Factors such as increasing initiatives undertaken by the governments of various countries such as China for the development of new port cities in developing economies are driving the market growth. For example, in 2018, according to China’s Ministry of Transport, shipping companies invested in the construction and development of 42 ports in 34 countries under the Belt and Road Initiative. However, the lack of skilled personnel to operate connected ships may hinder the growth of the market.
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The growth of the global connected ship market can be attributed to the increasing adoption of connected smart ships as they offer numerous benefits such as vessel traffic management data and fleet health monitoring data. Furthermore, connected ships have integrated systems that can connect multiple ship systems and components under one monitoring and controlling unit.
The global connected ship market has been segmented based on ship type, installation type, fit, application, and region.
On the basis of ship type, the global connected ship market has been bifurcated into commercial and defense. The commercial segment is expected to account for a larger market share during the forecast period of 2019 to 2025.
Based on installation type, the global connected ship market has been divided into onboard and onshore. The onboard segment dominated the market in 2018 and is expected to register the higher CAGR during the forecast period.
On the basis of fit, the global connected ship market has been classified as line fit and retrofit. The line fit segment dominated the market and is expected to grow at the higher CAGR during the forecast period.
Based on region, the global connected ship market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The European market accounted for the largest market share in 2018.
The key players in the global connected ship market are ABB (Switzerland), Emerson Electric Co. (US), Kongsberg Group (Norway), Marlink (France), Lockheed Martin Corporation (US), RH Marine (Netherlands), Rockwell Automation, Inc. (US), GENERAL ELECTRIC (US), Schneider Electric (France), Siemens AG (Germany), Viasat, Inc. (US), Wärtsilä (Finland), Intelsat (Luxembourg), Inmarsat plc (UK), and Hyundai Heavy Industries Co., Ltd (South Korea).
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