Press release
Global Connected Ship Market Worth $9.93 Billion by 2029, Growing at 6.8% CAGR
Connected Ship Market
Connected Ship Market Outlook: What Size And CAGR Are Anticipated By 2025?
The market size of connected ships has been on a consistent growth trajectory in the past few years. The predicted expansion is from $7.3 billion in 2024 to $7.63 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.5%. The surge during the historical years is a result of factors such as trade globalization, development in navigation and communication technologies, maritime safety legislation, advancements in satellite communication, and the incorporation of automated systems in the shipping sector.
What Is the Expected CAGR for the Connected Ship Market Growth Through 2029?
The projected size of the connected ship market is set to witness substantial expansion in the next few years, with it expected to reach a whopping $9.93 billion by 2029, boasting a compound annual growth rate (CAGR) of 6.8%. This growth over the time period is attributable to the escalating incorporation of automation and digitalization in ships, the burgeoning demand for sustainable and ecologically friendly shipping alternatives, the embracing of alternative fuels and propulsion systems, the broadening of global shipping networks, as well as the advent of autonomous ships. The period is likely to be marked by several major trends such as the advent of smart shipping solutions, the infusion of blockchain into maritime operations, the establishment of remote monitoring and diagnostic systems, the rise of autonomous and unmanned ships, and the introduction of environmental monitoring and compliance mechanisms.
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What Are the Primary Drivers Behind Connected Ship Market Growth?
The connected ship market's progression is predicted to be fueled by the surge in seaborne trade. Seaborne trade is the term used for cargo that is transported by boat for commercial purposes. Connected ships are vehicles used for the shipping and trading of goods such as food, technology, medicine, among other essentials. The expansion and continuity of progress largely rely on economical and efficient marine transport. As an example, the International Energy Agency, an autonomous organization based in Paris, reported in July 2024 that seaborne trade approximately reached 1.38 Bt in 2023 and overall trade slightly overtopped the 1.5 Bt, marking an all-time high record. This upturn in seaborne trade propels the expansion in the connected ship market.
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What Are the Key Segments Driving Connected Ship Market Growth?
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
What Are the Technological Trends Impacting the Connected Ship Market?
The major trend gaining traction in the connected ship market is the digital transformation in the maritime sector. The aim of this connectivity in ships is to utilize technology and various platforms to showcase a digitalization platform within the ship. To meet consumer needs and consolidate their market position, major firms within the connected ship market are concentrating on novel digital transformation technologies. For instance, in March 2022, Italy's shipping company, MSC, introduced hybrid network solutions and state-of-the-art secure IT management. This hybrid network solution is fully guarded by cyber detection services. It scrutinizes outbound and inbound network traffic in real time to identify and promptly address targeted cyber threats.
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Who Are the Major Competitors in the Global Connected Ship Market?
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
Which Region Dominates the Connected Ship Market Share in 2025?
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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