Connected Ship Market worth $14.5 billion by 2030 <-- Exclusive report by Markets and Markets.

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Connected Ship Market worth
14.5 billion by 2030 lt--
Exclusive report by Markets and Markets.
According to the new market research report on
the "Connected Ship Market by Application
(Vessel Traffic Management, Fleet Operations,
Fleet Health Monitoring), Installation Type
(Onboard, Onshore), Ship Type (Commercial,
Defense), Fit (Linefit, Retrofit), Region -
Global Forecast to 2030", The connected ship
market is projected to reach USD 14.5 billion by
2030, at a CAGR of 7.4 from 2019 to 2030.
Browse 145 market data Tables and 51 Figures
spread through 183 Pages and in-depth TOC on
"Connected Ship Market - Global Forecast to
2023" View detailed Table of Content here -
https//www.marketsandmarkets.com/Market-
Reports/connected-ship-market-177031595.html
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The growth of the market can be attributed to the
incorporation of the Information and
Communication Technology (ICT) in the global
marine industry, increased budgets of shipping
companies for digitalization of their vessels,
growth of the seaborne trade across the globe,
need for situational awareness among fleet
operators, and growth of the maritime tourism
industry. Recent technological advancement in
the field of artificial intelligence, big data
analytics, vessel traffic management, and
satellite communication are expected to drive
the market for connected ships. Development of
fully connected ships is expected to reduce
piracy, human errors and will help in carrying
more cargo. The defense segment of the connected
ship market is projected to grow at a higher
CAGR than the commercial segment during the
forecast period. Based on ship type, the
connected ship market has been segmented into
commercial and defense. The defense segment of
the market is projected to grow at a higher CAGR
than the commercial segment from 2019 to 2030.
The growth of this segment of the market can be
attributed to the extensive use of connected
ships by the naval forces of different countries.
This market is primarily driven by the
requirement for improved efficiency and
reliability for automation through modern
technologies. Technological advancements have
resulted in the development of smart automation
systems and connected ships with high
performance, thereby enhancing growth prospects
for manufacturers of marine automation
systems. The fleet operations segment is
projected to lead the connected ship market from
2019 to 2030. Based on application, the connected
ship market has been segmented into fleet
operations, fleet health monitoring, and vessel
traffic management. The fleet operations segment
is projected to lead the connected ship market
during the forecast period. The growth of this
segment can be attributed to increased demand
for real-time data exchange among different ships
and
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ports by a number of merchant shipping companies.
Marine automation systems are optimizing
operations of ships by lowering the
communication time required by operators,
reducing the number of route alarms, improving
the fuel efficiency of ships, and enhancing
performance by carrying out hull diagnostics,
engine diagnostics, route planning, and speed
profile optimization. The Europe connected ship
market is projected to grow at the highest CAGR
during the forecast period. The connected ship
market has been studied for North America,
Europe, Asia Pacific, and the Rest of the World
(RoW). The European region is projected to lead
the connected ship market from 2019 to 2030. The
growth of the Europe connected ship market can
be attributed to the increased demand for
connected ships and cruises from the region.
Moreover, the European region is one of the
prime consumers of marine electronic equipment as
some of the leading shipbuilding countries such
as Germany, France, Italy, and Russia are in
this region. Majors OEMs and start-ups are
investing increasingly in the research and
development of all connected ships aided by
Artificial Intelligencefor better decision
making and improved situational awareness
(through the sensor fusion technology). The key
players operating in the connected ship market
report are Northrop Grumman (US), General
Electric (US), Wartsila (Finland), Kongsberg
Grumman (Norway), and Marlink (Norway). Study
Coverage This report provides detailed
information on the connected ship market and
forecasts the size of the market and its segments
from 2019 to 2030. The connected ship market
has been segmented based on ship type,
application, installation type, fit, and region.
Based on ship type, the connected ship market has
been segmented into commercial and defense.
Based on application, the market has been
classified into fleet operations,
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fleet health monitoring, and vessel traffic
management. Based on installation type, the
connected ship market has been segmented into
onboard and onshore. Based on fit, the market has
been classified into linefit and retrofit. The
connected ship market has been studied for North
America, Europe, Asia Pacific, and Rest of the
World (RoW). Competitive Landscape The
competitive landscape chapter provides an
overview of the prevailing competitive scenario
and benchmarking of growth strategies adopted by
of key players. This chapter offers a
comprehensive micro quadrant analysis of more
than 30 players in connected ships industry and
start-up matrix for start-up companies in this
industry. It provides the positioning of players
as visionary leaders, innovators, emerging
companies, and dynamic differentiators. Dont
miss out on business opportunities in Connected
Ship Market. Speak to our analyst and gain
crucial industry insights that will help your
business grow.