Northbrook, IL 60062 -- (SBWire) -- 12/19/2023 --The Connected Ship Market is projected to grow from USD 11.3 billion in 2022 to USD 17.2 billion by 2028, at a CAGR of 7.7 %. The demand for enhanced safety and security in maritime industry is driving the market for Connected Ship.
The maritime industry is developing rapidly by building digitalized vessels with all advanced technologies to improve the efficiency of ship in maritime . Government support and growing investments are propelling the development of advanced ships, further boosting the growth of the Connected Ship Industry. Increased adoption of big data, artificial intelligence (AI), the Industrial Internet of Things (IIoT), the Internet of Things (IoT), and data analytics in Connected Ship are democratizing maritime and making new marine applications a reality. These Connected ship systems help to collect and transmit the real time data and improve efficiency of ship and prevent accidents in maritime. They are now being developed in large volumes for enhancing navigation, communication, and IoT.
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Based on the Application, the Fleet Operation segment is estimated to account for the largest market share of the Connected Ship market.
Based on the Application, the Fleet Operation segment is estimated to account for the largest market share. Application are a rising need in the maritime industry and are expected to grow by adopting advanced technological solutions. The objective of Fleet operation for connected ship is to adopt the use of advanced technologies and systems to optimize the management, safety, efficiency, and sustainability of a fleet of interconnected vessels. Fleet Operation accounts the largest market among fleet health monitoring, vessel traffic management and other applications based on application.
Based on Fit, the Line Fit is anticipated to dominate the market.
Based on the Fit, the Line Fit holds the largest market share. Line fit refers to equipment or systems that are installed on a ship during its construction. The primary objective of a Line fit is for connectivity which involves integrating various communication, sensor, and data management systems directly into the ship's design and construction. Line Fit ensures that the ship is equipped with the necessary technology from the beginning to enable efficient operations.
The Onboard segment of the Connected ship market by installation is projected to dominate the market.
The Onboard Segment holds the major market share of the Connected Ship market by Installation segment. Onboard objective are to installed and integrated directly onto the ship to enable connectivity, data exchange, automation, and efficient operations which plays a crucial role in ensuring that the ship is equipped to operate as a part of a connected fleet.
The Ships segment of the Connected ship market by Platform is projected to dominate the market.
The Ships Segment holds the major market share of the Connected Ship market by Platfrom segment.The ships are majorly classified as Commercial and Defense types. The commercial ship type includes Passenger ships & Cruise, Cargo Vessels and Other Vessels. The Defense ship includes Submarine, Aircraft Carrier, Destroyer, Frigate, Amphibous ships and corvettes.
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The Asia Pacific market is projected to witness the highest growth rate for Connected Ship market.
Asia Pacific is expected to hold the highest growth rate in the Connected Ship market during the forecast period. The Asia Pacific holds the highest market share. China is the largest market for the Connected Ship market in Asia Pacific. The growth of the Connected Ship market in Asia Pacific can be attributed to the increased demand for Advanced and Digitalized vessels. The Connected Ship market in Asia Pacific was predicted to develop and evolve in future years, owing to advancements in maritime and rising demand for Advanced ship applications and services.
Key Market Players
The Connected Ship Companies is dominated by a few globally established players such as ABB (Switzerland), Emerson Electric Co. (US), Kongsberg Gruppen ASA (Norway), Wartsila (Finland), and Thales (France) some of the leading players operating in the Connected ship market.
Connected Ship Market Size, Share, Industry Report, Revenue Trends and Growth Drivers