Integrated Bridge Systems Market Value $7.9 Billion by 2027

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Integrated Bridge Systems Market Worth 7.9
Billion by 2027
The report "Integrated Bridge Systems Market by
Ship Type, End User (Oem And Aftermarket),
Sub-System (Ins, Automatic Weather Observation
System, Voyage Data Recorder and Automatic
Identification Systems), Component, Region -
Global Forecast to 2027" The integrated
bridge systems market is projected to grow from
USD 6.1 Billion in 2022 to USD 7.9 Billion by
2027, at a CAGR of 5.4 from 2022 to 2027. The
market growth can be attributed to the
continuously growing world seaborne trade across
the world. Ask for PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id140505598 The volume of goods traded by
sea globally has witnessed a gradual increase
POST COVID-19 situation. According to the United
Nations Conference on Trade and Development, the
maritime trade is recovered by 4.3 in 2021 and
growth is expected to continue between 2022 and
2026. With increasing trade volumes, the demand
for new ships, such as container ships, cargo
ships, bulk carriers, and oil gas tankers, and
the revamping of existing ships with the latest
technologies are also expected to grow. Because
of rising awareness about navigation and safety,
new vessels are equipped with advanced systems
like the integrated bridge system for improved
navigational safety and efficiency. Moreover, In
2020, Asia led the world seaborne trade, with
54 of the maritime trade originating from this
region. 18 of the maritime trade was from the
Americas, followed by Europe, Oceania, and Africa
at 15, 8, and 6 respectively. This shows that
the demand for new cargo ships in Asia is the
highest. This will also increase the demand for
integrated bridge systems and their
complementary products in the region. Based on
Ship Type, the commercial segment is anticipated
to grow at highest CAGR during 2022-2027 Based
on type, the integrated bridge systems (IBSs)
market has been segmented into commercial ships
and defense ships. Commercial ships are vessels
that are used to carry out commercial trade or
transport passengers. They are classified based
on their
2
functions. For instance, the dry cargo vessel
type consists of ships carrying general dry
cargo, containerized cargo, wheeled cargo (RO
RO), and bulk cargo, whereas liquid vessels or
tankers transport liquefied natural gas (LNG),
crude oil and its products, and chemicals
worldwide. Specialized vessels include heavy-lift
cargo vessels, livestock vessels, passenger
vessels, and tug vessels. An increase in the
number of passengers resorting to marine
transportation and a rise in demand for
recreational boats are expected to lead to the
growth of the commercial segment of the
integrated bridge systems market across the
globe. As most of the world trade is seaborne,
issues related to navigation safety, risk
management at sea, and protection of human
resources are of high importance for shipping
companies. Advanced digital solutions, such as
integrated bridge systems, can help to address
these issues in an efficient way. Based on End
User, the OEM segment likely to grow at highest
CAGR during forecast period Based on end user,
the integrated bridge systems market has been
segmented into OEM and aftermarket. The OEM
market represents the integrated bridge system
(IBS) installed on new commercial and defense
ships. IBS is necessary for each type of ship
hence the increase in deliveries of ships will
eventually increase the demand for IBS in both
commercial and defense marine industries. There
is an increase in demand for advanced IBS
equipped with sensor fusion solutions by
shipowners, due to which the manufacturers of
IBS are focusing on providing a complete IBS as a
package as per new navigation and safety
regulations. Hence, the OEM segment is estimated
to account for a larger share and growth of the
integrated bridge systems market than the
aftermarket segment in 2022. The Asia Pacific
region is projected to be high growth potential
markets for the integrated bridge systems during
the forecast period. The integrated bridge
systems market has been studied for five
geographic areas, namely, North America, Europe,
Asia Pacific, the Middle East, and the Rest of
the World (RoW). The integrated bridge systems
market is estimated to be USD 6,105.61 million
in 2022 and is projected to reach USD 7,940.93
million by 2027. The market is dominated by the
Asia Pacific region, predominantly by China. The
shipbuilding industry in Asia Pacific is on the
rise, and key players in the region, such as
South Korea, China, the Philippines, Singapore,
and Japan, are increasing their technological
competence to capture a greater share of the
commercial marine industry. Europe is the
second-largest market for integrated bridge
systems. The market in this region is expected
to grow as the shipbuilding industry in Europe is
involved in the construction of large naval
vessels, such as cruise ships, ferries, mega
yachts, submarines, and dredgers (offshore
vessels). The region holds a strong position in
the international market. The growth of the
shipbuilding industry in Europe is one
3
of the most significant factors contributing to
the demand for commercial integrated bridge
systems in the region. Key Market Players The
major players in the integrated bridge systems
market Raytheon Technologies Corporation (US),
Northrop Grumman Corporation (US), Wärtsilä
Corporation (Finland), Kongsberg (Norway), and
Furuno Electric Co. Ltd. (Japan). Request for
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