This report provides an analysis of the Integrated Marine Automation System Market for the next 5 years. It discusses industry and technological trends that are currently prevailing in the market. It analyses factors driving and restraining the growth of this market, as well as the challenges faced by this market. The integrated marine automation system market is estimated to be valued at USD 3.64 billion in 2018, and is projected to reach USD 4.00 billion by 2023, at a CAGR of 1.90% from 2018 to 2023. The key factor fueling the growth of the integrated marine automation system market is the increasing demand for improving the safety of seaborne trade.
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The growing demand for an integrated system at a central location in a vessel for enhanced decision making, increased operational efficiency, and navigational safety has led to the introduction of advanced technologies in the integrated marine automation system market. Top players are investing in research & development of sophisticated and user-friendly technologies in the integrated marine automation system market. Greater compliance by shipping companies with safety norms and standards in the commercial shipping industry is driving the integrated marine automation system market.
On the basis of ship type, the commercial segment is projected to grow at the highest CAGR from 2018 to 2023. Decreasing the operational costs of ships by equipping them with automation systems is expected to drive the integrated marine automation system market. Also, need for navigational safety is an important factor for 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 large new shipbuilding orders, and in turn, drive the demand for integrated marine automation systems.
Based on component, the product segment is projected to grow at the highest CAGR during the forecast period. Installation of various hardware, software and datalinks & connectivity in marine automation systems has led to high growth of the product market. Adoption of various monitoring and analytical software is expected to drive the market for the product segment.
Based on solution, the vessel management system segment is projected to grow at the highest CAGR during the forecast period. The vessel management system has the largest share of systems, such as dynamic positioning system, machinery management, and alarm monitoring system, 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, demand for autonomous ship and cruise ships in Europe is expected to drive the integrated marine automation system market in this region.
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