The Connected Ship Market is anticipated to witness a CAGR of 3.9% over the forecast period 2020 - 2025. The connected ship technology is installed in commercial and defense cargo ship and is traditionally being used for transferring the cargo to the seagoing ships that are situated either underway or stationary.
- Inline fit or retrofit are different types of installation for deploying connected ship technology. Several applications of this technology include vessel traffic management, fleet operations, fleet health operations, and others.
- For instance, in May 2019, Tech Mahindra signed a contract with the Indian Navy to provide radio frequency identification (RFID) based access control system for all naval bases and ships.
- The increasing seaborne trade across the globe, growing incorporation of ICT in the global marine industry, increasing maritime tourism industry, and augmented budgets of shipping companies for the adoption of digitalization of vessels are some of the significant factors influencing the growth of the market for the connected ship, while high deployment cost of marine broadband connectivity is expected to hinder the growth of the market.
Scope of the Report
The Connected Ship Market is segmented by ship type, application, fit, and geography. By ship type, the market studied is segmented into commercial and defense. By application, the market studied is segmented into vessel traffic management, fleet operations, fleet health monitoring. By fit, the market studied is segmented into line fit and retrofit. The scope of the report covers detailed information pertaining to major factors influencing the Connected Ship Market, such as drivers and restraints. The study of the market also focuses on various trends in the market, such as the growing incorporation of ICT in the global marine industry and its effects on the market.
Key Market Trends
Defense Segment is expected to Account for the Largest Market Share during the Forecast Period
- The defense segment is expected to register a higher growth rate compared to the commercial segment during the forecast period. This growth rate can be attributed to the extensive usage of connected ships by the naval forces across the globe. Naval ships comprise of integrated systems that are capable of linking various ship components and systems with one controlling and monitoring unit.
- The connected technology in the defense ships is different from that of connected commercial vessels, in terms of their designs, applications, method of construction, and technologies. Various countries across the globe are investing a lot on this technology for the development of new and advanced naval ships and submarines.
- Increasing expenditure on connecting systems by various countries to strengthen the monitoring capacity of their naval ships has been a significant growth driver of the market over the past few years and is expected to continue during the forecast period. As of 2018, North Korea, China, and the United States stood top among the list of countries with a naval fleet, with 967, 714, and 415 naval ships respectively.
Europe is expected to Account for the Largest Market Share during the Forecast Period
- Europe is expected to provide lucrative opportunities for connected ship market during the forecast period. The shipbuilding industry in the region is going through a rough patch at present. However, the increased demand for autonomous ships and cruises from the region is expected to fuel the growth of the market during the forecast period.
- The region is the home to leading shipbuilding countries such as Germany, France, and Italy. Hence, they are one of the prime consumers of marine electronic equipment.
- The shipbuilding industry in the region offers sophisticated naval vessels such as cruises, ferries, mega yachts, submarines, and dredgers (offshore vessels). This is expected to place the region in a strong position, in the international market.
- Other wide ranges of products/ship components offered as a part of the marine equipment industry in the region include propulsion systems, diesel engines, environment safety systems, cargo handling systems, and related electronic products.
The Connected Ship Market is a highly competitive market and is currently dominated by a few players in Europe followed by those in Asia and the US, with their technological expertise in connected technology. The global market is expected to be consolidated in nature, and the major players with a prominent share in the market are focusing on expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability. Northrop Grumman, General Electric, Wartsila, Kongsberg Grumman, and Marlink are some of the major players present in the current market.
- September 2019 - Navtot and ScanReach have signed an agreement to connect onboard wireless IoT platform to a secure channel for sharing data between ship and shore. This is expected to pave the way for shipowners to have a connected, comprehensive, and real-time view of vessel and fleet operations.
-September 2019 - Datasat, a leading provider of gateway internet services via satellite partnered with SES Networks to provide enhanced connectivity to ferry fleet in the Mediterranean Sea.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support