Connected Ship Market 2024 | Market Trends, Key Drivers, Competitive Landscape, Share And Forecast To 2033

The connected ship market size has grown strongly in recent years. It will grow from $6.95 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to globalization of trade, navigation and communication advancements, maritime safety regulations, development of satellite communication, integration of automated systems in shipping.

The connected ship market size is expected to see strong growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increased automation and digitalization of ships, growing demand for eco-friendly and sustainable shipping, adoption of alternative fuels and propulsion systems, expansion of the global shipping network, development of autonomous ships. Major trends in the forecast period include smart shipping solutions, integration of blockchain in maritime operations, remote monitoring and diagnostics, autonomous and unmanned vessels, environmental monitoring and compliance systems.

Market Overview -
The connected ship refers to ships in which technology is installed and connected and managed via satellite. The connected ships are used within the shipping and marine industry to improve safety, security, and navigational efficiency through technology integration. They are used in a variety of operations, such as ship traffic management, fleet operations, and fleet health operations.

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Seaborne Trade Surge Fuels Growth In The Connected Ship Market
The rise in the seaborne trade is expected to propel the growth of the connected ship market going forward. Seaborne trade refers to the cargo that is carried on a boat for trade. Connected ships are used for the transportation and trade of food, technology, medicine, and other items. Growth and sustainable development depend heavily on affordable and effective maritime transportation. For instance, in 2022, according to a report published by Ship Technology, a US-based procurement and reference resource provider, there's a 43% increase in supply chain and logistics reported in Q3 of 2021 to boost the maritime industry. Therefore, the rise in seaborne trade is driving the growth of the connected ship market.

Competitive Landscape -
Major companies operating in the connected ship market report are ABB Corporation, General Electric Company, Emerson Electric Co., Schneider Electric SE, Hyundai Heavy Industries Co. Ltd., Jason Industries Inc., Kongsberg Gruppen ASA, Rockwell Automation Inc., Valmet Corporation, Wartsila Oyj Abp, Marlink AS, Northrop Grumman Corporation, RH Marine Group, Siemens Aktiengesellschaft, Ulstein Group ASA, Smith & Nephew plc, Thales Group, Furuno Electric Co. Ltd., Navico Holding AS, Inmarsat plc, Telefonaktiebolaget LM Ericsson, Intelsat Corporation, Harris Corporation, Iridium Communications Inc., KVH Industries Inc., Raytheon Anschütz GmbH, Sperry Marine BV, Transas Marine International AB, Cobham Satcom A/S, GNS GmbH

Digital Transformation Sets Sail In The Connected Ship Market
Digital transformation in marine has emerged as the key trend gaining popularity in the connected ship market. The purpose of the connected ships is to use technology and other platforms to demonstrate a digitalization platform on board a ship. Major companies operating in the connected ship market are focused on new digital transformation technology to meet consumer demand and strengthen their position. For instance, in March 2022, MSC, an Italy-based shipping company, launched hybrid network solutions and advanced secure IT management. Cyber detection services fully protect this hybrid network solution. The service scans outbound and inbound network traffic to detect targeted cyber threats in real-time and takes immediate steps to correct incidents.

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Key Segments -
The connected ship market covered in this report is segmented -
1) By Type: Commercial, Defense, Other Types
2) By Fit: Linefit, Retrofit
3) By Installation Type: Onboard, Onshore
4) By Application: Vessel Traffic Management, Fleet Operations, Fleet Health Monitoring, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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