Connected Ships Market

Connected Ships Market

Growth Factors of Connected Ships Market

The connected ships market size was valued at USD 6.22 billion in 2023, and the market is now projected to grow from USD 6.68 billion in 2024 to USD 13.78 billion by 2032, exhibiting a CAGR of 9.5% during the forecast period of 2024-2032.

The COVID-19 outbreak became a major problem for the connected ships market as growth was hindered by interrupted global shipping, delayed /cancelled projects, and restrained investments. Externality issues such as disruption of supply chain and restricted travelling impacted the installation of connect ship technologies. On the flip side, the pandemic also brought out the need for monitoring and controlling the equipment remotely with minimum human interaction, along with automated monitoring and predictive maintenance cum preventive maintenance. For similar reasons the demand for digital solutions in ships, particularly based in IoT and AI is expected to rise as the maritime industry recovers.

Connected ships market has several significant trends such as; Internet of Things using real-time analytics for data tracking and automation. AI is deployed for predictive maintenance use and for the more efficient routing, less fuel usage and consequently fewer operating expenses. Information security measures are turning into focus as a result of growing globalization. Also, there is an increasing interest in green technologies in shipping to address the new environmental requirements including energy efficient systems. Block chain technology is also being used for the safe exchange of data and advancing the logistics and supply chain system common with maritime industries. Thus, all the above mentioned factors are contributing towards the connected ships market growth.

There are number of forces that are currently fueling the connected ships market. An increased need for operational performance and fuel consumption control is forcing the owners and operators of ships to go for digital solutions. Connectivity requirements due to the Internet of Things (IoT) and analytics improve the capability to monitor real-time data for better decision-making and less asset downtime. The pressure of emission issues and safety standards are promoting the adoption of connected systems. Furthermore, automation, predictive maintenance, or remote monitoring that is breakthrough developments especially in modern maritime industry, along with the continuously improving satellite communication technology, is also contributing to market progression.

Comprehensive Analysis Connected Ships Market

By imposing segmentation by ship type, installation type, fit and application the connected ships market could be further divided. Depending on the ship type, the market is segmented into commercial and defense ships; both market segments integrate new technologies for better working. Installation type comprises onboard and onshore systems for actually observing and monitoring data from the installed equipment and to manage them from the distance. It also categorises its products according to fit type – new ship fit for line and retrofit for fleets already in the water. Major areas of application include operations of a fleet of vehicles, management of vessel traffic, and diagnostics and prognostics of the fleet’s health using safety, efficiency, and reliability as criteria.

Europe is now the largest market specifically for the connected ships due to its powerful shipping industry and advanced technology absorption. The use of IoT, AI and automation are also being adopted in the shipping industry by countries such as Norway, Germany, and the United Kingdom. This makes the region’s environment very stringent on fuel efficient and sustainable shipping solutions, making demand for connected ship technologies high. Also, identification of key maritime technologies and high investments in research and development make Europe the industry leader in global market.

Key players in this sector include Northrop Grumman Corporation (U.S.), Wartsila Oyj (Finland), General Electric Company (U.S.), Kongsberg Gruppen (Norway), Marlink (U.S.), Schneider Electric SE (France), Emerson Electric Co. (U.S.), ABB Ltd. (Switzerland), Rockwell Automation Inc. (U.S.), Ulstein Group ASA (Norway)

According to the market research, 2024 for connected ships by region reveals that the Asia-Pacific area takes the market lead owing to the rapidly growing utilization in fleet management and better navigation systems. China has a strong participation in this market as many companies and startups are involved in the manufacturing of connected ship technologies. It is revealed that large scale seaborne trade, increasing naval defense budget and technology initiatives to increase productivity and safety in seaborne activities are the reasons behind it.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 9.5% (2024-2032)

Unit Value (USD Billion)

By Geography

By Ship Type

Commercial

Defense

By Installation Type

On-board

Onshore

By Fit

Line Fit

Retrofit

By Application

Fleet Operations

Vessel Traffic Management

Fleet Health Monitoring

North America (By Ship Type, Installation Type, Fit, Application, and Country)

• U.S. (By Ship Type)
• Canada (By Ship Type)

Europe (By Ship Type, Installation Type, Fit, Application, and Country)

• U.K. (By Ship Type)
• Germany (By Ship Type)
• France (By Ship Type)
• Russia (By Ship Type)
• Rest of Europe (By Ship Type)

Asia Pacific (By Ship Type, Installation Type, Fit, Application, and Country)

• China (By Ship Type)
• India (By Ship Type)
• Japan (By Ship Type)
• South Korea (By Ship Type)
• Rest of Asia Pacific (By Ship Type)

Rest of the World (By Ship Type, Installation Type, Fit, Application, and Sub-Region)

• Middle East & Africa (By Ship Type)
• Latin America (By Ship Type)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.