Connected Ship Market overview and future trends

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Connected Ship Market Opportunities, Challenges
and Forecast till 2030 According to the latest
market research report the Connected Ship Market
is projected to grow from USD 14.5 billion by
2030, at a CAGR of 7.4 from 2019 to 2030.
Factors such as the incorporation of the Informa
tion and Communication Technology (ICT) in
the global marine industry,
increased budgets of shipping companie
s 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 are
expected to drive the growth of the connected
ship market during the forecast period. Download
PDF Brochure _at_ https//www.marketsandmarkets.com/p
dfdownloadNew.asp?id177031595 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 2019 to 2030. 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. This market is
primarily driven by the requirement for improved
efficiency and reliability for automation through
modern technologies. Technological advancements
have resulted in the development of smart
automation systems and connected ships with high
performance, thereby enhancing growth prospects
for manufacturers of marine automation
systems. The fleet operations segment is
projected to lead the connected ship market from
2019 to 2030. Based on application, the connected
ship market has been segmented into fleet
operations, fleet health monitoring, and vessel
traffic management. The fleet operations segment
is projected to lead the connected ship market
during the forecast
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period. The growth of this segment can be
attributed to increased demand for real- time
data exchange among different ships and ports by
a number of merchant shipping companies. Marine
automation systems are optimizing operations of
ships by lowering the communication time
required by operators, reducing the number of
route alarms, improving the fuel efficiency of
ships, and enhancing performance by carrying out
hull diagnostics, engine diagnostics, route
planning, and speed profile optimization. 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 2019 to 2030. The growth of the
Europe connected ship market can be attributed
to the increased demand for connected 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. Majors OEMs
and start-ups are investing increasingly in the
research and development of all connected ships
aided by Artificial Intelligencefor better
decision making and improved situational
awareness (through the sensor fusion
technology). Key Market Players 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). Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id177031595
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