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Connected Ships Market Worth $9.1 Billion By 2027 | CAGR: 5.4% | Grand View Research, Inc.

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Connected Ships Market Worth $9.1 Billion By 2027 | CAGR: 5.4% | Grand View Research, Inc.

July 15
17:33 2020
Connected Ships Market Worth $9.1 Billion By 2027 | CAGR: 5.4% | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global connected ship market size was valued at USD 6.0 billion in 2019 and is expected to witness a CAGR of 5.4% over the forecast period. Increasing requirement to monitor the operations, functioning and the voyage path of ships on a centralized platform is a prominent factor anticipated to drive the market for connected ships over the forecast period.

The global connected ship market size is expected to reach USD 9.1 billion by 2027, registering a CAGR of 5.4% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to the increasing penetration of internet across the shipping and logistics industry across the globe.

The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry’s concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.

The market is largely influenced by the rapid rise in cross border shipping, which in turn has generated a high demand for connected ships. Emphasis of major economies towards globalization to strengthen free trade agreements like NAFTA (North American Free Trade Agreement), TPSEP (Trans-Pacific Strategic Economic Partnership), Southeast Asian Nations Free Trade Area (AFTA) will drive the market.

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https://www.grandviewresearch.com/static/img/research/north-america-connected-ships-market.png

The growth and progress in trading and logistics is expected to drive the market. Also, the factors such as shale gas evolution, rising export and import of chemicals, recovering petrochemical industry are positively influencing market growth. Also, container transportation is increasingly adopted globally to transport goods. It acts as a major driver for the cargo shipping market in the both – developed and developing countries.

Further key findings from the report suggest:

  • The market is anticipated to witness a substantial growth registering a CAGR of 5.4%, on account of the growing emphasis towards marine tourism
  • Sports connected Type segment is anticipated to witness high CAGR over the forecast period ascribing to its increasing adoption in both personal as well as sports applications.
  • 20ft to 50ft length connected ships in the connected ships length segment is expected to witness higher growth than other segments owing to its low operational, maintenance and fuel consumption.
  • Asia Pacific is anticipated to witness high CAGR in the connected ships market over the forecast period owing to government initiatives to boost marine tourism coupled with the rising disposable income of middle-class population in the region.
  • The market is oligopolistic in nature, dominated by key players in the market namely General Electric Company; Nikon Corporation; Olympus Corporation; Mistras Group, Inc.

The volume of international seaborne trade in 2016 was recorded at 10289.0 Mn tons and increased to 10702.0 Mn tons in the year 2017. This year on year rise in seaborne trade is also expected to significantly impact the market of connected ships in the upcoming years. The rising sea borne transport has compelled the manufacturers to invest in research and development on technology enhancement such as connected vessel technology, while enabling the exchange of information through a single network to make it more secure and safe. The adoption of connected ship solution allows stack owners to obtain real time position of shipment, operation control of the ship, and vessel traffic management. The applications of industrial IoT are using an enormous amount of available data, cloud services, as well as business analytics and enterprise mobility capabilities to analyze and optimize the shipping operations.

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The growth and progress in trading and logistics is expected to drive the market. Also, the factors such as shale gas evolution, rising export and import of chemicals, recovering petrochemical industry are positively influencing market growth. Also, container transportation is increasingly adopted globally to transport goods. It acts as a major driver for the cargo shipping market in the both – developed and developing countries.

https://www.grandviewresearch.com/static/img/research/global-connected-ships-market.png

The volume of international seaborne trade in 2016 was recorded at 10289.0 Mn tons and increased to 10702.0 Mn tons in the year 2017. This year on year rise in seaborne trade is also expected to significantly impact the market of connected ships in the upcoming years. The rising sea borne transport has compelled the manufacturers to invest in research and development on technology enhancement such as connected vessel technology, while enabling the exchange of information through a single network to make it more secure and safe. The adoption of connected ship solution allows stack owners to obtain real time position of shipment, operation control of the ship, and vessel traffic management. The applications of industrial IoT are using an enormous amount of available data, cloud services, as well as business analytics and enterprise mobility capabilities to analyze and optimize the shipping operations.

Government initiatives especially in emerging economies such as China and India, are focused towards digitalization of the vessel to achieve tracking as well for security purposes. Also, growing chemical industry in these countries is expected to positively impact market growth. Also, to attract more business the governments have been observed to be restructuring trade policies and infrastructure which is anticipated to boost the market over the forecast period.

Europe captured a significant share in the market owing to presence of key manufacturers in the region. U.K., Germany, and France are among the top five countries with the highest volume of parcel shipments in the region. However, Asia Pacific is expected to witness highest CAGR over the forecast period, owing to remarkable growth in the e-commerce sector and increasing internet penetration.

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Grand View Research has segmented the global connected ships market on the basis of ship type, installation type, application:

Connected Ships Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Commercial
  • Defense

Connected Ships Installation Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Onboard
  • Onshore

Connected Ships Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Vessel traffic management
  • Fleet operations
  • Fleet health operations

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Website: https://www.grandviewresearch.com/industry-analysis/connected-ship-market

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