A recent market research report indicates that the connected ship market is poised for significant growth, driven by the increasing need for enhanced safety, security, and efficiency in the maritime industry.
Market Overview and Projections
The connected ship market, which was valued at an estimated $11.3 billion in 2023, is projected to reach $17.2 billion by 2028. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 7.7% during the forecast period. The report attributes this expansion to the growing demand for connected ship technology in both commercial applications and naval missions. Key players in this market include ABB, Emerson Electric Co., Wartsila, Kongsberg Gruppen ASA, and Thales Group.
Key Market Segments
The report segments the connected ship market by application, installation, platform, and fit.
- Application: The Fleet Operation segment is identified as having the highest growth rate. This is due to the widespread adoption of technologies that provide real-time data and optimize fleet management, which are easily deployed on both commercial and defense vessels.
- Installation: The Onboard segment is projected to dominate the market by installation type. However, the Onshore segment is expected to have the highest growth rate during the forecast period. The development of connected maritime technology to enhance safety and security is a major factor driving this growth.
- Fit: The Line fit segment is expected to hold the largest market share. This is because installing connected ship technology during a new vessel’s construction is more cost-effective and allows for seamless integration with the ship’s existing systems.
- Geography: The Asia Pacific region is predicted to have the highest growth rate. This is attributed to the presence of major shipbuilding companies and the increasing demand for connected ships for commercial and defense purposes in the region. China is expected to be a key driver of this growth, holding the highest growth rate and market share within the Asia Pacific region.
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Source: Globe Newswire
