Press release
Emerging Trends to Drive Connected Ship Market Growth at 7.4% CAGR Through 2029
Connected Ship Market Size
Connected Ship Market Size Growth Forecast: What to Expect by 2025?
In recent times, the market size of connected ship has seen robust growth. It is projected to rise from $7.3 billion in 2024 to $7.74 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. The growth during the historic period is a result of factors like the globalization of trade, advancements in navigation and communication, maritime safety regulations, the evolution of satellite communication, and the implementation of automated systems in shipping.
How Will the Connected Ship Market Size Evolve and Grow by 2029?
The market size of connected ships is projected to undergo substantial expansion in the coming years, reaching a worth of $10.28 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 7.4%. Multiple factors prompting this growth during the forecast period include the rise in automation and digitalization of ships, heightened demand for green and sustainable shipping, adoption of substitute fuels and propulsion systems, enhancement of the global shipping network, and the creation of autonomous ships. Key trends anticipated during the forecast period encompass smart shipping solutions, the incorporation of blockchain technology in maritime operations, remote inspections and diagnostics, self-governing and unmanned vessels, as well as environmental auditing and compliance systems.
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What Drivers Are Propelling the Growth of Connected Ship Market Forward?
The expansion of seaborne commerce is predicted to drive the growth of the connected ship market in the future. Seaborne commerce is the process of transporting goods for trade via sea, utilising connected ships. Foods, technology, medications, and various other items are transported and traded using these connected ships. The inexpensive and efficient maritime transportation is crucial for economic growth and sustainable progress. For example, the International Energy Agency, a self-governing organization based in Paris, reported in July 2024 that seaborne commerce was roughly 1.38 Bt in 2023, with the total trade slightly topping the 1.5 Bt, setting new historical records. Consequently, the surge in seaborne commerce fuels the expansion of the connected ship market.
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Which Emerging Trends Are Transforming the Connected Ship Market in 2025?
The primary trend that is growing in prevalence within the connected ship market is digital transformation in the marine sector. Connected ships aim to leverage technology and other platforms to introduce a digitalization system on board a ship. To cater to consumer needs and fortify their market standing, leading companies in the connected ship market are putting a greater emphasis on innovative digital transformation technologies. For example, in March 2022, MSC, a shipping firm based in Italy, rolled out hybrid network solutions along with enhanced secure IT management. A comprehensive protection for this hybrid network solution is provided by cyber detection services. These services monitor both outgoing and incoming network traffic, enabling real-time detection of specific cyber threats and prompt actions to resolve such incidents.
What Are the Key Segments in the Connected Ship Market?
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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Who Are the Key Players Shaping the Connected Ship Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Connected Ship Market?
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
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