Global Connected Ship Market is valued approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Commercial and defense cargo ships are equipped with connected ship technology to transport cargo to moving or stationary seagoing ships. The connected ship market is expanding because of factors such as rising incorporation of ICT in the global marine industry, increased budgets of shipping companies for digitalization of vessels and increase in seaborne trade across the globe. However, digitalization renders connected ships vulnerable to cyber threats may halt market growth
The International Maritime Organization (IMO), a UN agency, pledged in March 2022 to reduce global shipping's annual greenhouse gas emissions by at least 50% from 2008 levels by 2050. Also, according to the European Commission, European seaborn external freight makes up more than 90%. Additionally, the UK intends to spend USD 5.3 billion on shipbuilding, including purchases of zero-emission boats. In addition, the UK government is signaling significant marine industry expansion in order to restructure its trade links with nations around the world as it prepares to leave the European Union. As a result, increasing investment in Maritime sector, and rising seaborne trade is catering the growth of market. In addition, initiatives for the Development of Connected Autonomous Ships and Adoption of Vessel Traffic Services (VTS) By Shipping Companies is creating a lucrative growth to the market. However, the high cost of Connected Ship and high costs of marine broadband connectivity stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Connected Ship Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe dominated the market share, owing to the rising shipbuilding industry, and the increased demand for autonomous ships and cruises from the region is expected to fuel the growth of the Europe market during the forecast period.
Major market players included in this report are:
Northrop Grumman Corporation
General Electric Co.
Kongsberg Gruppen ASA
Recent Developments in the Market:
In February 2022, Mitsubishi Shipbuilding announced the construction of the World's first demonstration test ship for the liquefied CO2 transportation. For the long-distance, high-volume LCO2 transport requirements of the future, the ship would incorporate the company's liquefied gas handling technology.
In July 2021, , Wartsila Voyage announced the completion of an extensive upgrade of Croatian National Vessel Traffic Management & Information System (VTMIS) with a new function called, Sea Traffic Management (STM).
Global Connected Ship Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Ship Type, Application Type, Fit , Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Ship Typeofferings of key players. The detailed segments and sub-segment of the market are explained below:
By Ship Type:
By Application Type:
Vessel Traffic Management
Fleet Health Monitoring
Rest of the World