The global integrated marine automation system market size was USD 3.58 billion in 2021 and is projected to grow from USD 3.84 billion in 2022 to USD 6.33 billion in 2029 at a CAGR of 7.39% in the 2022-2029 period. In 2021, the Asia Pacific region led the integrated marine automation system market, capturing a market share of 33.52%.
The integrated marine automation system is used to control and monitor the operations performed on a ship. Implementing these automated systems increases the operational efficiency and safety of marine vessels. Increasing demand for digitalization in the marine sector is expected to fuel the market during the projected period.
List of Key Players Profiled in 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.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/integrated-marine-automation-system-market-106580
Segments:
The Integrated Marine Automation System market can be segmented based on various criteria such as component, ship type, end-user, and region. Here is a detailed segmentation:
1. By Component
Hardware
Sensors
Displays
Control Units
Others
Software
Monitoring Systems
Control Systems
Navigation Systems
Communication Systems
Services
Installation & Integration
Maintenance & Repair
Training & Support
2. By Ship Type
Commercial Ships
Cargo Ships
Tankers
Passenger Ships
Container Ships
Naval Ships
Frigates
Corvettes
Destroyers
Submarines
Special Purpose Ships
Research Vessels
Offshore Support Vessels
Dredgers
Others
Fishing Vessels
Yachts
3. By End-User
Shipping Companies
Defense
Offshore Companies
Fishing Industry
Others
4. By Region
North America
United States
Canada
Europe
United Kingdom
Germany
France
Norway
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Mexico
Rest of Latin America
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: Integrated Marine Automation System Market
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 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: Integrated Marine Automation System Market
December 2020: Rolls-Royce acquired Servowatch Systems, an international supplier of integrated marine automation systems. Servowatch will expand the ship automation division with Rolls-Royce's Power Systems business.
October 2020: Hoglund and Veracity signed a collaboration agreement to combine onboard integration and data capture capabilities of Hoglund and ecosystem and platform architecture with helping ship owners accelerate their digital initiatives.