According to the new market research report "Connected Ship Market by Application (Vessel Traffic Management, Fleet Operations, Fleet Health Operations), Installation Type (Onboard, Onshore), Ship Type (Commercial, Defense), Fit (Linefit, Retrofit), Region - Global Forecast to 2023", published by MarketsandMarkets™, the connected ship market is projected to grow from USD 5.92 billion in 2018 to USD 7.19 billion by 2023, at a CAGR of 3.95% from 2018 to 2023. The growth of the market can be attributed to the incorporation of the Information and Communication Technology (ICT) in the global marine industry, increased budgets of shipping companies for digitalization of their vessels, growth of the seaborne trade across the globe, need for situational awareness among fleet operators, and growth of the maritime tourism industry.
Based on ship type, the defense segment of the connected ship market is projected to grow at a higher CAGR than the commercial segment during the forecast period.
Based on ship type, the connected ship market has been segmented into commercial and defense. The defense segment of the market is projected to grow at a higher CAGR than the commercial segment from 2018 to 2023. The growth of this segment of the market can be attributed to the extensive use of connected ships by the naval forces of different countries.
Based on application, the fleet operations segment is projected to lead the connected ship market from 2018 to 2023.
Based on application, the connected ship market has been segmented into fleet operations, fleet health monitoring, and vessel traffic management. The fleet operations segment is projected to lead the connected ship market during the forecast period. The growth of this segment can be attributed to increased demand for real-time data exchange among different ships and ports by a number of merchant shipping companies.
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The Europe connected ship market is projected to grow at the highest CAGR during the forecast period.
The connected ship market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW). The European region is projected to lead the connected ship market from 2018 to 2023. The growth of the Europe connected ship market can be attributed to the increased demand for autonomous ships and cruises from the region. Moreover, the European region is one of the prime consumers of marine electronic equipment as some of the leading shipbuilding countries such as Germany, France, Italy, and Russia are in this region.
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