Market Research Report
Integrated Marine Automation System - Global Market Outlook (2020-2028)
|Integrated Marine Automation System - Global Market Outlook (2020-2028)|
Published: May 5, 2021
Stratistics Market Research Consulting
Content info: 150+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Integrated Marine Automation System Market is accounted for $4.90 billion in 2020 and is expected to reach $12.13 billion by 2028 growing at a CAGR of 12.0% during the forecast period. Growing demand for seaborne world trade, growth in maritime tourism and rising compliance focus towards maritime safety norms are driving the market growth. However, the shortage of qualified specialists in the marine industry and digitalization making ships vulnerable to cyber threats are hampering the growth of the market.
An integrated marine automation system is a distributed monitoring and control system. The integrated marine automation system architecture and design are flexible in nature and also allows to be used for a wide range of application within the offshore industry, safety- and vessel control systems. An integrated marine automation system increases the vessel overall safety, operation efficiency, save space and reduces training expense and helps to optimize the performance for ship engines, propulsion, steering, thrusters, ballast, and others.
Based on the system, the vessel management system segment is going to have lucrative growth during the forecast period owing to the rising demand for various propulsion control and security management systems. The increasing development of connected ships and autonomous ships that support advanced systems are likely to drive the growth of the vessel management system segment.
By geography, Asia Pacific is going to have high growth during the forecast period as the Asia Pacific has witnessed rapid economic development over the years, increasing maritime trade. The increase in the sea trade has eventually led to an increasing demand for ships to transport manufactured goods worldwide. Thus, the rising number of ships has increased the demand for integrated marine automation systems in this region.
Some of the key players profiled in the Integrated Marine Automation System Market include Northrop Grumman Corporation, Siemens AG, Kongsberg Gruppen ASA, Thales Group, Wartsila, Honeywell International Inc, Praxis Automation Technology, Marine Technologies LLC, API Marine ApS, Rolls-Royce PLC, Hyundai Heavy Industries, Tokyo Keiki Inc, ABB Ltd., Consilium AB and Rockwell Automation.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.