The global integrated marine automation system market was valued at USD 3.58 billion in 2021 and is expected to grow from USD 3.84 billion in 2022 to USD 6.33 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.39% during the 2022-2029 period. In 2021, Asia Pacific led the market, holding a dominant share of 33.52%.
The integrated marine automation system is used to control and monitor the operations performed on a ship. Implementing these automated systems increases the operational efficiency and safety of marine vessels. Increasing demand for digitalization in the marine sector is expected to fuel the market during the projected period.
List of Key Players Profiled in Integrated Marine Automation System Market:
ABB (Switzerland)
Honeywell International, Inc. (U.S.)
Rolls-Royce PLC (U.K.)
Wartsila (Finland)
Kongsberg (Norway)
Siemens (Germany)
Hyundai Heavy Industries (South Korea)
General Electric (U.S.)
Ingeteam (Spain)
Emerson Electric Co. (U.S.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/integrated-marine-automation-system-market-106580
Segmentation: Integrated Marine Automation System Market
The Integrated Marine Automation System Market can be segmented based on the following criteria:
1. By Autonomy Level:
Fully Autonomous
Semi-Autonomous
Manual
2. By Solution:
Product
Power Management System
Vessel Management System
Safety System
Process Control System
Service
Maintenance & Support
Training & Consultation
Software Upgradation
3. By Ship Type:
Commercial Ships
Bulk Carriers
Container Ships
Tankers
Cargo Ships
Defense Ships
Submarines
Frigates
Destroyers
Aircraft Carriers
4. By Component:
Hardware
Control Units
Sensors
Displays & Interfaces
Alarms
Software
Monitoring & Control Software
Data Analytics Software
5. By End User:
Commercial
Defense
6. By Region:
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Each of these segments plays a significant role in shaping the demand for integrated marine automation systems across various maritime operations.
Report Coverage:
The report provides complete information and factual data regarding market development and current trends in the industry. Furthermore, key advancements and business development strategies such as mergers, acquisitions, alliances, and partnerships are discussed in the report. Also, the impact of COVID-19 pandemic on industrial growth and development is highlighted further. Drivers and restraints affecting the market growth are elaborated along with the latest key developments in the industry.
Drivers & Restraints: Integrated Marine Automation System Market
Rising Investment in Advanced Technologies to Stimulate Growth
The integrated marine automation system market is expected to witness prominent growth during the projected period owing to the increasing demand for digitalizing marine operations. Increased development in a software solution is anticipated to boost the naval, marine, and offshore sectors' product demand. Rising investment into technological advancements and development in shipbuilding and shipping companies will likely bolster market expansion. These factors are likely to ensure integrated marine automation system market growth in the coming years.
However, the increased risk of cyber threats may hinder market growth.
Regional Insights:
Asia Pacific Dominated Market Due to Technological Advancements
Asia Pacific dominates the global integrated marine automation system market share during the forecast period due to major shipbuilding companies in the region. The region stood at USD 1.20 billion in 2021. Technological development in emerging countries is likely to bolster market growth.
Europe is expected to hold the second-largest global market position due to the rising demand for the cruise, ships, and autonomous ships. Also, an ongoing ship modernization program is likely to boost the demand.
Competitive Landscape:
Partnerships Allow Key Players to Expand Business Globally
The key players in market focus on implementing various business developments strategies to expand their market reach. These strategies include forming strategic alliances, partnerships, mergers, or acquiring other companies. Also, implementing innovative product development and differentiation strategy allow companies to propel growth.
Industry Developments: Integrated Marine Automation System Market
December 2020: Rolls-Royce acquired Servowatch Systems, an international supplier of integrated marine automation systems. Servowatch will expand the ship automation division with Rolls-Royce's Power Systems business.
October 2020: Hoglund and Veracity signed a collaboration agreement to combine onboard integration and data capture capabilities of Hoglund and ecosystem and platform architecture with helping ship owners accelerate their digital initiatives.