Secunderabad Chronicle

Connected Ships Market Size Is Likely To Reach A Valuation Of Around $9.1 Billion By 2027 | Grand View Research, Inc.

 Breaking News
  • No posts were found

Connected Ships Market Size Is Likely To Reach A Valuation Of Around $9.1 Billion By 2027 | Grand View Research, Inc.

May 05
13:16 2020
Connected Ships Market Size Is Likely To Reach A Valuation Of Around $9.1 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting
The commercial connected ship type segment is expected to emerge as the fastest-growing ship type in the connected ship’s market, owing to the increasing commercial fleets globally. Transport of supplies such as crude oil, steel, electronic devices, automobiles, and food items is primarily carried out between countries by commercial connected ships.

The global connected ship market size is expected to reach USD 9.1 billion by 2027, registering a CAGR of 5.4% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to the increasing penetration of the internet across the shipping and logistics industry across the globe.

The market is largely influenced by the rapid rise in cross border shipping, which in turn has generated a high demand for connected ships. The emphasis of major economies towards globalization to strengthen free trade agreements like NAFTA (North American Free Trade Agreement), TPSEP (Trans-Pacific Strategic Economic Partnership), Southeast Asian Nations Free Trade Area (AFTA) will drive the market.

The growth and progress in trading and logistics is expected to drive the market. Also, factors such as shale gas evolution, rising export, and import of chemicals, recovering the petrochemical industry are positively influencing the market growth. Also, container transportation is increasingly adopted globally to transport goods. It acts as a major driver for the cargo shipping market in both – developed and developing countries.

The volume of international seaborne trade in 2016 was recorded at 10289.0 Mn tons and increased to 10702.0 Mn tons in the year 2017. This year on year rise in seaborne trade is also expected to significantly impact the market of connected ships in the upcoming years. The rising seaborne transport has compelled the manufacturers to invest in research and development on technology enhancement such as connected vessel technology while enabling the exchange of information through a single network to make it more secure and safe. The adoption of a connected ship solution allows stack owners to obtain real-time positions of shipment, operation control of the ship, and vessel traffic management. The applications of industrial IoT are using an enormous amount of available data, cloud services, as well as business analytics and enterprise mobility capabilities to analyze and optimize shipping operations.

Government initiatives, especially in emerging economies such as China and India, are focused on the digitalization of the vessel to achieve tracking as well for security purposes. Also, the growing chemical industry in these countries is expected to positively impact market growth. Also, to attract more business the governments have been observed to be restructuring trade policies and infrastructure which is anticipated to boost the market over the forecast period.

Europe captured a significant share in the market owing to the presence of key manufacturers in the region. U.K., Germany, and France are among the top five countries with the highest volume of parcel shipments in the region. However, Asia Pacific is expected to witness the highest CAGR over the forecast period, owing to remarkable growth in the e-commerce sector and increasing internet penetration.

“Would you like/try a Free Sample Report” Click the link below:

North America connected ships market size

Further key findings from the report suggest:

  • The market is anticipated to witness a substantial growth registering a CAGR of 5.4%, on account of the growing emphasis towards marine tourism

  • Sports connected Type segment is anticipated to witness high CAGR over the forecast period ascribing to its increasing adoption in both personal as well as sports applications.

  • 20ft to 50ft length connected ships in the connected ships length segment is expected to witness higher growth than other segments owing to its low operational, maintenance, and fuel consumption.

  • Asia Pacific is anticipated to witness a high CAGR in the connected ship’s market over the forecast period owing to government initiatives to boost marine tourism coupled with the rising disposable income of the middle-class population in the region.

  • The market is oligopolistic in nature, dominated by key players in the market namely General Electric Company; Nikon Corporation; Olympus Corporation; Mistras Group, Inc.

Inquiry Before Buying:

Global connected ships market share


Have Any Query? Ask Our Experts:

Grand View Research has segmented the global connected ships market on the basis of ship type, installation type, application, and region:

Connected Ships Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Commercial

  • Defense

Connected Ships Installation Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Onboard

  • Onshore

Connected Ships Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Vessel traffic management

  • Fleet operations

  • Fleet health operations

Connected Ships Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

Thanks for reading this article; you can also get individual chapter wise section or region wise report versions like North America, Europe, or Asia.

If you need specific information, which is not currently within the article, we will provide it to you as a part of customization

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States

Related Articles