Press release
Integrated Marine Automation System Market Is Anticipated to Grow At a Highest CAGR Rate During the Forecast Period 2018-2026
The global integrated marine automation system market has been segmented on the basis of product type, component, solution and geography. Based on product, the market for integrated marine automation system has been bifurcated into different types which includes commercial and defense. Again the commercial segment has been segmented into different types like cargo and passenger carrier. On the other hand, the defense segment has been classified into different types which includes aircraft carrier, submarines and UAVs among others. In 2017, the commercial segment hold the major percentage share in the integrated marine automation system market. On the basis of component, the market for integrated marine automation system has been classified into hardware, software and service. In 2017, integrated hardware segment hold the major market share in the integrated marine automation system market and is anticipated to grow at a highest CAGR rate during the forecast period. Additionally, on the basis of solution, the global integrated marine automation system market has been classified into engine room alarm and monitoring system, ballast system, tanks sounding system, fuel control system, controlling all valves, electrical energy flow and distribution control and protocol communication. The requirement of various analytical instruments and operation and monitoring software is anticipated to drive growth in the solution segment. Across the globe, growing demand for seaborne world trade, growth in maritime tourism and rising compliance focus towards maritime safety norms are expected to bolster the demand for the global integrated marine automation system market. On the flip side the shortage of qualified specialists in the marine industry and digitalization making ships vulnerable to cyber threats are also anticipated to hinder the growth of global integrated marine automation system over the forecast period.
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Geographically, integrated marine automation system market is segmented into North America, Europe, Asia Pacific, Middle- East and Africa and South America. In 2017, Europe and Asia Pacific hold the major market share in the global integrated marine automation system market. Additionally, Europe market is expected to grow at highest CAGR rate during the forecast period and France, Spain and Italy among others are some of the major contributor towards the growth of the market. Owing to increasing number of cruise ships and autonomous ship are continuously expand their operation across the different part of Europe, which in turn is augmented to increase the demand for the integrated marine automation system market. Moreover, shipping and all related maritime industries are an important source of revenues and jobs in Europe. In last couple of years, growth in the world economy and international merchandise trade has fuelled demand for maritime transport services across the different part of Europe. Cumulative emphasis on research and development activities by marine automation system product manufacturers is also acting as a key factor in the growth for market.
The key players operational in the integrated marine automation system market includes Northrop Grumman (The U.S), Siemens AG (Germany), Kongsberg Gruppen ASA (Norway), Consilium AB (Sweden), Thales Group (France), Wartsila Corporation (Finland), Tokyo Keiki Inc.(Japan), MTU Friedrichshafen (Germany), Honeywell International Inc (The U.S)., Praxis Automation Technology (Netherland), Marine Technologies (The U.S) and API Marine Inc. (Denmark) among others.
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