Market Research Report
Connected Ship Solutions Market by Ship Type, Installation Type, and Geography - Global Forecast and Analysis 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||910219|
|Published||Content info||148 Pages
Delivery time: 1-2 business days
|Connected Ship Solutions Market by Ship Type, Installation Type, and Geography - Global Forecast and Analysis 2019-2023|
|Published: September 3, 2019||Content info: 148 Pages||
Technavio's connected ship solutions market analysis considers sales from both commercial and defense ship type . Our analysis also considers the sales of connected ship solutions in APAC, Europe, North America, South America, and MEA. In 2018, the commercial segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as accelerating seaborne trade and growing marine tourism industry will play a significant role in the commercial segment to maintain its market position. Also, our global connected ship solutions market report looks at factors such as increasing number of passenger cruise ships, rising seaborne trade activities, and digital transformation of marine industry. However, high costs of implementation, need to comply with strict regulations, and data privacy and security concerns may hamper the growth of the connected ship solutions industry over the forecast period.
Rapid industrialization and the liberalization of economies has increased the total seaborne trade volume, thereby, boosting the shipping industry. The rising seaborne trading activity is also attributed to technological advances. The improved fuel efficiency functionalities and the proliferation of multi-fuel engines have made shipping one of the most fuel-efficient and environment-friendly forms of commercial transport. Thus, the rising seaborne trade activities will lead to the expansion of the global connected ship solutions market at a CAGR of almost 5% during the forecast period.
Ship operators are increasingly focusing on optimizing costs, delivering better services, and boosting revenues via digital transformation. Shipping companies are introducing automation and digital techniques to streamline business processing and customer handling processes to enhance their market share. Connected ship solutions generate a substantial amount of data, and the use of several risk-averting models and predictive mechanisms on the data can lead to enhanced business productivity. Thus, the digital transformation in the marine industry will drive the demand for connected ship solutions.
For the detailed list of factors that will drive the global connected ship solutions market during the forecast period 2019-2023, view our report.
With the presence of several major players, the global connected ship solutions market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading connected ship solutions manufacturers, that include ABB Ltd., Emerson Electric Co., General Electric Co., Northrop Grumman Corp., Siemens AG.
Also, the connected ship solutions market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.