Connected Ship Market to Reach $12,262.0 Million, Globally, by 2032 at 6.3% CAGR: Allied Market Research

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Apr 01, 2024, 10:01 ET

An increase in seaborne trade, rise in the maritime tourism industry, and the increase in adoption of marine IoT globally are driving the growth of the global connected ship market

WILMINGTON, Del., April 1, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Connected Ship Market by Application (Fleet Operations, Vessel Traffic Management, and Fleet Health Monitoring), Installation Type (On-Board, and Onshore), and Ship Type (Commercial and Defense): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global connected ship industry size generated $6,801.3 million in 2022 and is estimated to reach $12,262.0 million by 2032, exhibiting a CAGR of 6.3% from 2023 to 2032.

(We are providing connected ship Industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

135 - Tables
41 - Charts
276 – Pages

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Prime determinants of growth

Connected ship technology enables real-time monitoring of vessel performance, weather conditions, and navigation, improving overall safety and operational efficiency. Additionally, increasing demands for fuel efficiency and environmental sustainability are driving the adoption of connected solutions in the maritime industry. These technologies are in line with global efforts to optimize fuel consumption, reduce emissions, improve overall energy efficiency, and make transportation more environmentally friendly.

Furthermore, the rise of the Internet of Things (IoT) and the integration of advanced sensors and communication systems are playing a key role in connecting ships, facilitating data sharing, and enabling intelligent decision-making. Digital transformation of the maritime sector is also contributing to market growth as stakeholders increasingly realize the value of data-driven insights in fleet management and improving fleet performance. Additionally, regulatory requirements and industry standards driving the adoption of connected ship technologies to ensure compliance and safety are contributing to the market expansion. Essentially, the convergence of safety requirements, environmental concerns, technological advancements, and regulatory frameworks are further driving the global connected ship market.

Report Coverage and Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size In 2022	$6,801.3 Million
Market Size In 2032	$12,262.0 Million
CAGR	6.3 %
No. Of Pages in Report	276
Segments Covered	Application, Installation Type, Ship Type, And Region
Drivers	Increase In Seaborne Trade Rise In the Maritime Tourism Industry Increase In Adoption of Marine IoT Globally
Opportunities	Advancements In Hybrid Propulsion Technology Increase In Investment for Digitalization of Their Vessel
Restraints	High Cost of Digitalization Vulnerable To Cyberattacks

Here are the Key Developments in the Connected Ship Industry

Leading companies are employing various strategies like acquisitions, agreements, expansions, partnerships, contracts, and product launches to bolster their market positions.
In April 2023, Seaspan Shipyards allocated USD 2.6 million to a Canadian firm to develop advanced digital technologies aimed at revitalizing the shipbuilding sector. The agreement involves collaborations with other companies to leverage Seaspan's groundbreaking Digital Holoship program for their own marine technology advancements.
In October 2022, Kongsberg Digital and Alpha Ori Technologies forged a new partnership agreement. This collaboration allows Alpha Ori Technologies to integrate with Vessel Insight, Kongsberg Digital's secure vessel-to-cloud data infrastructure. Vessel Insight offers real-time fleet visibility, vessel-specific dashboards, and ad hoc reporting and analysis tools.
In May 2021, Iridium Communications Inc. introduced Iridium Certus, a dependable satellite link facilitating uninterrupted transmission of cargo and ship tracking information.
In June 2021, CNES (Competitors of the European Union for the Shipbuilding Industry) formed a strategic partnership with CMA CGM, the world's largest global maritime freight forwarding company. Under this partnership, CNES experts are focusing on smart ship routing to enhance safety at sea, support crews, and manage shipping's environmental impact effectively.

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The vessel traffic management segment to maintain its leadership status throughout the forecast period

By application, the vessel traffic management segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to the demand for enhanced navigation and operational efficiency in maritime activities. The increasing global trade volume and escalating maritime traffic congestion necessitate advanced solutions for managing vessel movements effectively. However, the fleet operations segment is projected to witness the highest CAGR of xx% from 2023 to 2032, due to the increasing demand for real-time monitoring and control of fleet activities. Fleet operation applications leverage connectivity to provide comprehensive insights into vessel performance, location tracking, and operational efficiency.

The on-board segment to maintain its leadership status throughout the forecast period

By installation type, the on-board segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to the increasing integration of advanced communication and navigation systems directly on ships. However, the onshore segment is projected to highest CAGR of xx% from 2023 to 2032, due to increasing demand for shore-based connectivity solutions to manage and optimize vessel operations. Onshore connectivity enables real-time monitoring, control, and communication with ships at sea, leading to enhanced operational efficiency and safety.

The defense segment to maintain its lead position during the forecast period

By ship type, the defense segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to the integration of advanced communication systems, sensors, and data analytics within defense vessels that allows for real-time monitoring, surveillance, and rapid response capabilities, thereby strengthening maritime security. However, the commercial segment is projected to have the highest CAGR of xx% from 2023 to 2032, due to rising demand for fleet management solutions propelling the adoption of connected technologies among commercial ship operators. These solutions offer remote monitoring and diagnostics, predictive maintenance, and performance optimization, contributing to increased reliability and cost-effectiveness of commercial fleets.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to the technological landscape in the Asia-Pacific region characterized by a rapid embrace of digitalization and the Internet of Things (IoT). Countries such as China, South Korea, and Japan are at the forefront of integrating smart technologies into their maritime infrastructure. However, the LAMEA region is expected to witness the fastest CAGR of xx% from 2023 to 2032, owing to the region encompassing major maritime hubs and vital trade routes, stakeholders are increasingly investing in connected ship technologies to enhanced operational efficiency, streamlined supply chain processes, and bolstered trade activities.

Here are the Reframed Key Highlights of the Report

The study on the connected ship market encompasses analysis across 14 countries. It delves into regional and segmental perspectives, evaluating each country's market in terms of projected value ($million) for the period 2023-2032.
Our research methodology integrates high-quality data, expert opinions, critical analysis, and independent perspectives. This comprehensive approach aims to offer a well-rounded view of global markets, aiding stakeholders in making informed decisions to achieve their growth objectives.
To ensure thorough insights, we reviewed over 3,700 sources including product literature, annual reports, industry statements, and similar materials from major industry players. This rigorous examination provides a deep understanding of market dynamics and trends.

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Leading Market Players: -

ABB Ltd.
Emerson Electric
General Electric
Kongsberg Gruppen
Marlink
Northrop Grumman Corporation
Rockwell Automation
Schneider Electric
Ulstein Group ASA
Wartsila Corporation

The report provides a detailed analysis of these key players in the global connected ship market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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