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Connected Ship Global Market Report 2024 To 2033 | ABB Corporation, General Electric Company, Emerson Electric Co., Schneider Electric SE, Hyundai Heavy Industries Co. Ltd
Connected Ship Market Share
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Connected Ship Market 2024 Key Insights:
• 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%.
• Seaborne Trade Surge Fuels Growth In The Connected Ship Market
• Digital Transformation Sets Sail In The Connected Ship Market
• Asia-Pacific was the largest region in the connected ship market in 2023
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