Integrated Marine Automation System Market projected to reach $4.00 billion by 2023

(IT-NEWSWIRE.COM, September 01, 2020 ) According to the new market research report the Integrated Marine Automation System Market is projected to grow from $3.64 billion in 2018 to $4.00 billion by 2023, at a CAGR of 1.90% during the forecast period. Factors such as the increasing seaborne trade, increasing compliance with maritime safety norms, and growth in maritime tourism are driving the integrated marine automation system market.

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On the basis of ship type, the commercial segment is projected to grow at the highest CAGR during the forecast period. Rise in seaborne trade along with increasing demand for decreasing operational costs for ships by equipping them with automation systems is expected to drive the growth of the integrated marine automation system market.

Based on end user, the OEM segment of the integrated marine automation system market is anticipated to grow at the higher CAGR during the forecast period. Increasing seaborne trade across the world is expected to lead to new shipbuilding orders. Thus, in turn, leading to increase in the requirement for OEM integrated marine automation systems for new ships.

Based on component, the product segment is projected to grow at the highest CAGR during the forecast period. Installation of various hardware, software, datalinks, and connectivity in marine automation systems is leading to the high growth of the product segment.

Based on solution, the vessel management system segment is projected to grow at the highest CAGR during the forecast period. Vessel management system is the largest segment comprising various subsystems, such as dynamic positioning system, alarm monitoring system, and machinery management, among others.

The integrated marine automation system market is led by Europe with the highest projected growth rate for the forecast period. Although the shipbuilding industry is going through a rough patch presently, the demand for autonomous ship and cruise ships in Europe is expected to drive the integrated marine automation system market in this region.

Factors such as digitalization making ships vulnerable to cyber threats and the shortage of qualified professionals in the marine industry may inhibit the growth of the integrated marine automation system market.

Key Market Players

Key players profiled in the integrated marine automation system market report include Northrop Grumman (US), ABB (Switzerland), Transas (Ireland), Wartsila (Finland), and Kongsberg Gruppen (Norway), among others.

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Integrated Marine Automation System Market projected to reach $4.00 billion by 2023