Integrated Marine Automation System Market value $7.8 billion by 2025

1
According to the latest market research report
the Integrated Marine Automation System Market
is estimated to be USD 4.9 billion in 2020 and is
projected to reach USD 7.8 billion by 2025, at a
CAGR of 10.0 from 2020 to 2025. The market is
witnessing growth due to the
growing software demand
seaborne trade, increasing developments, and the
for situational awareness.
However, the vulnerability associated with
cyberattacks is considered a major restraint to
the market growth. COVID-19 impact on the
Integrated Marine Automation System
Market According to the
International Chamber of Shipping (ICS), maritime
vessels constitute around 90 of all
international trade. Due to the outbreak of
COVID-19, cargo and passenger ships around the
world have been turned away from ports by local
authorities, hence 300,000 merchant sailors were
stranded at sea for months, far beyond
their contractual agreements. In April 2020, the
ICS and the International Air Transport
Association (IATA) issued a joint call demanding
governments take urgent measures to facilitate
crew change flights. In June 2020, the ICS has
estimated that every month roughly 100,000
seafarers reach the end of their employment
contract and need to be repatriated. However,
most jurisdictions have implemented restrictive
rules for seafarers transiting their
jurisdiction, either to return home or to join a
vessel. Download PDF Brochure _at_ https//www.market
sandmarkets.com/pdfdownloadNew.asp?id156354645 Th
e fully autonomous is projected to grow at the
highest CAGR during the forecast period Based on
autonomy, the autonomous ships market is
segmented into fully autonomous,
remotely-operated and partial automation. The
growth of the fully autonomous segment of the
autonomous ships market can be attributed to the
increased investments in developing autonomous
ships in European region especially in
Scandinavian countries. The ship type is
projected to grow at the highest CAGR during the
forecast period Based on ship type, the
autonomous ships market is segmented into
commercial and defense. The commercial segment
is expected to grow at the higher CAGR, owing to
the rising seaborne trade and tourism across the
globe. The linefit segment accounts for the
largest market size during the forecast period.
2
Based on end use, the autonomous ships market is
segmented into linefit and retrofit. The linefit
segment is estimated to account for a larger
share in 2020 as compared to the retrofit
segment. The growth of the line fit segment can
be attributed to the increased investments in
naval defense by various countries and rise in
seaborne trade activities across the globe. Asia
Pacific is expected to account for the largest
share in 2020 The integrated marine automation
system market has been studied for North
America, Europe, Asia Pacific and Middle East
Africa. Asia Pacific is estimated to account for
the largest share of the global market in 2020.
Asia Pacific has witnessed rapid economic
development over the years, increasing maritime
trade. This rise in sea trade has subsequently
led to an increasing demand for ships to
transport manufactured goods worldwide. Thus,
the rising number of ships has increased the
demand for integrated marine automation systems
in this region. Key Market Players Key Players in
the autonomous ships market ABB (Switzerland),
Honeywell International, Inc. (US), Rolls-Royce
PLC (UK), Wartsila (Finland), and Kongsberg
(Norway) are industry majors and have largely
benefitted from their well-recognized brands, a
wide range of products, and strong distribution
capabilities in the integrated marine automation
system market. These companies have well-equipped
strong distribution networks across the North
America, Europe,Asia Pacific, Middle East
Africa and Latin America. Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
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