How Has the Connected Ship Market Evolved Historically and What is its Current Size?
The connected ship market has seen considerable growth due to a variety of factors.
• In recent times, there has been considerable growth in the connected ship market size. It's projected to increase from $7.3 billion in 2024 to $7.74 billion in 2025, displaying a compound annual growth rate (CAGR) of 5.9%.
The increasing trend in previous periods can be linked to global trade expansion, enhancements in navigation and communication, maritime safety regulations, satellite communication developments, and the inclusion of automated systems in shipping.
What is the Forecasted Market Size and CAGR for the Connected ShipMarket?
The connected ship market is expected to maintain its strong growth trajectory in upcoming years.
• Projected vigorous expansion is anticipated for the connected ship market size in the upcoming years, with a predicted rise to $10.28 billion in 2029 and a compound annual growth rate (CAGR) of 7.4%.
This forecasted growth can be credited to the growing digitalization and automation of ships, an escalating demand for sustainable and eco-friendly shipping solutions, adoption of alternative fuels and propulsion systems, enlargement of the worldwide shipping network, and progress in autonomous ships. Key trends expected during the forecast period encompass smart shipping solutions, the implementation of blockchain in maritime operations, remote surveillance and assessment, unmanned and autonomous vessels, and systems for environmental monitoring and compliance.
What Are The Key Drivers Fueling Growth In The Connected Ship Market?
The upward trend in seaborne trade is predicted to fuel the expansion of the connected ship market in the future. Seaborne commerce involves the shipment carried on ships for business purposes. Connected vessels are utilised for the transfer and commerce of items such as food, technology, medicine, among others. The growth and sustainability largely hinge on reasonably priced and effective marine transportation. For instance, the International Energy Agency, an autonomous intergovernmental institution based in Paris, reported in July 2024 that seaborne commerce faltered at about 1.38 Bt in 2023 and the overall commerce, marginally eclipsing the 1.5 Bt, noted record peaks. Consequently, the boost in seaborne commerce propels the development in the connected ship market.
What Are The Principal Market Segments In The Global Connected Ship Industry?
The connected ship market covered in this report is segmented –
1) By Type: Commercial, Defense, Other Types
2) By Fit: Linefit, Retrofit
3) By Installation Type: Onboard, Onshore
4) By Application: Vessel Traffic Management, Fleet Operations, Fleet Health Monitoring, Other Applications
Subsegments:
1) By Commercial: Cargo Ships, Tankers, Passenger Ships, Fishing Vessels
2) By Defense: Naval Ships, Submarines, Coast Guard Vessels
3) By Other Types: Research Vessels, Leisure Boats, Tugs And Barges
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Which Emerging Market Trends Are Altering The Connected Ship Sector?
The increasing digitization of the marine sector has become the primary trend in the connected ship market. Connected ships aim to leverage technological advancements and other platforms to create onboard digitalization systems. Leading firms in the connected ship market are zeroing in on emerging digital transformation technologies to cater to consumer needs and fortify their market stance. For instance, in March 2022, Italy-based shipping firm MSC unveiled hybrid network solutions and enhanced secure IT management. The cybersecurity services thoroughly safeguard this hybrid network solution. These services meticulously monitor both outgoing and incoming network traffic to identify and mitigate cyber threats in real time.
Who Are the Key Players in the Connected Ship Market?
Major companies operating in the connected ship market include:
• ABB Corporation
• General Electric Company
• Emerson Electric Co.
• Schneider Electric SE
• Hyundai Heavy Industries Co. Ltd.
• Kongsberg Gruppen ASA
• Rockwell Automation Inc.
• Valmet Corporation
• Wartsila Oyj Abp
• Marlink AS
• Northrop Grumman Corporation
• RH Marine Group
• Siemens Aktiengesellschaft
• Ulstein Group ASA
• Thales Group
• Furuno Electric Co. Ltd.
• Navico Holding AS
• Inmarsat plc
• Telefonaktiebolaget LM Ericsson
• Intelsat Corporation
• Harris Corporation
• Iridium Communications Inc.
• KVH Industries Inc.
• Raytheon Anschütz GmbH
• Sperry Marine BV
• Transas Marine International AB
• Cobham Satcom A/S
• GNS GmbH
What are the Regional Insights into the Connected Ship Market?
Asia-Pacific was the largest region in the connected ship market in 2024. The regions covered in the connected ship market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
