Global Integrated Bridge Systems Market Size to Grow at a CAGR of 3.7% in the Forecast Period of 2022-2027
Integrated Bridge Systems Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview 2017-2027
• Forecast CAGR (2022-2027): 3.7%
The global integrated bridge systems market is expected to register growth during the forecast period on account of the increase in seaborne trade across the globe. The growing maritime tourism industry and rise in naval ship demand coupled with the increasing number of port cities, especially in Asian countries, are expected to fuel the market growth of integrated bridge systems globally.
With the launch of new technologies in integrated bridge systems like robotic bridge maintenance systems that offer efficient and safe maritime operations, the demand for the integrated bridge systems market is expected to propel across the globe. The demand for robotics technology is increasing as it aids in the maintenance and cleaning of completely autonomous vessels without crew, captains, and pilot on board. This is likely to enhance the market growth of integrated bridge systems during the forecast period.
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Going further, robotics technologies like firefighter robots, hull cleaning robots, robot ship inspectors, anti-piracy robots, and robotic vessels, among others are being employed for various purposes across the naval industry. This is boosting the integrated bridge systems market over the upcoming years across the globe as more sophisticated integrated bridge systems are required for management of robotics technologies. However, growing digitalisation has led to an increase in cyber threats which is further expected to hamper the market growth of integrated bridge systems.
Integrated Bridge Systems Industry Definition and Major Segments
An integrated bridge system (IBS) is a set of interconnected technologies that provides workstations with centralised access to sensor data, command, and control, to improve the safe and effective administration of ships by appropriately certified personnel. These systems are designed to guarantee improved ship control along with better navigation safety, operating efficiently with fewer electronic equipment and smaller crews on the bridge.
Based on component, the market is classified into:
By vessel type, the market is segmented into:
• Commercial Vessel
• Defence Vessel
Based on subsystem, the market is classified into:
By end user, the market is segmented into:
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Integrated Bridge Systems Market Trends
The surging number of suppliers of naval ships coupled with rising fishing and cruise industries is anticipated to bolster the market growth of integrated bridge systems over the upcoming years.
Geographically, the North American region is anticipated to drive the integrated bridge systems market growth on account of the surging adoption of advanced technologies. The robust presence of key market players such as Northrop Grumman Corporation, Raytheon Technologies Corporation, and L3Harris Technologies, Inc., among others in the region is further expected to enhance the market growth of integrated bridge systems in North America.
In the United States, the growing defence budget for the navy is boosting the demand for integrated bridge systems. The increasing export operations overseas along with the economic development in countries like Canada are expected to propel the installation of integrated bridge systems.
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Meanwhile, the Asia Pacific region is expected to gain momentum in the integrated bridge systems market share over the coming years. This is due to the surging fishing and cruising activities coupled with increasing demand for merchant ships, especially in China. The increasing shipbuilding activities in countries like South Korea are likely to enhance the market growth in the region.
In Europe, the increasing oil and gas exploration and production activities coupled with an upsurge in maritime-linked operations are expected to bolster the market growth of integrated bridge systems. The growing defence shipbuilding industry in the United Kingdom is likely to push forward market growth over the coming years.
Key Market Players
The major players in the global integrated bridge systems market report are:
• Northrop Grumman Corporation
• Wärtsilä Corporation
• Kongsberg Gruppen ASA
• Raytheon Technologies Corporation
• L3Harris Technologies Inc.
• Sinor Marine Technologies
• Mackay Communications Inc.
• Tokyo Keiki Inc.
• Hensoldt AG
• Noris Group GmbH
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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