USD 6.55 Billion
Connected Ship Market Size, Share, Growth Analysis, By Ship Type(Commercial & Defense), By Fit(Line fit & retrofit), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20T2013 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
59
|Figures:
75
Connected Ship Market Insights
Global Connected Ship Market size was valued at USD 6.55 Billion in 2022 and is poised to grow from USD 6.88 Billion in 2023 to USD 10.26 Billion by 2031, at a CAGR of 5.11% during the forecast period (2024-2031).
The global connected ship market is experiencing significant growth and transformation, driven by advancements in technology and the increasing demand for efficient and digitally-enabled maritime operations. Connected ships refer to vessels that are equipped with advanced communication, navigation, and automation systems, allowing for real-time data exchange, remote monitoring, and enhanced operational efficiency. The growth of the global connected ship market is propelled by several factors. Firstly, the rising need for improved vessel performance, fuel efficiency, and safety standards is driving the adoption of connected technologies. By integrating connectivity solutions, ship operators can optimize voyage planning, monitor engine performance, and enhance overall operational efficiency. Secondly, the growing focus on environmental sustainability and regulatory compliance in the maritime industry is fueling the demand for connected ships. These vessels can utilize data-driven insights to optimize fuel consumption, reduce emissions, and comply with stringent environmental regulations.
The increasing globalization of trade and the need for efficient logistics management are driving the adoption of connected technologies in commercial shipping. Connected ships enable real-time tracking of cargo, enhanced supply chain visibility, and streamlined port operations, leading to improved efficiency and reduced costs. Despite the positive growth prospects, the global connected ship market also faces several challenges. One of the key challenges is the high initial investment required for implementing connected technologies on existing ships or incorporating them during the construction phase of new vessels. The retrofitting process can be complex and time-consuming, impacting the pace of adoption. Another challenge is the need for robust cybersecurity measures to safeguard connected ship systems from potential cyber threats. As ships become more connected, they become vulnerable to cybersecurity risks, including data breaches and remote hacking attempts. Ensuring the security and integrity of shipboard systems and networks is critical for the widespread adoption of connected technologies. Furthermore, interoperability and standardization issues pose challenges for the integration of different connectivity solutions and systems across a diverse fleet of ships. Establishing common protocols and industry standards is essential to enable seamless data exchange and interoperability between different connected ships.
US Connected Ship Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Retrofit
Fastest Growth
Line fit
Growth Rate
5.11% CAGR
Global Connected Ship Market ($ Bn)
Country Share for North America Region (%)
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Connected Ship Market Segmental Analysis
The global connected ship market is segmented on the basis of ship type, fit, and region. By ship type, the market is segmented into commercial & defense. By fit, the market is segmented into line fit, and retrofit. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Connected Ship Market Analysis By Ship Type
Commercial ships, which include cargo ships, tanker ships, passenger ships, and other vessels used for commercial purposes, are expected to dominate the connected ship market. The commercial sector accounts for a significant portion of the global maritime industry, driving the demand for connectivity and smart technologies to enhance operational efficiency, safety, and logistics management.
Among the ship types, cargo ships are anticipated to have the largest market share within the commercial segment. Cargo ships play a crucial role in global trade and transportation, and the integration of connectivity solutions enables real-time tracking, efficient logistics management, and improved operational performance.
In terms of the fastest-growing segment, defense ships are expected to exhibit significant growth in the connected ship market. With increasing investments in naval modernization and the adoption of advanced communication, surveillance, and navigation systems, defense ships are becoming more connected and technologically advanced. This allows for enhanced situational awareness, improved mission capabilities, and efficient command and control operations.
Connected Ship Market Analysis By Fit
Retrofit installations dominate the connected ship market. This is because a significant number of existing ships in operation do not possess advanced connectivity capabilities and need to be retrofitted to meet the growing demand for smart technologies. Retrofitting enables shipowners and operators to upgrade their vessels and leverage the benefits of connected systems, including improved operational efficiency, enhanced safety, and data-driven decision-making.
While retrofit installations currently dominate, line fit installations are expected to exhibit significant growth in the connected ship market. As the demand for connected ships continues to rise, shipbuilders are increasingly incorporating connectivity solutions into new ship designs. Line fit installations allow for seamless integration of connected technologies during the construction phase, eliminating the need for retrofitting in the future.
Global Connected Ships Market By Fit
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Connected Ship Market Regional Insights
North America is projected to hold a dominant share in the connected ship market. This growth is primarily driven by factors such as the increasing maritime traffic, growing demand for technological advancements in the marine industry, and rising investments in the defense sector. Among the countries in North America, the US is expected to have the largest market share. This can be attributed to the presence of leading market players, a rise in research and development expenditure, and an upsurge in waterway trade and business.
Furthermore, Asia Pacific is anticipated to witness the highest growth rate in the connected ship market during the forecast period. This can be attributed to several factors, including the rapid development of ports to cater to increasing trade and travel demands, the need for naval force upgrades, and the growing concern over environmental degradation caused by the use of fossil fuels in the maritime industry. Within the Asia Pacific region, India is projected to be the fastest-growing country. The significant growth in India is primarily driven by increasing research and development investments in the establishment of sophisticated and intelligent ports, aiming to enhance efficiency and effectiveness in maritime operations.
Global Connected Ships Market By Region
- Largest
- Fastest
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Connected Ship Market Dynamics
Connected Ship Market Drivers
Increasing Demand for Data-Driven Decision-Making
- The ability to collect, analyze, and utilize data from connected ship systems enables data-driven decision-making, enhancing operational effectiveness and enabling proactive maintenance and risk management.
Enhanced Safety and Security
- Connected ship systems provide real-time monitoring of vessel conditions, early warning systems, and improved situational awareness, contributing to enhanced safety and security for crew and cargo.
Connected Ship Market Restraints
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Connected Ship Market Competitive Landscape
The global connected ship market is characterized by intense competition among various players operating in the maritime industry. Companies in this market are focused on developing and offering advanced connectivity solutions and systems to enhance vessel performance, optimize operations, and improve safety. The competitive landscape is marked by collaborations, partnerships, and mergers & acquisitions aimed at expanding product portfolios and strengthening market presence. Key players in the market are investing heavily in research and development activities to innovate and introduce cutting-edge technologies that meet the evolving needs of the maritime sector. Additionally, there is a growing focus on strategic alliances with technology providers and communication service providers to leverage their expertise and expand market reach. These collaborations help in the development of integrated solutions that combine connectivity, automation, and data analytics capabilities. The market also witnesses the entry of new players, particularly technology startups, offering niche solutions and disruptive technologies. These new entrants bring fresh perspectives and innovative approaches to the market, contributing to the overall competitiveness and driving the pace of innovation.
Connected Ship Market Top Player’s Company Profile
- Wärtsilä (Finland)
- ABB Ltd. (Switzerland)
- Kongsberg Gruppen ASA (Norway)
- Inmarsat plc (UK)
- General Electric Company (US)
- Schneider Electric SE (France)
- Rolls-Royce Holdings plc (UK)
- Marlink (Norway)
- Navico Holding AS (Norway)
- RH Marine (Netherlands)
- L3 Harris Technologies, Inc. (US)
- Emerson Electric Co. (US)
- Honeywell International Inc. (US)
- Siemens AG (Germany)
- Furuno Electric Co., Ltd. (Japan)
- VesselMan AS (Norway)
- Ericsson AB (Sweden)
- Intellian Technologies, Inc. (South Korea)
- Harris CapRock Communications, Inc. (US)
- Thales Group (France)
Connected Ship Market Recent Developments
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In January 2024, Maersk and Hapag-Lloyd declared their entrance into functional cooperation.
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In February 2024, Infosys marked a long-term agreement with Pacific International Lines (PIL), a Singaporean shipping organization, to help PIL's digital transformation efforts. Infosys will redo PIL's current client entry and carry out a versatile and present-day innovation stage. This organization plans to help PIL's central goal of "Driving Connectivity," associating their organizations across different business sectors. PIL's web and portable applications will likewise go through complete upgrades as a feature of this drive.
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In September 2023, Israeli transporter ZIM restored its partnership with Mediterranean Shipping Co. (MSC), the world's biggest transporter. The new functional arrangement covers administrations interfacing the Indian subcontinent with the East Mediterranean, the East Mediterranean with Northern Europe, and administrations associating East Asia with Oceania. The arrangements between ZIM and MSC include vessel sharing, slot buys, and swap arrangements.
Connected Ship Key Market Trends
- Increasing Adoption of IoT and Connectivity Solutions: The integration of Internet of Things (IoT) technologies and connectivity solutions is a major trend in the connected ship market. Ships are becoming more connected through sensors, communication systems, and data analytics platforms, enabling real-time monitoring and data-driven decision-making.
- Advanced Data Analytics and Predictive Maintenance: The use of advanced data analytics techniques, such as machine learning and artificial intelligence, is gaining prominence in the connected ship market. Ship operators are leveraging data to predict and prevent equipment failures, optimize maintenance schedules, and improve overall vessel performance.
Connected Ship Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global connected ship market analysis, advancements in technology and the need for improved efficiency, safety, and sustainability in the maritime industry are the key growth drivers. North America is expected to dominate the market, fuelled by rising maritime traffic, demand for technological advancements, and investments in defense. The Asia Pacific region is projected to be the fastest-growing segment, driven by the development of ports, naval upgradation needs, and environmental concerns. The market is witnessing an increasing adoption of IoT and connectivity solutions, advanced data analytics, emphasis on cybersecurity, remote monitoring, and autonomous operations. Collaboration, crew welfare, and integration with port and supply chain operations are also key trends. While the market presents ample growth opportunities, challenges such as data security, regulatory compliance, and the complexity of integrating various systems need to be addressed. Overall, the global connected ship market holds promising prospects, offering transformative solutions to enhance the performance and sustainability of the maritime industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.55 Billion |
| Market size value in 2031 | USD 10.26 Billion |
| Growth Rate | 5.11% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Connected Ship Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Connected Ship Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Connected Ship Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Ship Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Ship Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Connected Ship Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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