Connected Ship Market Size, Share, Growth Analysis, By Ship Type(Commercial & Defense), By Fit(Line fit & retrofit), By Region - Industry Forecast 2024-2031

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 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. '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)'

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.

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.

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.