Northrook, IL -- (SBWIRE) -- 12/02/2019 -- The connected ship market is projected to grow from USD 5.92 billion in 2018 to USD 7.19 billion by 2023, at a CAGR of 3.95% from 2018 to 2023.

The growth of the market can be attributed to the incorporation of the Information and Communication Technology (ICT) in the global marine industry, increased budgets of shipping companies for digitalization of their vessels, growth of the seaborne trade across the globe, need for situational awareness among fleet operators, and growth of the maritime tourism industry.

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Based on fit, the linefit segment of the market is projected to grow at a higher CAGR from 2019 to 2030

Based on fit, the linefit segment of the market is projected to grow at a higher CAGR than the retrofit segment from 2018 to 2023. The growth of the linefit segment of the connected ship market can be attributed to the increased investments in naval defense by various countries and rise in seaborne trade activities across the globe.

Onboard segment projected to grow at a higher CAGR from 2019 to 2030

Based on installation type, the onboard segment of the connected ship market is projected to grow at a higher CAGR than the onshore segment during the forecast period. The onboard segment has been further classified into navigation positioning and tracking, automation, communication management systems, and ship information management systems. Increase in the number of orders for new ships and rise in the seaborne trade activities across the globe are expected to drive the growth of the onboard segment of the market from 2018 to 2023.

Based on application, the fleet health monitoring segment is projected to grow at the highest CAGR during the forecast period

Based on application, the connected ship market has been segmented into fleet operations, fleet health monitoring, and vessel traffic management. The fleet health monitoring segment is projected to grow at the highest CAGR during the forecast period. Connected ships enable smooth fleet operations by enabling effective communication with onshore stations and providing reliable information about safe and economical sea routes. This, in turn, leads to effective fleet health monitoring.

Based on ship type, the defense segment of the connected ship market is projected to grow at a higher CAGR than the commercial segment during the forecast period.

Based on ship type, the connected ship market has been segmented into commercial and defense. The defense segment of the market is projected to grow at a higher CAGR than the commercial segment from 2018 to 2023. The growth of this segment of the market can be attributed to the extensive use of connected ships by the naval forces of different countries

The Europe connected ship market is projected to grow at the highest CAGR during the forecast period.

The connected ship market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW). The European region is projected to lead the connected ship market from 2018 to 2023. The growth of the Europe connected ship market can be attributed to the increased demand for autonomous ships and cruises from the region. Moreover, the European region is one of the prime consumers of marine electronic equipment as some of the leading shipbuilding countries such as Germany, France, Italy, and Russia are in this region.

The key players operating in the connected ship market report are Northrop Grumman (US), General Electric (US), Wartsila (Finland), Kongsberg Grumman (Norway), and Marlink (Norway).

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