Connected Ship Market Size and Forecast 2024-2033|ABB Corporation, General Electric Company, Emerson Electric Co., Schneider Electric SE, Hyundai Heavy Industries Co. Lt

Overview and Scope

The connected ship refers to ships in which technology is installed and connected and managed via satellite. The connected ships are used within the shipping and marine industry to improve safety, security, and navigational efficiency through technology integration. They are used in a variety of operations, such as ship traffic management, fleet operations, and fleet health operations.

Sizing and Forecast

The connected ship market size has grown strongly in recent years. It will grow from $6.95 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to globalization of trade, navigation and communication advancements, maritime safety regulations, development of satellite communication, integration of automated systems in shipping.

The connected ship market size is expected to see strong growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increased automation and digitalization of ships, growing demand for eco-friendly and sustainable shipping, adoption of alternative fuels and propulsion systems, expansion of the global shipping network, development of autonomous ships. Major trends in the forecast period include smart shipping solutions, integration of blockchain in maritime operations, remote monitoring and diagnostics, autonomous and unmanned vessels, environmental monitoring and compliance systems.

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the connected ship market in 2023. 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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Major Driver Impacting Market Growth

The rise in the seaborne trade is expected to propel the growth of the connected ship market going forward. Seaborne trade refers to the cargo that is carried on a boat for trade. Connected ships are used for the transportation and trade of food, technology, medicine, and other items. Growth and sustainable development depend heavily on affordable and effective maritime transportation. For instance, in 2022, according to a report published by Ship Technology, a US-based procurement and reference resource provider, there’s a 43% increase in supply chain and logistics reported in Q3 of 2021 to boost the maritime industry. Therefore, the rise in seaborne trade is driving the growth of the connected ship market.

Key Industry Players

Major companies operating in the connected ship market report are ABB Corporation, General Electric Company, Emerson Electric Co., Schneider Electric SE, Hyundai Heavy Industries Co. Ltd., Jason Industries Inc., Kongsberg Gruppen ASA, Rockwell Automation Inc., Valmet Corporation, Wartsila Oyj Abp, Marlink AS, Northrop Grumman Corporation, RH Marine Group, Siemens Aktiengesellschaft, Ulstein Group ASA, Smith & Nephew plc, 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

The connected ship market report table of contents includes:

1. Executive Summary

2. Connected Ship Market Characteristics

3. Connected Ship Market Trends And Strategies

4. Connected Ship Market – Macro Economic Scenario

5. Global Connected Ship Market Size and Growth

26. South America Connected Ship Market

27. Brazil Connected Ship Market

28. Middle East Connected Ship Market

29. Africa Connected Ship Market

30. Connected Ship Market Competitive Landscape And Company Profiles

Top Major Players: