Mar 01, 2021, 06:30 ET
CHICAGO, March 1, 2021 /PRNewswire/ -- According to the new market research report "Integrated Marine Automation System Market by Autonomy (Autonomous, Remotely-operated, Partial Automation), Ship Type (Commercial, Defense, Unmanned), End User (OEM, Aftermarket), Solution (Products, Services), System and Region-Global Forecast to 2025", published by MarketsandMarkets™, the market is projected to grow from USD 4.9 billion in 2020 to USD 7.8 billion by 2025, at a CAGR of 10.0% from 2020 to 2025. Some of the major factors driving this market include the increasing global sea trade, improving marine navigational safety resulting in lesser accidents, and growing maritime tourism. The demand for new ships and the retrofitting of existing ships with advanced technologies are expected to grow with increased trade activities. New defense and commercial vessels are equipped with advanced systems for improved safety and efficiency.
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The COVID-19 pandemic has impacted the integrated marine automation system market significantly. The spread of COVID-19 has also forced shipping companies to implement remote working and digital technologies for business continuation and fleet optimization. For example, shipping companies and original equipment manufacturers are using artificial intelligence for predictive maintenance, intelligent scheduling, real-time analytics, and improving performance. This break in business operations is directly influencing the revenue of the integrated marine automation system market. Even though some industries continued operations, delays in systems supply and the limited supply of produced goods capped production and reduced capacity utilization rates.
Based on autonomy, remotely-operated segment projected to lead integrated marine automation system market during the forecast period
Based on autonomy, the integrated marine automation system market is segmented into autonomous, remotely-operated and partial automation. The growth of the remotely-operated segment of the integrated marine automation system market can be attributed to the increased investments in developing unmanned and remotely-controlled vessel operations.
Based on ship type, defense segment projected to dominate integrated marine automation system market during the forecast period
Based on ship type, the integrated marine automation system market is segmented into commercial and defense and unmanned. The commercial segment is expected to dominate the market, owing to the rising seaborne trade and tourism across the globe.
Based on end user, the OEM segment accounts for the largest market size during the forecast period
Based on end use, the integrated marine automation system market is segmented into OEM and aftermarket. The OEM segment is estimated to account for a largest share in 2020 as compared to the aftermarket segment. The OEM segment is also expected to grow at a higher CAGR as compared to the aftermarket segment during the forecast period, owing to increased investments in naval defense coupled with seaborne trade by several nations.
Browse in-depth TOC on "Integrated Marine Automation System Market"
324 – Tables
56 – Figures
306 – Pages
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Europe is expected to be the fastest-growing region for integrated marine automation system market during the forecast period
Europe is among the fastest-growing regions for integrated marine automation system market. Europe has a developed market for offshore vessels, which is expected to grow significantly over the next few years. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the increasing demand for integrated marine automation systems in this region. Increasing investments in the defense sector and restructuring efforts undertaken by ship manufacturing companies are other factors driving the market in Europe.
Some of the players operating in the integrated marine automation system market are ABB (Switzerland), Honeywell International, Inc. (US), Rolls-Royce PLC (UK), Wartsila (Finland), and Kongsberg (Norway) are industry majors and have largely benefitted from their well-recognized brands, a wide range of products, and strong distribution capabilities in the integrated marine automation system market.
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