CHICAGO, Aug. 16, 2023 /PRNewswire/ -- The Connected Ship Market is estimated at USD 11.3 billion in 2023 and is projected to reach USD 17.2 billion by 2028, at a CAGR of 7.7 % from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth can be attributed to the increasing need for connected ship for commercial applications and navy missions.
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Browse in-depth TOC on "Connected Ship Market"
125 – Tables
80 – Figures
300 – Pages
Connected Ship Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $11.3 billion |
Estimated Value by 2028 | $17.2 billion |
Growth Rate | Poised to grow at a CAGR of 7.7% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Application, Installation, Platform, Fit and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Limited Internet facilities in connected ships |
Key Market Opportunities | Adoption of Vessel Traffic Services (VTS) by shipping companies |
Key Market Drivers | Increase in global seaborne trade |
The Fleet Operation segment held the largest growth rate in the Connected Ship market by application.
By Application, the Connected Ship market has been segmented into Vessel Traffic Management, Fleet operation, Fleet Health Monitoring and Other Applications.
Fleet Operation Segment to hold the highest growth rate during the forecast period. These are widely adopted technological applications to provide real time data access and fleet optimization. Additionally, they can be easily employed on commercial and defense ship. Easy deployment and enhanced efficiency to drive the market for the segment.
The Connected Ship Line fit segment is expected to account for the largest share of Connected Ship by Fit in 2023.
By Fit, the Connected Ship industry is segmented into Line fit, Retrofit and Hybrid fit. The line fit offer the installation of connected ship technology in new ship during its construction. Linefit provides more cost-effective installation process and is more seamlessly integrated into the ship systems, as the technology is designed to work with the ship existing architecture.
The Onboard segment of the Connected ship market by installation is projected to dominate the market.
The Connected ship market based on the installation is segmented into Onboard and Onshore. Onboard segment to hold the highest market and Onshore segment to hold the highest growth rate during the forecast period. The rapid development in the connected ship of maritime to enhanced safety and security is driving the growth of the market.
The Ships segment held the largest growth rate in the Connected Ship market by Platform.
By Platform, the ships segment to hold the largest growth rate during forecast period. The Connected ship market based on platform is segmented into Ships and Ports. Ships offers variety of types from different cargo vessels like Tankers, Bulk carriers, Gas Tankers, Dry Cargo vessels, Container vessels and others for commercial to Destroyer, Frigates, Amphibious ships, Submarine and many other defence ship type. The rise in demand for commercial and defence ships drives the growth of market.
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Asia Pacific is to hold the highest growth rate in 2023.
The Connected Ship market industry has been studied in North America, Europe, Asia Pacific, Rest of the World. The Asia Pacific region accounts for the highest growth rate during the forecast period due to the presence of major Ship Building companies in the region to enhance the growth of the market. China is expected to show the highest growth rate and highest market share of Asia Pacific Region for Connected Ship market. Increase in rise of demand for Connected ship for commercial and defense drives the Connected Ship market in Asia Pacific Region
Major players operating in the Connected Ship Companies are ABB (Switzerland), Emerson Electric Co. (US), Wartsila (Finland), Kongsberg Gruppen ASA (Norway), and Thales Group (France).
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Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting
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