Connected Ship Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Connected Ship Market is anticipated to witness a CAGR of 3.9% over the forecast period. The connected ship technology is installed in commercial and defense cargo ships. It is traditionally used to transfer cargo to seagoing vessels that are either underway or stationary.
Key HighlightsIn June 2021, Wärtsilä Voyage completed an extensive upgrade of the Croatian National Vessel Traffic Management & Information System (VTMIS) with new Sea Traffic Management (STM) functionality. Completing this project confirmed this upgrade as one of the first STM installations in the Adriatic Sea.
Competitive LandscapeThe Connected Ship Market is highly competitive and is currently dominated by a few European players, followed by those in Asia and the US, with their technological expertise in connected technology. The global market is expected to be consolidated in nature, and the major players with a prominent share in the market are focusing on expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and profitability. Northrop Grumman, General Electric, Wartsila, Kongsberg Grumman, and Marlink are some major players in the current market.
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