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Integrated Bridge System Market Size, Share & Trends, Industry Analysis Report from 2022 to 2030

09-21-2022 12:37 PM CET | IT, New Media & Software

Press release from: We Market Research

Integrated Bridge System Market

Integrated Bridge System Market

The Global Integrated Bridge System Market is valued at USD 7.56 billion in 2022 and is projected to reach a value of USD 10.26 billion in 2030 expanding at a CAGR of 3.9% over the forecast period of 2022-2030.

An integrated bridge system is mainly used to increase the safety as well as efficiency of naval ships by connecting all the marine ship system into the common networks.

Also, it can be defined as a combination of a computer process and a network. It also controls the information from the ship's navigation sensors and control system.

Additionally, it mainly provides seamless integration of all navigation functions, uniform presentation of information, and user simplicity to avoid human errors.

Key Market Trends

Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising seaborne trade. Also, the rise in maritime tourist globally has also fuelled the market growth.

The rise in number of port cities in Asian countries has acted as an opportunity for the market growth over the forecast period.

On the flip side, the digitalization that is leading to cyber threats has hampered the market growth over the forecast period. The systems and components mainly consist of a highly expensive Doppler sonar system, navigation system, communication system, and a radar system. This has hampered the market growth over the forecast period.

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Segmental analysis of the Market

Based on Vessel Type

Commercial vessel
Defence vessel
The commercial vessel segment has dominated the market growth over the forecast period. This is because of the rising exploration of offshore resources and rising construction activities.

Based on component

Hardware
Software
The hardware segment has dominated the market growth over the forecast period. This is because of rising requirement of IBS on commercial vessel as well as defence vessels.

Based on Subsystem

INS
VDR
AWOS
AIS
The VDR segment has dominated the market growth over the forecast period.

North America is anticipated to amplify at a considerable CAGR

The Global Integrated Bridge System Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of the rising defence budget for the navy that is increasing the demand for these system in the region, mainly in the U.S.

COMPETITIVE LANDSCAPE

Some of the prominent companies operating in the market are Kongsberg (Norway), Wärtsilä (Finland), Northrop Grumman Corporation (US), Raytheon Company (US), Furuno Electric Co. Ltd. (Japan), Larsen & Toubro (India) and Japan Radio Co. Ltd. (Japan), among others.

Get more details on this report:- https://wemarketresearch.com/reports/integrated-bridge-system-market/409/

Frequently Asked Questions
What is the growth rate of the Global Integrated Bridge System Market?
What are the primary growth determinants of the market?
Which are the major regions constituting the geographical landscape of the market?
Which are the prominent companies operating in the market?

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About We Market Research:
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

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