In recent years, it has been seen that the upsurge in the adoption rate of the internet of things (IoT) for real-time decision-making will serve as a major factor for the market expansion. Numerous cruise ship lines business that operates a fleet of small luxury cruise ships is involved in automation. Technological advancements are a major trend gaining much popularity in the integrated marine automation system market. Furthermore, the market is witnessing a huge surge in control system software developed on AI-based technologies.
According to Data Bridge Market Research, the Global Integrated Marine Automation System Market is expected to reach USD 4.67 billion by 2029, which was USD 3.93 billion in 2022, registering a CAGR of 2.47% during the forecast period of 2022 to 2029.
" Increasing Technological Advancements by Market Players Surge the Market Growth"
Several technological advancements associsted with the marine automation system lead to the growth of the market. For instance, the U.K. cruise business Saga Cruises of Europe launched new Spirit-class passenger ships, which involve automation, navigation, propulsion management, and safety systems costing USD 400m in 2019. The ships will have a safety monitoring and control system (SMCS) added to the ship automation and navigation systems, which Kongsberg Maritime will supply. Numerous other European firms are investing in cruise ships to deliver it worldwide, by which the market for integrated marine automation will grow high in the future.
What restraints the growth of the Global Integrated Marine Automation System Market?
" Increasing chances of cyber threats"
Digitalization in ships is susceptible to cyber threats, limiting the market to growth. As ships increasingly use systems that depend on digitization which demands cyber risk management. Information technology (I.T.) and operational technology (O.T.) onboard ships are being networked and more often connected to the internet as technology continues to develop. This increases the risk of unauthorized access to the ship's systems. All these major factors impede the growth of the market.
Segmentation: Global Integrated Marine Automation System Market
The global integrated marine automation system market is segmented on the basis autonomy, ship type, component end- users and solution.
- On the basis of autonomy, the integrated marine automation system market is segmented into autonomous, remotely-operated, and partial automation.
- Based on protection mechanism, the integrated marine automation system market is segmented into feeder protection, motor protection, transmission line, generator protection, busbar protection, capacitor bank, and breaker.
- On the basis of ship type, the integrated marine automation system market is segmented into commercial ship and defense.
- Based on component type, the integrated marine automation system market is segmented into product and services.
- Based on end-user, the integrated marine automation system market is segmented into OEM and aftermarket.
- Based on solution, the integrated marine automation system market is segmented into power management system, vessel management system, process control and safety system.
Regional Insights: Europe is expected to dominate the Global Integrated Marine Automation System Market
Europe dominates the integrated marine automation system market due to the increasing demand for autonomous and cruise ships and the growth in the shipbuilding industry in this region. In addition, the growing demand for maritime services is another factor anticipated to boost the growth of the target market in the Europe region.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-integrated-marine-automation-system-market
Recent Developments in Global Integrated Marine Automation System Market
- In 2019, Kraken Robotics Inc. received a purchase order from ThayerMahan Inc. for a KATFISH 180 system for USD 2.9 million. Kraken's KATFISH 180 is an actively stabilized towfish with Synthetic Aperture Sonar (SAS) that offers wide-area seafloor survey with high area coverage rates; full-resolution SAS processing; real-time, full-swath, 200m+ operating depth; altitude- or depth-keeping navigation; automatic target detection; and in-stride classification
The Prominent Key Players Operating in the Global Integrated Marine Automation System Market Include:
- Rockwell Automation, Inc. (U.S.)
- General Electric (U.S.)
- ABB (Switzerland)
- Emerson Electric Co. (U.S)
- Siemens (Germany)
- KONGSBERG (U.S.)
- Honeywell International Inc (U.S.)
- Rolls-Royce plc (U.K.)
- Praxis Automation Technology B.V. (Netherlands)
- Hyundai Heavy Industries Co., Ltd. (South Korea).
- Jason Marine Group (Singapore)
- API Marine Inc.(Denmark)
Above are the key players covered in the report, to know about more and exhaustive list of global integrated marine automation system market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Integrated Marine Automation System Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
