Connected Ship Market Expected to Reach $7.19 Billion by 2023, at a CAGR of 3.95%
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".
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.
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Ship Market - Global Forecast to 2023"
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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.
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
The key players operating in the connected ship market report
are Northrop Grumman (US), General Electric (US), Wartsila (Finland), Kongsberg
Grumman (Norway), and Marlink (Norway).
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