed in the defense cargo ship and commercial for different applications such as fleet operations, vessel traffic management, and fleet health operations. The connected ships allow the on-ship system to improve awareness and control. Moreover, they also help in fuel management, predictive assessment and diagnosis, and voyage management.
The number of ships worldwide is increasing. It is likely to strain the existing monitoring, control, and traffic management infrastructure. Moreover, the increase in the complexity of ship operations is adding up to the problem. Connected ships are an ideal solution to overcome the problem. The ability of the connected ships to ensure hassle-free traffic movement at the congested trade routes is likely to positively impact the globally connected ship market size.
COVID-19 Impact Analysis
The globally connected ship market has severely been affected due to lockdowns and restrictions imposed on the producers. Several manufacturers operating in the connected ship market face several issues such as lack of workforce and closure of factories. The connected ship market trends reveal that the COVID-19 pandemic hurt the global market.
The disruptions in the installation and production of the evolving technology have limited the growth and expansion of the connected ship market size. However, with the easing of the lockdown and restrictions worldwide, the key players in the connected ship market are working together to revive and accelerate the market's growth.
Competitive Landscape
The Connected Ship Market Players of the globally connected ship market are:
· ABB (Switzerland)
· RH Marine (Netherlands)
· Emerson Electric Co. (US)
· Hyundai Heavy Industries Co. Ltd. (South Korea)
· General Electric (US)
· Rockwell Automation Inc. (US)
· Lockheed Martin Corporation (US)
· Marlink (France)
· Schneider Electric (France)
· Kongsberg Group (Norway)
The market players focus on innovation, collaboration, and partnership to increase the connected ship market size. Moreover, the key players invest in research and development to boost the connected ship market growth.
Market Dynamics
Key Market Drivers
The increase in demand for situational awareness among fleet operators is one of the key drivers of the globally connected ship market. Moreover, the increase in marine tourists is expected to enhance the connected ship market value. According to the Organization for Economic Co-operation and Development (OECD) reports, the ocean economy is expected to reach USD 3 trillion by the end of 2030. The increase in the use of connected ships for effectively managing fleet traffic is another important driver of the globally connected ship market.
Major Market Opportunities
As per the connected ship market analysis, the increase in adopting the latest technologies such as information and communication technology is a key market opportunity. The rise in the budget of shipping companies towards digitalization of vessels is another lucrative opportunity for the connected ship market growth.
The connected ships can be leveraged to record information on vessels like global risks, automate and digitize the document filing system, and integrate marine insurance policies. Moreover, the use of fully developed connected ships can help in reducing the chances of human faults and piracy. This further creates new opportunities for the growth and expansion of the globally connected ship market.
Major Market Restraints
The high marine broadband connectivity cost is one of the major restraining factors limiting the connected ship market growth. Moreover, the increase in cyber attacks on connected ships is another significant restraint factor affecting the globally connected ship market. The lack of appropriate internet facilities in the connected ships is yet another restricting factor that limits the growth of the connected ship market share.
Major Market Challenges
The lack of professionals to operate the connected ships is one of the major challenges of the globally connected ship market. The professionals lack the required skills and expertise to handle the latest technology.
Cumulative Growth Analysis
According to the connected ship market forecast, the global market is expected to experience significant growth during the forecast period. The rise in demand for connected ships among the shipping companies will enable the globally connected ship market to reach its highest potential.
Segment Overview
The globally connected ship market is segmented on ship type, installation type, application, fit, and geographic region.
· By Ship Type
The connected ship market is divided into defense, cargo, and commercially based on ship type. The defense segment is anticipated to register the highest growth during the forecast period. The increase in the use of connected ships by the naval forces can be accounted for by expanding the connected ship market size. Different countries are largely investing in connected ships to develop their naval ships.
· By Installation Type
The globally connected ship market is segmented into onboard and offshore based on the installation. The onboard installation segment is expected to register the highest growth during the forecast period. Most of their operations are carried on board as the ships keep traveling. The onshore segment is likely to witness significant growth during the forecast period.
· By Application
Based on application, the globally connected ship market is divided into fleet operations, fleet health monitoring, vessel traffic management, and more. The vessel traffic management segment occupied the largest market share in 2019. According to the connected ship market outlook, the fleet operation segment is likely to experience significant growth during the forecast period. The different fleet operations include trade information management, asset protection, inspection tasks, and travel route decisions.
· By Fit
The globally connected ship market is divided into line fit and retrofit based on fit.
· By Region
Based on region, the globally connected ship market is bifurcated into Asia Pacific, North America, Europe, and the rest of the world.
Geographical Region Analysis
The geographical region analysis of the connected ship market includes North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific occupied the largest share in the global market in 2019 due to busy trade routes and ports.
According to the connected ship market analysis, Europe is expected to acquire the largest share during the forecast period. The increase in the demand and use of autonomous cruises and ships in the geographic region will propel market growth. Moreover, the region is home to a number of top shipbuilding countries such as France, Italy, and Germany.
Recent Developments
In September 2019, ScanReach and Navtot, two leading industry players, signed an agreement for connecting onboard wireless IoT platforms. It aims at enabling secured sharing of data between shore and ship. It is expected to assist shipowners in getting a real-time view of the fleet and vessel operations.
In May 2019, General Electric Company launched its GE Power Conversion business unit to ensure the expansion of the global market.
Report Overview
The connected ship market forecast report sheds light on the important dynamics and trends of the globally connected ship market. The connected ship market outlook offers a detailed analysis of the global market's market drivers, challenges, opportunities, and restraint factors. It also highlights the key segments, major players, and recent developments in the industry.
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