Market Size of Connected Ship Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Connected Ship Market Analysis
The Connected Ship Market is anticipated to witness a CAGR of 3.9% over the forecast period. The connected ship technology is installed in commercial and defense cargo ships. It is traditionally used to transfer cargo to seagoing vessels that are either underway or stationary.
- Inline fit or retrofit are different types of installation for deploying connected ship technology. Several applications of this technology include vessel traffic management, fleet operations, fleet health operations, and others.
- Connected ships are being used to transport and trade food, technology, and medicine. Growth and sustainable development depend heavily on affordable and effective transportation, ship traffic management, fleet operations, and fleet health operations to encourage the creation and nurturing of regional value chains all around the globe.
- The increasing seaborne trade across the globe, growing incorporation of ICT in the global marine industry, increasing maritime tourism industry, and augmented budgets of shipping companies for the adoption of digitalization of vessels are some of the significant factors influencing the growth of the market for the connected ship. In contrast, the high deployment cost of marine broadband connectivity is expected to hinder the development of the market.
- The connected ship technology is installed in commercial and defense cargo ships. It is traditionally used to transfer cargo to seagoing vessels that are either underway or stationary. The users of connected ship solutions gather data to have safety at sea, improve productivity, and ensure efficiency in marine operations. This solution offers vessel traffic management, fleet operations, fleet health monitoring, etc.
- With ship traffic increasing worldwide, it has become essential to improve safety and security and safeguard the environment. However, owing to the pandemic, cargo traffic decreased. For Instance, India's Major ports during April-November, 2020-21, decreased by 10.7% to 414.20 million tonnes from 463.73 million tonnes of cargo handled during April-November, 2019-20, according to Shipmin.gov.in.
