Rising Demand for Connected Vessels: Market Projections and Trends

The Connected Ship Market is projected to grow from USD 11.3 Billion in 2023 to USD 17.2 Billion by 2028, at a CAGR of 7.7% during the forecast period. The development of Connected Ship market is growing rapidly to keep pace with the rising demand for connected ship. The demand for increased fleet management, more efficiency, safety and reduced prices anticipates keeping these trends headed in the future.

Key Market Players:

Major players operating in the Connected Ship market include ABB (Switzerland), Emerson Electric Co. (US), Kongsberg Gruppen ASA (Norway), Wartsila (Finland), and Thales Group (France). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

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Based on Application, the Vessel Traffic Management segment is projected to show highest growth rate for the market. The primary objective of a Vessel Traffic Management revolves around improving safety, efficiency, and environmental protection in the maritime domain. This is accomplished through the utilization of of technologies to monitor and control vessel traffic in a given area by using different sensors, support systems and displays.

Based on the Installation, the onboard segment is projected to lead the market for connected ship. Onboard systems are installed on the board of ship like device or software installed on board. The onboard system includes Navigation Positioning, Ship Information Management, Communication Management systems, Automation, Inter-ship Communication Systems, Integrated Bridge Systems. The automation sub-segment of onboard system hold the largest share and growth rate for connected ship market.

Based on Platform, the Ships is expected to lead the market during the forecast period of the Connected Ship market. The Platform segment includes Ships and Ports. The ports are sub-segmented as Greenfield Ports and Brownfield Ports and Ships are sub-segmented as Commercial and Defense ships based on Platform. The increase in demand for Commercial and defense ships leads the Ships segment to lead the market growth for connected ship based on platform.

Based on Fit, the line fit segment is expected to grow at highest rate and lead the market during the forecast period of Connected Ship market. The other segment based on fit apart from line fit are retrofit and hybridfit. Line fit is the installation of connected ship technology in a new ship during its construction which reduces the cost and provides more efficiency which makes linefit leading segment based on fit for connected ship market.

Based on Region, Asia Pacific is expected to show the highest growth rate in the Connected Ship market in 2023, owing to an increased demand for safety and fleet management. There are various connected ship manufacturers and providers to lead the connected ship market for the region. The countries in the region have experienced an increased demand for Connected ship for various applications.

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