The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 6, 2023 /PRNewswire/ -- A per The Business Research Company's Integrated Marine Automation Global Market Report 2023, the integrated marine automation system market is experiencing remarkable growth, with the global market size set to increase from $4.37 billion in 2022 to $4.81 billion in 2023, marking a robust compound annual growth rate (CAGR) of 10.1%. Furthermore, the integrated marine automation system market is poised to expand to $6.8 billion by 2027, at a CAGR of 9.0%.
Cruise Industry Fuels Market Expansion
The burgeoning demand for cruises is a pivotal factor propelling the integrated marine automation system market. Modern cruise passengers increasingly seek personalized experiences tailored to their preferences. Automation systems enable the customization of cabin settings, dining options, entertainment choices, and excursions, catering to the diverse needs of cruise tourists and expanding the cruise industry's clientele. For example, in April 2023, according to the Cruise Lines International Association, British and Irish holidaymakers took approximately 1.7 million cruises, a substantial increase from the previous year's 479,000 cruises, underscoring the rising demand for cruise vacations.
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AI Integration Enhances Efficiency
Leading companies in the integrated marine automation system market are prioritizing the integration of artificial intelligence (AI) to enhance operational efficiency. AI-driven systems can harness data from various sources, including weather conditions, ocean conditions, and vessel traffic, to provide real-time data analysis, decision support, and automated alarms. This aids ship operators in making safe and effective navigational decisions. Hyundai Samho Heavy Industries Co., Ltd., a South Korea-based shipbuilder, introduced an AI-based engine automation system for ships in August 2023. The system includes the Integrated Condition Diagnosis Solution (HiCBM) and the Integrated Safety Control Solution (HiCAMS). HiCBM utilizes AI to monitor and manage critical ship equipment in real-time, allowing for early issue detection and proactive maintenance. HiCAMS employs AI to detect and analyze safety-related events using CCTV footage. Both solutions have undergone rigorous testing, with verification of safety and reliability by the American Bureau of Shipping (ABS).
Asia Pacific Leads The Integrated Marine Automation System Market
In 2022, Asia Pacific emerged as the largest region in the integrated marine automation system market, with a value of $1,446.12 million. The integrated marine automation system market's growth in Asia Pacific is driven by the digitalization of ships and the substantial demand for unmanned ships. Unmanned ships, designed to operate autonomously with the aid of software, sensors, and automation, are gaining prominence. For instance, the Indian Navy is set to conduct trials of its first indigenously developed, ocean-going multirole unmanned surface vessel (USV) for surveillance and minesweeping, showcasing the increasing adoption of unmanned ship technology for maritime intelligence gathering, surveillance, and reconnaissance.
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Integrated Marine Automation System Market Segmentation
The global integrated marine automation system market is segmented based on key factors:
1. Ship Type:
- Commercial
- Defense
- Unmanned
2. System:
- Power Management System
- Vessel Management System
- Process Control System
- Safety System
3. Autonomy:
- Partial Automation
- Remotely-Operated
- Autonomous
4. End User:
- Original Equipment Manufacturer (OEM)
- Aftermarket
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