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The volume of goods traded by sea globally has witnessed a gradual increase POST COVID-19 situation. According to the United Nations Conference on Trade and Development, the maritime trade is recovered by 4.3% in 2021 and growth is expected to continue between 2022 and 2026. With increasing trade volumes, the demand for new ships, such as container ships, cargo ships, bulk carriers, and oil & gas tankers, and the revamping of existing ships with the latest technologies are also expected to grow. Because of rising awareness about navigation and safety, new vessels are equipped with advanced systems like the integrated bridge system for improved navigational safety and efficiency. Moreover, In 2020, Asia led the world seaborne trade, with 54% of the maritime trade originating from this region. 18% of the maritime trade was from the Americas, followed by Europe, Oceania, and Africa at 15%, 8%, and 6% respectively. This shows that the demand for new cargo ships in Asia is the highest. This will also increase the demand for integrated bridge systems and their complementary products in the region.
Based on Ship Type, the commercial segment is anticipated to grow at highest CAGR during 2022-2027
Based on type, the integrated bridge systems (IBSs) market has been segmented into commercial ships and defense ships. Commercial ships are vessels that are used to carry out commercial trade or transport passengers. They are classified based on their functions. For instance, the dry cargo vessel type consists of ships carrying general dry cargo, containerized cargo, wheeled cargo (RO RO), and bulk cargo, whereas liquid vessels or tankers transport liquefied natural gas (LNG), crude oil and its products, and chemicals worldwide. Specialized vessels include heavy-lift cargo vessels, livestock vessels, passenger vessels, and tug vessels.
An increase in the number of passengers resorting to marine transportation and a rise in demand for recreational boats are expected to lead to the growth of the commercial segment of the integrated bridge systems market across the globe.
As most of the world trade is seaborne, issues related to navigation safety, risk management at sea, and protection of human resources are of high importance for shipping companies. Advanced digital solutions, such as integrated bridge systems, can help to address these issues in an efficient way.
Based on End User, the OEM segment likely to grow at highest CAGR during forecast period
Based on end user, the integrated bridge systems market has been segmented into OEM and aftermarket. The OEM market represents the integrated bridge system (IBS) installed on new commercial and defense ships. IBS is necessary for each type of ship; hence the increase in deliveries of ships will eventually increase the demand for IBS in both commercial and defense marine industries. There is an increase in demand for advanced IBS equipped with sensor fusion solutions by shipowners, due to which the manufacturers of IBS are focusing on providing a complete IBS as a package as per new navigation and safety regulations. Hence, the OEM segment is estimated to account for a larger share and growth of the integrated bridge systems market than the aftermarket segment in 2022.
The Asia Pacific region is projected to be high growth potential markets for the integrated bridge systems during the forecast period.
The integrated bridge systems market has been studied for five geographic areas, namely, North America, Europe, Asia Pacific, the Middle East, and the Rest of the World (RoW). The integrated bridge systems market is estimated to be USD 6,105.61 million in 2022 and is projected to reach USD 7,940.93 million by 2027. The market is dominated by the Asia Pacific region, predominantly by China. The shipbuilding industry in Asia Pacific is on the rise, and key players in the region, such as South Korea, China, the Philippines, Singapore, and Japan, are increasing their technological competence to capture a greater share of the commercial marine industry. Europe is the second-largest market for integrated bridge systems. The market in this region is expected to grow as the shipbuilding industry in Europe is involved in the construction of large naval vessels, such as cruise ships, ferries, mega yachts, submarines, and dredgers (offshore vessels). The region holds a strong position in the international market. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the demand for commercial integrated bridge systems in the region.
The major players in the integrated bridge systems market Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), Wärtsilä Corporation (Finland), Kongsberg (Norway), and Furuno Electric Co. Ltd. (Japan).
News Also Covered: https://www.prnewswire.com/news-releases/integrated-bridge-systems-market-worth-7-9-billion-by-2027—exclusive-report-by-marketsandmarkets-301687607.html
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