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Integrated Bridge System Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033
Integrated Bridge System Market Share
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According to The Business Research Company's, The integrated bridge system market size has grown strongly in recent years. It will grow from $7.37 billion in 2023 to $7.75 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to maritime safety regulations, increased global trade activities, focus on crew training and workload reduction, demand for fuel efficiency, navigation safety awareness, globalization of shipping industry.
The integrated bridge system market size is expected to see steady growth in the next few years. It will grow to $9.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to increasing vessel traffic in ports, shift toward autonomous shipping, increased emphasis on environmental compliance, expansion of cruise and passenger shipping, rising demand for offshore support vessels, focus on remote monitoring and diagnostics. Major trends in the forecast period include digitalization and connectivity, advanced navigation and maneuvering capabilities, cybersecurity integration, compliance with navigation standards and regulations, human-centered design, upgradation to meet e-navigation requirements, collaborations and partnerships.
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Market Drivers and Trends:
The increasing defense expenditure is expected to propel the growth of the integrated bridge systems market going forward. Defense expenditure refers to the amount of financial resources dedicated by a state to raising and maintaining an armed force or other methods essential for defense purposes. The surge in defense spending allows for the procurement and implementation of state-of-the-art IBS solutions, which play a pivotal role in bolstering maritime security, improving situational awareness, and optimizing the operational efficiency of naval fleets. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Sweden-based institute and independent resource on global security, world military spending continued to grow in 2021, reaching an all-time high of $2.1 trillion. Total global military expenditure increased by 0.7% in real terms in 2021 to reach $2,113 billion. Therefore, the increasing defense expenditure is driving the growth of the integrated bridge systems market.
Technological advancement is a key trend in the integrated bridge systems market. Major companies operating in the integrated bridge system market is concentrating on creating new product solutions to improve their position. For instance, in May 2022, China Railway Hi-tech Industry Corporation, a China-based manufacturer of construction equipment, launched intelligent pile-beam integrated bridge-building machines based on several construction technologies. This is the first intelligent pile-beam integrated bridge-building machine developed in the world based on the BeiDou positioning system that improves efficiency by more than three times, reduces the construction costs incurred by erectio*n and demolition, reduces construction dust and noise, and avoids damage to the environment in nature compared to traditional single-span bridge construction.
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Major Key Players of the Market:
Sperry Marine Northrop Grumman, Praxis Automation Technology B.V., Admarel BV, Hensoldt UK, Prime Mover Controls Inc., OSI Maritime Systems, Wartsila Valmarine AS, Alphatron Marine, Consilium Marine & Safety Ab, Danelec Marine A/S, Furuno Electric Co Ltd., Norwegian Electric Systems As, GEM elettronica, L3 Mapps Inc., Mackay Communications Inc., Marine Technologies LLC, Alfa Laval Corporate AB, Atlas Elektronik GmbH, BAE Systems plc, Elcome International LLC, Emerson Electric Co., Fincantieri S.p.A., Garmin Ltd., General Dynamics Corporation, Hatteland Display AS, Honeywell International Inc., Hyundai Heavy Industries Co. Ltd., Japan Radio Co. Ltd., Kelvin Hughes Limited, Leonardo S.p.A., Lilaas AS, Mitsubishi Electric Corporation, Navico Holding AS, Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Saab AB
Integrated Bridge System Market 2024 Key Insights:
• The integrated bridge system market size is expected to see steady growth in the next few years. It will grow to $9.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Rising World Seaborne Trade Drives The Integrated Bridge Systems Market
• Technological Advancements In Integrated Bridge Systems
• Asia-Pacific was the largest region in the integrated bridge system market in 2023
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