The global integrated marine automation system market was valued at USD 3.58 billion in 2021 and is forecasted to expand from USD 3.84 billion in 2022 to USD 6.33 billion by 2029, registering a CAGR of 7.39% during the 2022-2029 period. In 2021, Asia Pacific led the market, accounting for a substantial 33.52% share, driven by increased maritime trade and fleet modernization efforts in the region.
The integrated marine automation system market is experiencing significant growth, driven by advancements in automation technologies and the increasing need for efficient vessel operations. These systems integrate various functions such as navigation, propulsion, and monitoring, enhancing operational efficiency, safety, and decision-making in maritime environments. The market is influenced by rising investments in modernizing fleets, stricter safety regulations, and the growing adoption of autonomous and remotely operated vessels. Key players are focusing on developing innovative solutions with AI and IoT capabilities to meet the evolving demands of the maritime industry. As global trade and offshore activities expand, the demand for integrated marine automation systems is expected to grow substantially, fostering innovation and growth in the sector.
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https://www.fortunebusinessinsights.com/integrated-marine-automation-system-market-106580
List of Key Players Profiled in Market Report for Integrated Marine Automation System Market:
ABB (Switzerland)
Honeywell International, Inc. (U.S.)
Rolls-Royce PLC (U.K.)
Wartsila (Finland)
Kongsberg (Norway)
Siemens (Germany)
Hyundai Heavy Industries (South Korea)
General Electric (U.S.)
Ingeteam (Spain)
Emerson Electric Co. (U.S.)
Segmentation:
Vessel Management System to Dominate Market Due to Increased Adoption in Naval and Marine Sector
By product type, the integrated marine automation system market is bifurcated into hardware and software.
On the basis of solution, the market is segmented into the vessel management system, power management system, safety system, and others.
Based on the end-users, the market is divided into commercial and defense.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, and Rest of the world.
Report Coverage:
The report provides complete information and factual data regarding market development and current trends in the industry. Furthermore, key advancements and business development strategies such as mergers, acquisitions, alliances, and partnerships are discussed in the report. Also, the impact of COVID-19 pandemic on industrial growth and development is highlighted further. Drivers and restraints affecting the market growth are elaborated along with the latest key developments in the industry.
Drivers & Restraints:
Rising Investment in Advanced Technologies to Stimulate Growth
The integrated marine automation system market is expected to witness prominent growth during the projected period owing to the increasing demand for digitalizing marine operations. Increased development in a software solution is anticipated to boost the naval, marine, and offshore sectors' product demand. Rising investment into technological advancements and development in shipbuilding and shipping companies will likely bolster market expansion. These factors are likely to ensure integrated marine automation system market growth in the coming years.
However, the increased risk of cyber threats may hinder market growth.
Regional Insights:
Asia Pacific Dominated Market Due to Technological Advancements
Asia Pacific dominates the global integrated marine automation system market share during the forecast period due to major shipbuilding companies in the region. The region stood at USD 1.20 billion in 2021. Technological development in emerging countries is likely to bolster market growth.
Europe is expected to hold the second-largest global market position due to the rising demand for the cruise, ships, and autonomous ships. Also, an ongoing ship modernization program is likely to boost the demand.
Competitive Landscape:
Partnerships Allow Key Players to Expand Business Globally
The key players in integrated marine automation system market focus on implementing various business developments strategies to expand their market reach. These strategies include forming strategic alliances, partnerships, mergers, or acquiring other companies. Also, implementing innovative product development and differentiation strategy allow companies to propel growth.
Industry Developments:
In October 2021 –Hoglund was awarded a contract by Sunrise Reliance LLC to supply Automation and Fuel Gas Supply System (FGSS) for retrofitting2400 TEU container ship. Hoglund and COSCO Shipyard Group will work on delivering an integrated solution that includes Power Management System (PMS), FGSS, Ship Performance Monitor (SPM), and full automation of new systems on the ship.