Press release
With 5.4% CAGR, Integrated Bridge Systems Market Growth to Surpass USD 7.9 billion
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The integrated bridge systems market dynamics are closely related to events in the shipping industry and world trade. With advancements in technology, the retrofitting or installation cost for shipping companies, as well as the training cost for personnel, will increase. However, increasing concerns for navigational safety worldwide are expected to drive the integrated bridge systems market. Changes in demographics of developing countries and increasing urbanization are expected to boost world trade. Shipbuilding companies taking into consideration the aforementioned factors as well as risks associated with them, would use automation in their fleets. The shipbuilding industry is presently subdued. However, it is expected to witness growth in the future due to the increasing number of shipyards in developing countries, subsequently fueling the growth of the integrated bridge systems market. Further, as the market caters to the defense industry, it will not be greatly affected by a slowdown in trade in the commercial shipbuilding industry.
Based on ship type, the integrated bridge systems market has been segmented into commercial and defense. The commercial segment leads the integrated bridge systems market owing to marine navigation modernization as well as safety concerns. Integrated bridge systems have been in use in commercial ships, such as container ships, bulk carriers, and passenger ships, for the past two decades. Advanced products and services related to integrated bridge systems (to enable enhanced representation and interpretation of information from various consoles) have also been introduced over the years. The advantages of installing integrated bridge systems in commercial ships are increased navigational safety, a decrease in manpower, and enhanced operational efficiency.
Based on end user, the integrated bridge systems market has been segmented into OEM and aftermarket. The OEM segment has been further divided by ship type into commercial and defense ships, and the aftermarket by service type into parts and maintenance. An increase in maritime trade activities and the rise in ship traffic across the globe are key factors contributing to the growth of the integrated bridge systems market. By end user, the OEM segment is estimated to account for a share of 76% of the integrated bridge systems market in 2022.
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Based on subsystem, the integrated bridge systems market has been segmented into integrated navigation system (INS), automatic weather observation system (AWOS), voyage data recorder (VDR), and automatic identification system (AIS). The INS segment is further classified into components, which include navigation radar, communication console, ECDIS system, autopilot, echo sounder, gyro, BNWAS, etc. These systems are interconnected in the bridge system for enhanced safety and operational efficiency. The information derived from these systems aids navigational officers in navigating and maneuvering the vessel in an efficient manner.
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