launchora_img

Illustration by @_ximena.arias

Integrated Marine Automation System Market Growth Analysis, Segmentation, Future Demand and Leading

Info

The global market for integrated marine automation system is expected to rise during the forecast period, owing to the increasing demand for an emergency of electronic chart display and information systems used in navigation tools such as RADAR, GPS, and ARPA. The rising demand fueled global market growth of 7.40% in 2021 compared to the average growth from 2018 to 2020. Fortune Business Insights™ publishes this information in a report titled, "Integrated Marine Automation System Market, 2022-2029". As per the report, the integrated marine automation system market size was USD 3.58 billion in 2021. The market size is expected to rise from USD 3.84 billion in 2022 to USD 6.33 billion by 2029 at a CAGR of 7.39% during the forecast period.

The integrated marine automation system is used to control and monitor the operations performed on a ship. Implementing these automated systems increases the operational efficiency and safety of marine vessels. Increasing demand for digitalization in the marine sector is expected to fuel the market during the projected period.

Segments:

Vessel Management System to Dominate Market Due to Increased Adoption in Naval and Marine Sector

By product type, the market is bifurcated into hardware and software.

On the basis of solution, the market is segmented into the vessel management system, power management system, safety system, and others.

Based on the end-users, the market is divided into commercial and defense.

Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, and Rest of the world.

Browse Complete Report Summary:

https://www.fortunebusinessinsights.com/integrated-marine-automation-system-market-106580

Report Coverage:

The report provides complete information and factual data regarding market development and current trends in the industry. Furthermore, key advancements and business development strategies such as mergers, acquisitions, alliances, and partnerships are discussed in the report. Also, the impact of COVID-19 pandemic on industrial growth and development is highlighted further. Drivers and restraints affecting the market growth are elaborated along with the latest key developments in the industry.

Drivers & Restraints:

Rising Investment in Advanced Technologies to Stimulate Growth

The market is expected to witness prominent growth during the projected period owing to the increasing demand for digitalizing marine operations. Increased development in a software solution is anticipated to boost the naval, marine, and offshore sectors' product demand. Rising investment into technological advancements and development in shipbuilding and shipping companies will likely bolster market expansion. These factors are likely to ensure integrated marine automation system market growth in the coming years.

However, the increased risk of cyber threats may hinder market growth.

Regional Insights:

Asia Pacific Dominated Market Due to Technological Advancements

Asia Pacific dominates the global integrated marine automation system market share during the forecast period due to major shipbuilding companies in the region. The region stood at USD 1.20 billion in 2021. Technological development in emerging countries is likely to bolster market growth.

Europe is expected to hold the second-largest global market position due to the rising demand for the cruise, ships, and autonomous ships. Also, an ongoing ship modernization program is likely to boost the demand.

Competitive Landscape:

Partnerships Allow Key Players to Expand Business Globally

The key players in market focus on implementing various business developments strategies to expand their market reach. These strategies include forming strategic alliances, partnerships, mergers, or acquiring other companies. Also, implementing innovative product development and differentiation strategy allow companies to propel growth.

Industry Developments:

December 2020: Rolls-Royce acquired Servowatch Systems, an international supplier of integrated marine automation systems. Servowatch will expand the ship automation division with Rolls-Royce's Power Systems business.

October 2020: Hoglund and Veracity signed a collaboration agreement to combine onboard integration and data capture capabilities of Hoglund and ecosystem and platform architecture with helping ship owners accelerate their digital initiatives.

List of Key Players Profiled in Market Report for Integrated Marine Automation System:

ABB (Switzerland)

Honeywell International, Inc. (U.S.)

Rolls-Royce PLC (U.K.)

Wartsila (Finland)

Kongsberg (Norway)

Siemens (Germany)

Hyundai Heavy Industries (South Korea)

General Electric (U.S.)

Ingeteam (Spain)

Emerson Electric Co. (U.S.)


Be the first to recommend this story!
launchora_img
More stories by Ashwini
Automatic Weapons Market Trends, Growth, Size, Seg...

The global Blockchain Supply Chain Finance Market size (2022-2027)

00
Automatic Weapons Market Top Companies, Business G...

The global automatic weapons market size is expected to reach USD 15.04 billion by 2027.

00
Ultrasonic Testing Market Key Players Analysis, Ov...

The global ultrasonic testing market size is projected to reach USD 3,671.9 million by 2027

00

Stay connected to your stories

Integrated Marine Automation System Market Growth Analysis, Segmentation, Future Demand and Leading

20 Launches

Part of the Culture collection

Published on May 25, 2022

Recommended By

(0)

    WHAT'S THIS STORY ABOUT?

    Characters left :

    Category

    • Life
      Love
      Poetry
      Happenings
      Mystery
      MyPlotTwist
      Culture
      Art
      Politics
      Letters To Juliet
      Society
      Universe
      Self-Help
      Modern Romance
      Fantasy
      Humor
      Something Else
      Adventure
      Commentary
      Confessions
      Crime
      Dark Fantasy
      Dear Diary
      Dear Mom
      Dreams
      Episodic/Serial
      Fan Fiction
      Flash Fiction
      Ideas
      Musings
      Parenting
      Play
      Screenplay
      Self-biography
      Songwriting
      Spirituality
      Travelogue
      Young Adult
      Science Fiction
      Children's Story
      Sci-Fantasy
      Poetry Wars
      Sponsored
      Horror
    Cancel

    You can edit published STORIES

    Language

    Delete Opinion

    Delete Reply

    Report Content


    Are you sure you want to report this content?



    Report Content


    This content has been reported as inappropriate. Our team will look into it ASAP. Thank You!



    By signing up you agree to Launchora's Terms & Policies.

    By signing up you agree to Launchora's Terms & Policies.