Global Connected Ship Market By Ship Type (Defense, and Commercial), By Installation Type (Onshore, and Onboard), By Application (Vessel traffic management, Fleet health operations, and Fleet operations), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: April 2023
- Report ID: 25363
- Number of Pages: 265
Connected Ship Market Overview:
The global connected ship market is valued at USD 6,482 million in 2021 and will grow by 4.82% during the forecast period.
The increasing demand to monitor the functioning and voyage path of ships via a central platform is a key factor expected to drive the connected ship market over the forecast period. The connected ships have many advantages such as ship monitoring, vessel traffic management, and control of critical ship operations. These benefits can all be accessed from one single system. The forecast period will see increased demand for connected ships due to congestion at major ports and the need to manage port traffic efficiently.
Global Connected Ship Market Analysis:
Ship Type Analysis
Because of the growing number of connected ships worldwide, the segment known as commercially connected ships is expected to be the fastest-growing. The majority of transport between countries, such as steel and crude oil or electronic devices, is done by commercially connected ships. Private shipping firms have increased the size of their fleets to capitalize on global trade. These conglomerates also focus on reducing travel times and efficiency. These ships that are connected to a network can determine the fastest route to reach their destination, depending on traffic congestion and port availability. This market segment is expected to grow at a rapid pace due to increased trade activities worldwide.
However, the defense-connected ship type segment is expected to grow at a significant rate during the forecast period. China, India, and the U.S. have all been noted to increase their navy power to defend their borders as well as protect trade routes that pass through their waters.
Installation type Analysis
High revenue shares of connected ships were held by the onboard segment in 2021, and it is predicted to be the fastest-growing segment in the future. Connected ships perform the majority of operations onboard. These include controlling and monitoring ongoing functions as the ship moves. The ship operations are critical and require a quick turnaround to ensure smooth functioning.
However, it is expected that the onshore segment will also grow significantly over the forecast period. Officials and other organizations responsible for port activities collect data from connected ships that travel outwards and inwards, in order to keep track of the daily traffic. This is done in order to avoid congestion and optimize space allocations. Port operations are therefore not complete without the support of onshore infrastructure.
In 2021, vessel traffic management accounted for a significant revenue share in the market of connected ships. Los Angeles, Dubai, Shanghai, and Hong Kong are among the busiest seaports around the globe. These ports have been noted to handle container volume in millions and cargo worth billions of dollars each day. These ports have developed sophisticated vessel management systems to handle huge volumes of cargo. Additionally, the governments have established strict policies and mandates for controlling illegal waste discharge from ports. All of these activities can be controlled centrally via a data-driven decision-making system which improves overall efficiency at the ports.
Fleet operations encompass travel route decisions and trade information management. Many systems are monitored simultaneously to avoid misalignments and ensure the planned schedules are followed. A centralized system makes it easy to manage all operations simultaneously. The fleet operations segment is expected to experience significant growth during the forecast period.
Key Market Segments:
By Ship Type
By Installation Type
- Vessel traffic management
- Fleet health operations
- Fleet operations
Shipping goods and other materials by sea has been a popular method of transit. Ships are built to transport bulk quantities of cargo to remote areas with minimum risk and for the longest time. The demand seems to be greater than the supply due to improving trade relations between countries.
The infrastructure used to manage and monitor traffic has seen a significant increase in ship movements.
This problem is exacerbated by increasing complexity in ship operations. To fill this void, ships can be connected to a network that provides easy access to control and monitor the activities of officials on shore as well as the crew aboard. The seamless movement of trade traffic along the most congested routes will be made possible by connected ships. This is expected to increase market growth in the future.
Market growth is being driven by increasing numbers of connected ships as well as the development of new and existing port facilities in many countries.
China is one of the leading market players. It has expanded its port infrastructure across its coastline and started building ports in the South China Sea. To manage and monitor connected ship traffic, these newly constructed ports will require sophisticated infrastructure. In this way, the forecast period will see an increase in the number of ports in each region to support the growing demand for connected vessels.
In 2021, the Asia Pacific market for connected ships was dominant with a 32% revenue share. This region is home to some of the busiest trade routes and ports in the world. China, South Korea, and Singapore all have ports that see heavy traffic every day. Additionally, new ports will be built in countries like the Philippines, Indonesia, and Hong Kong. This will allow maritime transport to increase exponentially in the region, which should positively impact the region’s growth.
Europe is predicted to be second in the growth of the connected ship market over the forecast period. The Mediterranean Sea routes have historically been regarded as the busiest and most congested trade routes. With rising imports of spices, electronic devices, and oil from the Middle East and Asia, it is expected that the market for connected vessels will expand in the region in the coming years.
Key Regions and Countries covered іn thе rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
General Electric, Emerson Corporation, and Kongsberg are all included in the study. Key market players are taking steps to secure a greater market share. These include making investments, entering into partnerships, and launching new products.
Маrkеt Кеу Рlауеrѕ:
- General Electric
- Emerson Electric Co.
- Wartsila Corp.
- Kongsberg Gruppen
- Schneider Electric SE
- Valmet Oyj
- RH Marine
- Other Key Players
For the Global Connected Ship Market research study, the following years have been considered to estimate the market size:
Attribute Report Details
Short Term Projection Year
Long Term Projection Year
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
North America, Europe, Asia-Pacific, South America, Middle East & Africa
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)Q: What is the size of the Connected Ship market in 2021?
The Connected Ship market size is US$ 6,482 million in 2021.Q: What is the projected CAGR at which the Connected Ship market is expected to grow at?
The Connected Ship market is expected to grow at a CAGR of 4.82% (2023-2032).Q: List the segments encompassed in this report on the Connected Ship market?
Market.US has segmented the Connected Ship market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Ship Type, the market has been segmented into Defense and Commercial. By Installation Type, the market has been further divided into Onshore and Onboard. By Application, the market has been further divided into Vessel traffic management, Fleet health operations, and Fleet operations.Q: List the key industry players of the Connected Ship market?
General Electric, Emerson Electric Co., Wartsila Corp., Kongsberg Gruppen, Schneider Electric SE, ABB, Valmet Oyj, RH Marine, and Other Key Players are engaged in the Connected Ship market.Q: Which region is more appealing for vendors employed in the Connected Ship market?
APAC is expected to account for the highest revenue share of 32%. Therefore, the Connected Ship industry in APAC is expected to garner significant business opportunities over the forecast period.Q: Name the key areas of business for Connected Ship?
The US, Canada, UK, Japan, Mexico, India, China & Germany are key areas of operation for the Connected Ship Market.Q: Which segment accounts for the greatest market share in the Connected Ship industry?
With respect to the Connected Ship industry, vendors can expect to leverage greater prospective business opportunities through the commercial ship type, as this area of interest accounts for the largest market share.
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