Integrated Bridge Systems Market Forecasts to 2028 - Global Analysis By Component, Ship Type, Sub-System (Indian Navy Ship, Telecommunication & IT, Voyage Data Recorder and Other Sub-Systems), End User and Geography

According to Stratistics MRC, the Global Integrated Bridge Systems Market is accounted for $6.1 billion in 2022 and is expected to reach $9.3 billion by 2028 growing at a CAGR of 7.4% during the forecast period. An integrated bridge system (IBS) is a collection of interconnected technologies that enables workstations to have centralised access to sensor data or command and control in order to improve the safe and effective administration of ships by appropriately certified personnel. In order to manage and manoeuvre the vessels in a specific direction as well as to help with surveillance, navigation systems are connected with other components such multifunctional consoles, radars, motion sensors, and GPS. The seamless integration of numerous sensors on a single platform is IBS's key benefit.

Market Dynamics:

Driver:

Rising preference for maritime tourism

The demand for cruise ships, ferries, and other passenger transport vessels gradually rises as marine tourism expands. There are many rules established for this maritime tourist sector because it is a significant source of income for countries. Tourism has been steadily increasing, which has benefited the marine industry. The leisure travel market's fastest-growing industry is this one. Modern systems are being adopted by passenger ships to improve customer service and safety as well as navigation and communication. These cutting-edge solutions are offered by major industry participants in integrated bridge systems, such Northrop Grumman, for recreational uses. Opportunities for expansion for both producers of integrated bridge systems and shipbuilders are anticipated to increase with the growth of the maritime tourism sector.

Restraint:

Digitalization leading to cyber threats

The maritime sector is continuously advancing in terms of digitalization. Worldwide ship digitization creates new cyber concerns. Due to the employment of satellites in a vessel to shore connectivity, the integration of navigational equipment and can lead to cyber threats. The management of cyber risk needs to be prioritised more in order to sustain safe vessel operation. Because of navigational satellites, cyber incidents such as data corruption in an ECDIS and the loss of external sensor data might occur in ships. According to the International Chamber of Shipping, bridge systems that are not connected to other networks are just as vulnerable because such systems are frequently updated from other networks using removable media. The ECDIS, AIS, VDR, and radar components of integrated bridge systems may not be available, and they may be impacted by a cyber threat. As online threats and attacks are on the rise, the maritime safety committee (MSC) of the international maritime organisation has established provisional recommendations to avoid cyber attacks on ship systems.

Opportunity:

Precise navigational safety standards & regulations

According to the International Maritime Organization's (IMO) recommendations, nations like the US, the UK, and India are updating and implementing maritime safety regulations. As a result, global safety requirements are becoming more uniform. Because of this, manufacturers of integrated bridge systems have been able to win contracts from numerous businesses, expanding their presence and guaranteeing the quality of their goods. A standard for E-navigation systems, which link onshore and offshore activities to improve coordination, is being finalised by the IMO. Small and large businesses in the integrated bridge systems market can create appropriate goods and effectively sell them as a result of the introduction of these standards. Products produced in accordance with IMO criteria have greater market credibility.

Threat:

Lack of skilled IBS operators

A trained workforce will be needed for the building of new, technologically advanced ships and port infrastructure (to fulfil the growing demand for seaborne trade) and for IMO regulation of many areas of marine transportation (such as safety, security, and environmental protection). Radar, ECDIS, and Gyrocompass are only a few of the many interconnected parts that make up integrated bridge systems. The ship crew must receive extensive training in order to successfully operate these technologies. The expense of training is quite high because it necessitates the purchase of pricey simulators. Inadequate staff training and an over-reliance on e-navigation can also contribute to maritime mishaps. Meeting the bare minimum training requirements is insufficient; police should have access to rigorous training. Therefore, shipping businesses face a hurdle in using these new technologies.

COVID-19 Impact

The pandemic caused a reduction in the workforce across many industries, including the market for integrated bridge systems, which caused the market to suffer significant losses during that time. Several manufacturers paused their activity in order to improve shutdown. Due to a lack of manufacturing supplies, many technological industries experienced market share losses. Due to the ban on internal travel to mitigate the impact of the COVID-19, the tourism industry and maritime trade were also put on hold for an extended period of time. The supply chain disruption and decreased production of raw materials have a negative impact on the market for integrated bridge systems.

The commercial ships segment is expected to be the largest during the forecast period

The commercial ships segment is estimated to have a lucrative growth, due to the rapid expansion of global seaborne trade, the appeal of ship-based marine tourism, and the rapidly growing number of port cities. Additionally, it is anticipated that increasing offshore resource exploration as well as rising import and export operations among numerous nations will propel the market for this segment.

The original equipment manufacturer (OEM) segment is expected to have the highest CAGR during the forecast period

The original equipment manufacturer (OEM) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to it is primarily spurred by the quickly expanding demand for navy ships outfitted with cutting-edge integrated bridge systems. Additionally, OEM's capacity to integrate various solutions into a single system and its high level of scalability and modularity are projected to considerably fuel market expansion.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increase in cruising and fishing activities as well as the expanding need for merchant ships in China are credited with this expansion. The market is anticipated to be supported by South Korea's expanding shipbuilding industry. 90% of shipbuilding activity worldwide was accounted for by China, Japan, and South Korea, according to a report from the United Nations Conference on Trade and Development (UNCTAD).

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the majority of integrated bridge system developers are situated in North America; the region is expected to account for a sizeable portion of the market. The growing need for these systems in the United States is due to the navy's rising defence budget. Additionally, it is anticipated that increasing exports and Canadian economic growth will stimulate the market.

Key players in the market

Some of the key players profiled in the Integrated Bridge Systems Market include Consilium Marine & Safety Ab, Danelec Marine A/S, DSME Co., Ltd., Alphatron Marine B.V., Hensoldt UK, Kongsberg, The Raytheon Company, Wartsila Oyj Abp, Tokyo Keiki Inc., Prime Mover Controls Inc., Praxis Automation Technology B.V., OSI Maritime Systems, Northrop Grumman Corporation, Mackay Communications, Inc., Marine Technologies LLC, Japan Radio Co., LTD., L3 Mapps Inc., Furuno Electric Co. LTD., Gem Elettronica and Noris Group GmbH.

Key Developments:

In September 2019, Raytheon Anschutz and the U.K. Royal Navy signed a contract to deliver Warship Integrated Navigation and Bridge Systems for UK Royal Navy's Type 31e Frigates.

Components Covered:

• Hardware
• Software
• Other Components

Ship Types Covered:

• Commercial Ships
• Defense Ships
• Other Ship Types

Sub-Systems Covered:

• Indian Navy Ship (INS)
• Automatic Weather Observation System (AWOS)
• Voyage Data Recorder
• Automatic Identification System (AIS)
• Other Sub-Systems

End Users Covered:

• Original Equipment Manufacturer (OEM)
• Aftermarket
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances