Press release
Seaborne Trade Surge Fuels Growth In The Connected Ship Market: A Key Driver Powering Connected Ship Market Growth In 2025
Connected Ship
What Is the Current Connected Ship Market Size and Its Estimated Growth Rate?
In recent times, the connected ship market has seen robust growth. It is predicted to increase from $7.3 billion in 2024 to $7.74 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. This growth during the historic period can be ascribed to factors such as the globalization of trade, advancements in navigation and communication, maritime safety rules, the evolution of satellite communication, and the incorporation of automated systems in shipping.
Expectations are high for a significant surge in the connected ship market over the upcoming years. It is projected to reach a value of $10.28 billion in 2029, with a compound annual growth rate (CAGR) of 7.4%. This anticipated growth during the forecast period is attributed to a rise in ship automation and digitization, a growing requirement for environmentally responsible and sustainable shipping methods, the adoption of alternative fuel and propulsion systems, extension of the global shipping network, and the advent of autonomous ships. Foreseen trends within the forecast period encompass smart shipping solutions, the fusion of blockchain technology in maritime operations, remote surveillance and diagnostics, autonomous and unmanned vessels, and systems for environmental monitoring and compliance.
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How Are Emerging Segments Shaping the Connected Ship Market Landscape?
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
Subsegments:
1) By Commercial: Cargo Ships, Tankers, Passenger Ships, Fishing Vessels
2) By Defense: Naval Ships, Submarines, Coast Guard Vessels
3) By Other Types: Research Vessels, Leisure Boats, Tugs And Barges
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Which Growth Factors Are Influencing Connected Ship Market Expansion?
The expansion of the seaborne trade is predicted to significantly impact the progress of the connected ship market. Seaborne trade pertains to merchandise transported via vessels for commerce. These connected ships play a crucial role in transferring and trading items like food, technology, medicine, etc. Both growth and sustainable development heavily rely on cost-efficient and effective maritime transport. For example, data from the International Energy Agency - an autonomous intergovernmental organisation based in Paris, revealed in July 2024 that seaborne trade was close to 1.38 Bt in 2023. The total trade narrowly exceeded the 1.5 Bt, creating record highs. Consequently, this boom in seaborne trade triggers the growth of the connected ship market.
Who Are the Dominant Players Across Different Connected Ship Market Segments?
Major companies operating in 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 Latest Developing Trends in the Connected Ship Market?
The trend of digital transformation in the maritime sector is becoming increasingly prevalent in the connected ship market. Connected ships primarily aim to employ technologies and other platforms to establish a digital platform within a ship. Major corporations in this market are primarily concentrating on the latest digital transformation technologies to fulfill consumer needs and consolidate their market position. For instance, in March 2022, MSC, a shipping firm located in Italy, introduced hybrid network solutions along with enhanced secure IT management. The hybrid network solution is fully defended by cyber detection services. These services actively monitor and analyze inbound and outbound network traffic to identify potential cyber threats promptly and take rapid corrective measures to address any incidents.
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Which Geographic Regions Are Expected to Dominate the Connected Ship Market in the Coming Years?
Asia-Pacific was the largest region in the connected ship market in 2024. The regions covered in the connected ship market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Connected Ship Market?
2. What is the CAGR expected in the Connected Ship Market?
3. What Are the Key Innovations Transforming the Connected Ship Industry?
4. Which Region Is Leading the Connected Ship Market?
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