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Projected Beneficial Growth in Global Connected Ship Market: Key Drivers, Trends, and Forecasts through 2029
Connected Ship Market
Exploring the Future of the Global Connected Ship Market: An In-depth Analysis of Expected Growth, Key Trends, and Major Market Influencers.
What Is The Projected Market Size Of The Global Connected Ship Market And Its Growth Rate?
The global connected ship market, exhibiting vigorous growth in recent years, is projected to continue thriving in the future.
• Market size in 2024: $7.3 billion
• Market size in 2025: $7.74 billion (5.9% CAGR). The historic period growth is attributed to trade globalization, advancements in navigation and communication, maritime safety regulations, satellite communication development, and integration of automated systems in shipping.
• Expected 2029 Market Size: $10.28 billion (7.4% CAGR). The forecast period growth is due to increased ship automation and digitalization, demand for eco-friendly and sustainable shipping, alternative fuels and propulsion systems adoption, global shipping network expansion, autonomous ships development and adoption.
What Is Driving The Growth In The Connected Ship Market?
The surge in seaborne trade critically stimulates the connected ship market progression. Seaborne trade involves cargo transport on a ship for trading purposes like food, technology, or medical supplies. The growth of connected ships is largely dependent on affordable and efficient maritime transportation. For instance, according to the International Energy Agency, an autonomous intergovernmental organization based in Paris, seaborne trade reported passed the 1.5 Bt mark in 2023, thereby catalyzing the growth in the connected ship market.
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Who Are the Key Players Driving Connected Ship Market Growth?
Leading companies contributing to the robust growth of the connected ship market include:
• ABB Corporation
• General Electric Company
• Emerson Electric Co.
• Schneider Electric SE
• Hyundai Heavy Industries Co. Ltd.
• Kongsberg Gruppen ASA
• Rockwell Automation Inc.
• Valmet Corporation
• Wartsila Oyj Abp
• Marlink AS
• Northrop Grumman Corporation
• RH Marine Group
• Siemens Aktiengesellschaft
• Ulstein Group ASA
• 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
What Are The Key Trends In The Connected Ship Market?
Driving the connected ship market are upcoming trends such as:
• Smart shipping solutions
• Integration of blockchain in maritime operations
• Remote monitoring and diagnostics
• Autonomous and unmanned vessels
• Environmental monitoring and compliance systems
What Are The Segments Of The Global Connected Ship Market?
The global connected ship market is segmented as follows:
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
Which Region Leads The Connected Ship Market?
Asia-Pacific region led the connected ship market in 2024. The detailed insights on additional regions like Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, are comprehensively covered in the connected ship market report.
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What Is Covered In The Connected Ship Market Global Market Report?
- Market Size Analysis: Analyze the Connected Ship Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Connected Ship Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Connected Ship Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Connected Ship Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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