The Worldwide Integrated Marine Automation Systems Industry is Expected to Reach 7.8 Billion by 2025 at a CAGR of 10% from 2020, reports Business Wire.
Global integrated marine automation system
The “Global Integrated Marine Automation Systems Market by Autonomy (Autonomous, Remotely-operated, Partial Automation), Ship Type (Commercial, Defense, Unmanned), End-user (OEM, Aftermarket), Solution (Products, Services), System and Region – Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
“Global Integrated Marine Automation Systems Market by Autonomy (Autonomous, Remotely-operated, Partial Automation), Ship Type (Commercial, Defense, Unmanned), End-user (OEM, Aftermarket), Solution (Products, Services), System and Region – Forecast to 2025”
The global integrated marine automation system is projected to grow from USD 4,906 million in 2020 to USD 7,889 million by 2025, at a CAGR of 10% from 2020 to 2025.
New defense and commercial vessels are equipped with advanced systems for improved safety and efficiency. The implementation of advanced systems acts as an important driver for the integrated marine automation system market. Integrated marine automation system is one of the variants of automated vessels. These ships involve integrating various systems and subsystems, enabling effective decision-making based on sensor fusion technology and Artificial Intelligence (AI) for processing the data, hence reducing or eliminating human intervention.
Based on autonomy, remotely-operated segment projected to lead integrated marine automation system market during the forecast period
Based on autonomy, the integrated marine automation system market is segmented into fully autonomous, remotely-operated and partial automation. The growth of the remotely-operated segment of the integrated marine automation system market can be attributed to the increased investments in developing unmanned and remotely-controlled vessel operations.
Based on ship type, commercial segment projected to dominate integrated marine automation system market during the forecast period
Based on ship type, the integrated marine automation system market is segmented into commercial and defense. The commercial segment is expected to dominate the market, owing to the rising seaborne trade and tourism across the globe.
Based on end-user, the OEM segment accounts for the largest market size during the forecast period
Based on end-user, the integrated marine automation system market is segmented into OEM and aftermarket. The OEM segment is estimated to account for a largest share in 2020 as compared to the aftermarket segment. The growth of the OEM 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, Middle East & Africa and Latin America. Asia-Pacific is estimated to account for the largest share of the global market in 2020. Shipbuilding companies from Japan, South Korea, and China, are also among the largest players in each of the four major segments, namely, tankers, bulk carriers, container ships, and offshore vessels. 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 system in the Asia-Pacific region.
Market Dynamics
Drivers
- Adoption of the Internet of Things (IoT) for Real-Time Decision Making
- Increasing Software Development
- Increasing Use of Automated Systems to Reduce Human Errors and Risks
- Increased Budgets of Shipping Companies for the Incorporation of Ict in Vessels
- Increasing Demand for Situational Awareness in Vessels
Restraints
- Vulnerability Associated with Cyber Threats
Opportunities
- Development of New Port Cities in Emerging Economies
- Initiatives for the Development of Autonomous Ships
- Revision and Formulation of Marine Safety Regulations in Several Countries
- Advancement in Sensor Technologies for Improved Navigation Systems in Vessels
- Development of Propulsion Systems
Challenges
- Cost-Intensive Customization of Marine Automation Systems
- Lack of Skilled Personnel to Handle and Operate Marine Automation Systems
- Lack of Common Standards for Data Generated from Different Subsystems in a Ship
Companies Mentioned
- ABB
- API Marine, Inc.
- Aselsan A.S.
- Buffalo Automation
- Consilium
- DNV GL
- Fincantieri S.p.A
- Fugro
- General Electric
- Honeywell International Inc.
- Hyundai Heavy Industries
- Jason Marine Group
- Kongsberg
- L3Harris ASV
- Logimatic
- Marine Technologies LLC
- Marlink
- Mitsui E&S Holdings Co. Ltd.
- MTU Friedrichshafen
- Northrop Grumman Corporation
- Praxis Automation & Technology B.V.
- RH Marine
- Rockwell Automation, Inc.
- Rolls-Royce plc
- Samsung Heavy Industries Co. Ltd.
- Sea Machines Robotics, Inc.
- Sedni Marine Systems
- Shone, Automation Inc.
- Siemens
- SMEC Automation Pvt. Ltd.
- Thales Group
- Tokyo Keiki
- Ulstein
- Valmet
- Wartsila
For more information about this report visit https://www.researchandmarkets.com/r/z7lng0
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Source: Business Wire
