Integrated Bridge Systems (IBS) Market: By Type (Radar System, Communication Console, and ECDIS), By Application (Commercial Ships and Naval Warships) and Region (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa) - Global Forecast Till 2023

Market Snapshot

The global Integrated bridge systems (IBS) market is expected to surpass a valuation of USD 6,000 Mn in 2023 up from USD 5,213.3 Mn in 2017, reflecting a CAGR of 2.95%. IBS is being increasingly used in ships to facilitate centralized monitoring of navigation tools as well as provide operational transparency, improve communication and machine control, and safety and security.

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Market growth is primarily driven by the growing seaborne trade worldwide. Seaborne trade is making a significant contribution to the growth of the global logistics sector. Globalization is the major force behind the increased seaborne trade. In addition, increased spending by the governments on military equipment, such as aircraft carriers and stealth frigates, to bolster military might and stimulate economic growth is likely to drive the demand for integrated bridge systems in the forthcoming years.

Policy makers in fast-developing countries are investment in ports construction and extension of existing ports to boost maritime activities (commercial and non-commercial). Moreover, focus towards gaining access to new markets & resources for economic gain is propelling the growth of the maritime industry in regions such as Asia, Middle East and LatAm. This is likely to offer significant opportunities to the market players during the review period. However, the high capital requirement for customized integrated bridge systems and vulnerability to cyber-attacks due to automation in navigation systems are few of the obstacles for market players.

Segmental Analysis

The segmental analysis of the global integrated bridge systems market has been conducted based on type and application.

Based on type, the market has been segmented into radar system, communication console, and ECDIS. The radar system segment accounted for the largest market share and was valued at USD 2,044.6 million in 2017. Towards the end of the assessment period, the segment is expected to surpass a valuation of USD 2,400 Mn, reflecting a steady growth rate. Radar systems help in detecting the location and distance of an object with high precision, which helps in reducing the risk of ship collision, a major obstacle faced by shipping companies. The ECDIS segment accounts for the second largest market share and is expected to post a CAGR of 3.16% during the review period.

Based on application, the market has been segmented into commercial ships and naval warships. The commercial ships segment currently accounts for the largest share of the market. In 2017, the segment was valued at USD 2,916.6 Mn and is expected to exhibit a CAGR of 2.26% from 2018 to 2023. This is mainly due to increased trade activities across the global and increase efforts to promote regional trade and cooperation among countries on intracontinental and intercontinental level. Meanwhile, the naval warships segment is expected to exhibit a relatively higher CAGR during the forecast period.

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Regional Outlook

Based on region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and rest of the world (RoW). Asia Pacific accounted for 33.5% market share in 2017. The market in APAC is valued at over USD 1,700 Mn and is expected to witness a CAGR of 4.79% during the assessment period. This growth can be attributed to the increase in trade as a result of free trade agreements between ASEAN, BRICS, and TPPA members. In addition, the Southeast Asian nations are actively focusing on expanding their naval defense capabilities. Local policy makers are focusing on port modernization, new port development, port connectivity, port-led industrialization, and coastal community development. Such factors are providing an impetus to the maritime sector in the region. APAC is followed by North America and Europe respectively. These two regions represent vast maritime industries, which supports the market growth.

Competition Tracking

Some of the leading companies operating in the global integrated bridge systems market include Northrop Grumman Sperry Marine B.V., Raytheon Company, Kongsberg Gruppen, Transas, Consilium, Wartsila, Tokyo Keiki, Marine Technologies, LLC, Rolls-Royce plc., Praxis Automation Technologies B.V., Furuno Electric Co., Ltd.

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