Integrated Marine Automation System Market Opportunities and Challenges — Global Forecast to 2023

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This report provides an analysis of the
Integrated Marine Automation System Market for
the next 5 years. It discusses industry and
technological trends that are currently
prevailing in the market. It analyses factors
driving and restraining the growth of this
market, as well as the challenges faced by this
market. The integrated marine automation
system market is estimated to be valued at USD
3.64 billion in 2018, and is projected to reach
USD 4.00 billion by 2023, at a CAGR of
1.90 from 2018 to 2023. The key factor fueling
the growth of the integrated
marine automation system market is the increasing
demand for improving the safety of seaborne
trade. Download PDF Brochure _at_ https//www.markets
andmarkets.com/pdfdownloadNew.asp?id156354645 The
growing demand for an integrated system at a
central location in a vessel for enhanced
decision making, increased operational
efficiency, and navigational safety has led to
the introduction of advanced technologies in the
integrated marine automation system market. Top
players are investing in research development
of sophisticated and user-friendly technologies
in the integrated marine automation system
market. Greater compliance by shipping companies
with safety norms and standards in the
commercial shipping industry is driving the
integrated marine automation system market. On
the basis of ship type, the commercial segment is
projected to grow at the highest CAGR from 2018
to 2023. Decreasing the operational costs of
ships by equipping them with automation systems
is expected to drive the integrated marine
automation system market. Also, need for
navigational safety is an important factor for
the growth of the integrated marine automation
system market. Based on end user, the OEM segment
of the integrated marine automation system
market is anticipated to grow at the higher CAGR
during the forecast period. Increasing
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seaborne trade across the world is expected to
lead to large new shipbuilding orders, and in
turn, drive the demand for integrated marine
automation systems. Based on component, the
product segment is projected to grow at the
highest CAGR during the forecast period.
Installation of various hardware, software and
datalinks connectivity in marine automation
systems has led to high growth of the product
market. Adoption of various monitoring and
analytical software is expected to drive the
market for the product segment. Based on
solution, the vessel management system segment is
projected to grow at the highest CAGR during the
forecast period. The vessel management system has
the largest share of systems, such as dynamic
positioning system, machinery management, and
alarm monitoring system, among others. The
integrated marine automation system market is led
by Europe, with the highest projected growth
rate for the forecast period. Although the
shipbuilding industry is going through a rough
patch presently, demand for autonomous ship and
cruise ships in Europe is expected to drive the
integrated marine automation system market in
this region. Ask for Sample Report _at_
https//www.marketsandmarkets.com/requestsampleNew
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