Press release
Segment Analysis and Major Growth Areas in the Connected Ship Market
Connected Ship Market
Connected Ship Market Size and Growth Outlook to 2030
The connected ship market is set to experience substantial growth over the coming years, reaching a valuation of $10.65 billion by 2030. This expansion corresponds to a compound annual growth rate (CAGR) of 6.9%. Factors driving this growth include the increasing adoption of smart shipping technologies, progress in autonomous vessel development, heightened focus on cybersecurity, growing need for real-time fleet visibility, and the monitoring of decarbonization efforts. Key trends influencing the market during the forecast period are the rise of satellite-based ship connectivity, broader implementation of fleet health monitoring solutions, advancements in vessel traffic management systems, integration of predictive analytics, and an emphasis on maritime safety and security.
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Leading Organizations in the Connected Ship Market Landscape
The connected ship market comprises several prominent companies shaping its direction. Notable players 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, and GNS GmbH.
Strategic Expansion Through Acquisition in the Connected Ship Sector
In December 2023, Wilhelmsen Holding ASA, a Norwegian shipping firm, completed the acquisition of ZEABORN Ship Management GmbH & Cie. KG for an undisclosed sum. This move strengthens Wilhelmsen and MPC Capital's position in the ship management market by substantially increasing their operational footprint and client base. Together, they now oversee a fleet of more than 150 vessels. ZEABORN Ship Management GmbH & Cie. KG, based in Germany, specializes in third-party ship management and delivers connected ship services to its clients, further enhancing the combined entity's service capabilities.
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Investment Strategies Driving the Connected Ship Market Forward
Players in the connected ship market are prioritizing strategic, long-term investments to elevate their market standing. These investments focus on research and development of cutting-edge technologies that enable connected ship capabilities. Innovations include the deployment of IoT, data analytics, artificial intelligence, automation, and remote monitoring systems tailored specifically for maritime operations. For example, in October 2023, Singapore-based PSA Marine established the Fleet Data-To-Knowledge (D2K) Centre to monitor its harbor tug fleet. This center leverages digital technologies and large-scale display systems to track vessel positioning, operational status, fuel usage, and machinery health. The system integrates Automatic Identification System (AIS) data to provide real-time visualization of fleet movements around Singapore's port waters. Monitoring transit times, speeds, and fuel consumption helps optimize tug operations and boost efficiency.
Detailed Segment Breakdown of the Connected Ship Market
The connected ship market is categorized into several primary segments:
1) Type: Commercial, Defense, and Other types
2) Fit: Linefit and Retrofit
3) Installation Type: Onboard and Onshore
4) Application: Vessel Traffic Management, Fleet Operations, Fleet Health Monitoring, and Other applications
Within these, subcategories include:
- Commercial vessels such as Cargo Ships, Tankers, Passenger Ships, and Fishing Vessels
- Defense vessels including Naval Ships, Submarines, and Coast Guard Vessels
- Other types comprising Research Vessels, Leisure Boats, and Tugs and Barges
This comprehensive segmentation provides a clear understanding of the market's structure and areas of growth potential.
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