NEW YORK, Jan. 24, 2017 /PRNewswire/ -- "Growth in seaborne trade in the coming years is the key factor impacting the growth of the integrated bridge systems market"
The integrated bridge systems market is estimated to be valued at USD 5.08 billion in 2016 and is projected to reach USD 5.60 billion by 2021, at a CAGR of 1.97% during the forecast period. The increasing seaborne world trade, increasing compliance of maritime safety norms, and the growth in maritime tourism are the drivers in the integrated bridge systems market. Digitalization making ships vulnerable to cyber threats, and the shortage of qualified professionals in the maritime industry, are the restraints in the integrated bridge systems market.
"The naval warships segment is projected to grow at the highest CAGR during the forecast period"
Based on platform, the naval warships segment of the integrated bridge systems market is expected to grow at the highest CAGR during the forecast period. The demand for integrated bridge systems in the naval warship segment is increasing due to the growth in the defense budgets of major countries and increasing political unrest around the world.
"Large ships segment is projected to grow at the highest CAGR during the forecast period"
Based on size, the large ships segment of the integrated bridge systems market is anticipated to grow at the highest CAGR during the forecast period. The large ships segment is expected to grow due to the increasing seaborne trade across the world, and the procurement of advanced naval warships by emerging and developed nations worldwide.
"Asia-Pacific to account for the highest share and grow at the fastest rate during the forecast period"
The Asia-Pacific region led the integrated bridge systems market in 2015. The region has the highest concentration of shipbuilding companies and further growth is expected to continue in the coming years. This region is expected to grow at the highest rate during the forecast period. The Asia-Pacific region is the one of the prime consumers of marine electronic equipment. Countries in this region, such as India and China have increased their defense budgets and are procuring advanced equipment for their naval systems. The number of ports and shipbuilding centers in this region is on the rise, hence the construction of ships is estimated to grow at a faster pace, resulting in driving the integrated bridge systems market.
Break-up of profiles of primary participants in this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45% and Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America - 45%, Europe – 20%, Asia-Pacific – 30%, RoW – 5%
Key players profiled in the integrated bridge systems market report include, Northrop Grumman Sperry Marine (U.K.), Raytheon Anschutz (Germany), FURUNO Electric Shokai Ltd., (Japan), Transas (Ireland), and L-3 Communications Mapps Inc. (Canada), among others.
The study segments the integrated bridge systems market on the basis of platform (commercial ships and naval warships), size (small ships, medium ships, and large ships), and component (small ship integrated bridge system components, medium ship integrated bridge system components, large ship integrated bridge system components) and maps these segments and subsegments across major regions, namely, Asia–Pacific, North America, Europe, and the rest of the world.
The report provides in-depth market intelligence regarding the market dynamics and the major factors influencing the growth of the integrated bridge systems market (drivers, restraints, opportunities, and industry-specific challenges), along with analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the integrated bridge systems market.
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analyses — industry analysis (industry trends), market ranking analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the integrated bridge systems market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on integrated bridge systems offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the integrated bridge systems market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for integrated bridge systems across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the integrated bridge systems market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the integrated bridge systems market
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