Integrated Marine Automation System Market Worth $4.00 Billion by 2023
According to the new market research report on "Integrated Marine Automation System Market by Ship Type (Commercial, and defense), Component, End User (OEM, Aftermarket), Solution (Vessel Management System, Power Management System, Process Control, Safety System), and Region - Global Forecast to 2023", published by MarketsandMarkets, the market is estimated to be valued at USD 3.64 billion in 2018 and is projected to reach USD 4.00 billion by 2023, at a CAGR of 1.90% from 2018 to 2023.
PUNE, India, September 6, 2018 /PRNewswire/ --
According to the new market research report on "Integrated Marine Automation System Market by Ship Type (Commercial, and defense), Component, End User (OEM, Aftermarket), Solution (Vessel Management System, Power Management System, Process Control, Safety System), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be valued at USD 3.64 billion in 2018 and is projected to reach USD 4.00 billion by 2023, at a CAGR of 1.90% from 2018 to 2023. This market is driven by factors, such as the increasing world trade by sea, increasing maritime navigation safety resulting in a reduction in the number of accidents, and growing maritime tourism.
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Browse 134 market data Tables and 51 Figures spread through 179 Pages and in-depth TOC on "Integrated Marine Automation System Market - Global Forecast to 2023"
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Based on ship type, the commercial ships segment is projected to witness higher growth during the forecast period
On the basis of ship type, the integrated marine automation system market has been segmented into commercial ships and defense. The commercial ships segment is projected to grow at the higher CAGR in the integrated marine automation system market. Growth in seaborne trade has led to an increase in demand for automation systems in commercial ships or vessels. Passenger and cruise ships account for the largest share of the integrated marine automation system market.
The vessel management system segment is projected to account for the largest market share in the solution segment of the integrated marine automation system market during the forecast period
The integrated marine automation system market based on solution, is segmented into power management system, vessel management system, process control, and safety system. The vessel management system segment is projected to account for the largest market share in the integrated marine automation system market based on the solution segment during the forecast period. The vessel management system is the major system monitoring the ship's systems, such as alarm management system, ballast water management, machinery management, and dynamic positioning system, among others.
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The integrated marine automation system market in Europe is expected to witness considerable growth during the forecast period
The integrated marine automation system market is divided into 4 geographic regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). The integrated marine automation system market is led by Europe, predominantly by Germany and Italy. The shipbuilding industry in Europe is on the rise. The high growth in the region is attributed to high demand for cruise and passenger vessels. Countries in this region are also focused on developing new generation autonomous ships.
The key players profiled in the integrated marine automation system market report include Kongsberg Gruppen (Norway), and Wartsila (Finland), among others.
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