Integrated Marine Automation System Market Is Expected To Witness A...

Integrated Marine Automation System Market Is Expected To Witness A Good CAGR In Forecast Year

Posted 2022-09-26 06:44:47

Market Forecast:

Global Integrated Marine Automation Systems Market is projected to be valued at USD 4,440 Million by 2028, registering a 2.1% CAGR from 2020 to 2028.

The increasing international seaborne trade, growing maritime tourism industry, and rising awareness of cyber threats have contributed to the growth of the global integrated marine automation system market. Furthermore, the increasing adoption of integrated marine automation systems by various commercial ship operators is also expected to drive the global market growth.

For example, in September 2019, Windstar Cruises announced to re-engineer its star-class vessels, which will include new automation and control systems, upgraded boilers, ballast water treatment systems, and tank monitoring systems. This will be supplied by FINCANTIERI S.p.A., a provider of ship automation and navigation systems for naval vessels, cruise ships, ferries, and yachts.

However, issues related to the risk of unauthorized access or malicious attacks are expected to hamper the growth of the global market.

The global market is expected to grow due to the development of new port cities in rising economies and technological advancements in the marine industry.

Key Players:

Honeywell International, Inc. (US), Northrop Grumman Corporation (US), ABB Ltd. (Switzerland), Siemens AG (Germany), Kongsberg Gruppen ASA (Norway), Wartsila Corporation (Finland), Tokyo Keiki Inc. (Japan), Consilium AB (Sweden), Thales Group (France), FINCANTIERI S.p.A. (Italy)

Other Prominent Players

MTU Friedrichshafen (Germany), Transas Marine Ltd. (Ireland), Praxis Automation Technology (Netherland), Marine Technologies, LLC (US), API Marine Inc. (Denmark), Rockwell Automation Inc. (US), Jason Marine Group (Singapore), Ulstein Group (Norway), SMEC Automation Pvt. Ltd. (India), Logimatic (Denmark), Sedni Marine Systems, Inc. (US), Rolls-Royce Power Systems AG (Germany)

Market Segmentation:

Vessel management system segment to register the highest growth rate: The vessel management system segment is likely to grow with the highest CAGR during the forecast period. Increasing the development of connected and autonomous ships that support advanced vessel management systems is expected to drive the growth of the vessel management system segment.

Commercial segment is expected to be the faster-growing: The commercial segment is projected to grow at the higher CAGR during the study period. Rise in seaborne trade and the increasing demand for reduced operational costs for ships by equipping them with automation systems is projected to drive the growth of the segment in the global integrated marine automation system market.

OEM segment is expected to register the higher CAGR: The OEM segment is expected to grow at the higher CAGR during the review period. Increasing seaborne trade across the globe is expected to lead to new shipbuilding orders. This, in turn, leads to an increase in the requirement for OEM integrated marine automation systems for new ships.

The product segment is expected to register the highest CAGR: The product segment is projected to register the higher CAGR during the forecast period. Installation of various hardware, software, datalinks, and connectivity in marine automation systems is leading to the high growth of the product segment.

Regional Analysis:

The regional overview of the integrated marine automation system market is segmented into Europe, Asia Pacific, North America, and other strategic regional markets. The North American regional market for integrated marine automation systems led the global market in 2019 due to the incidence of important companies. The collective marine tourism and progress of autonomous ships in the European region are estimated to propel the regional market progress in the forecast period.

The regional integrated marine automation system market is anticipated to register the top CAGR in the forecast period. The developing seaborne traffic in the region and enhancing defence spending in nations such as China and India is expected to propel the integrated marine automation system market growth in the region. The augmented tourism and trading of goods in numerous nations such as South Africa and Brazil is anticipated to surge the demand for integrated marine automation systems in the region.

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