Connected Ship Market by Ship Type, Application, Installation Type, Fit by 2027 | Northrop Grumman Corp, General Electric, Wärtsilä, Kongsberg Maritime, Marlink, ABB, Emerson Electric Co., Hyundai Heavy Industries

The global connected ship technology is installed in commercial, defense & cargo ships in which the vessels are attached and managed by satellite for communication between vessels, enhanced safety, security as well as navigational effectiveness. Additionally, it helps in welfare, entertainment and operation applications such as course planning, shipment logistic and application monitoring becomes convenient with the application of connected ships. The high acceptance for such latest technology is likely to drive the connected ship market growth.

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COVID-19 scenario Analysis:
• The vendors in connected ships industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn affecting the connected ships vendors worldwide.

• Majority of connected ships manufacturers are facing major issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the installation of this technology on the ships as well.

• The pandemic has had a negative impact on the connected ships market size for the year 2020, an estimated of 2-3% of deviation is noticed in the growth of connected ships manufacturers due to coronavirus.

• Connected ships is an evolving technology which is hampered due to an ongoing virus, because of which all type of production and installation across the affected countries had been shut down & all operations were disrupted due to the pandemic.

• As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many global connected ships manufacturers is vulnerable.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

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Increased budgets of shipping companies for digitalization of vessels, growing maritime tourism industry and increase in seaborne trade across the globe are driving the growth of the market. However, high costs of marine broadways connectivity and digitalization make connected ships vulnerable to cyber threats are expected to hamper the growth of the market. Contrarily, adoption of vessel traffic services (VTS) by shipping companies is encouraging the use of this technology which creates a favorable condition for the implementation of connecting ships that can be seen as an opportunity for the market investments.

The connected ships market trends are as follows:

Increase in budget of shipping companies for digitalization of vessels

The progress of the connected ships market can be attributed more towards the improved budgets of shipping companies for digitalization of their vessels. Digitalization has the potential to add growth to the global seaborne trade. Therefore, the technology can also be used for recording information on vessels such as global risks, integrating marine insurance policies, and digitizing & automating document filing system. Development of fully connected ships is expected to reduce piracy, human faults and will help in carrying more cargo. For example, Maritime industry invests $285 million to help industry embrace new technology and automated digital software.

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Key benefits of the report:
• This study presents the analytical depiction of the connected ship industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the connected ship market.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the connected ship market growth scenario.
• We can also determine this technology will remain a significant revenue shareholder in the connected ship market through the predictable future.

Questions answered in the connected ship market research report:
• Which are the leading market players active in the connected ship market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

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