SAN FRANCISCO, April 27, 2020 /PRNewswire/ -- The global connected ship market size is expected to reach USD 9.1 billion by 2027, registering a CAGR of 5.4% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to the increasing penetration of internet across the shipping and logistics industry across the globe.
Key suggestions from the report:
The market is anticipated to witness a substantial growth registering a CAGR of 5.4%, on account of the growing emphasis towards marine tourism
Sports connected Type segment is anticipated to witness high CAGR over the forecast period ascribing to its increasing adoption in both personal as well as sports applications.
20ft to 50ft length connected ships in the connected ships length segment is expected to witness higher growth than other segments owing to its low operational, maintenance and fuel consumption.
Asia Pacific is anticipated to witness high CAGR in the connected ships market over the forecast period owing to government initiatives to boost marine tourism coupled with the rising disposable income of middle-class population in the region.
The market is oligopolistic in nature, dominated by key players in the market namely General Electric Company; Nikon Corporation; Olympus Corporation; Mistras Group, Inc.
The market is largely influenced by the rapid rise in cross border shipping, which in turn has generated a high demand for connected ships. Emphasis of major economies towards globalization to strengthen free trade agreements like NAFTA (North American Free Trade Agreement), TPSEP (Trans-Pacific Strategic Economic Partnership), Southeast Asian Nations Free Trade Area (AFTA) will drive the market.
The growth and progress in trading and logistics is expected to drive the market. Also, the factors such as shale gas evolution, rising export and import of chemicals, recovering petrochemical industry are positively influencing market growth. Also, container transportation is increasingly adopted globally to transport goods. It acts as a major driver for the cargo shipping market in the both - developed and developing countries.
The volume of international seaborne trade in 2016 was recorded at 10289.0 Mn tons and increased to 10702.0 Mn tons in the year 2017. This year on year rise in seaborne trade is also expected to significantly impact the market of connected ships in the upcoming years. The rising sea borne transport has compelled the manufacturers to invest in research and development on technology enhancement such as connected vessel technology, while enabling the exchange of information through a single network to make it more secure and safe. The adoption of connected ship solution allows stack owners to obtain real time position of shipment, operation control of the ship, and vessel traffic management. The applications of industrial IoT are using an enormous amount of available data, cloud services, as well as business analytics and enterprise mobility capabilities to analyze and optimize the shipping operations.
Government initiatives especially in emerging economies such as China and India, are focused towards digitalization of the vessel to achieve tracking as well for security purposes. Also, growing chemical industry in these countries is expected to positively impact market growth. Also, to attract more business the governments have been observed to be restructuring trade policies and infrastructure which is anticipated to boost the market over the forecast period.
Europe captured a significant share in the market owing to presence of key manufacturers in the region. U.K., Germany, and France are among the top five countries with the highest volume of parcel shipments in the region. However, Asia Pacific is expected to witness highest CAGR over the forecast period, owing to remarkable growth in the e-commerce sector and increasing internet penetration.
Grand View Research has segmented the global connected ships market based on ship type, installation type, application, and region:
Connected Ships Type Outlook (Revenue, USD Million, 2016 - 2027)
Connected Ships Installation Type Outlook (Revenue, USD Million, 2016 - 2027)
Connected Ships Application Outlook (Revenue, USD Million, 2016 - 2027)
Vessel traffic management
Fleet health operations
Connected Ships Regional Outlook (Revenue, USD Million, 2016 - 2027)
Cargo Shipping Market– The global cargo shipping market is expected to gain significant demands and the market is mainly driven by global economic growth.
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Secure Logistics Market– The global secure logistics market size was valued at USD 48.19 billion in 2015 owing to the increasing money circulation across the globe.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.