The global market for integrated marine automation system is expected to rise during the forecast period,
The global market for integrated marine automation system is expected to rise during the forecast period, owing to the increasing demand for an emergency of electronic chart display and information systems used in navigation tools such as RADAR, GPS, and ARPA. The rising demand fueled global market growth of 7.40% in 2021 compared to the average growth from 2018 to 2020. Fortune Business Insights™ publishes this information in a report titled, "Integrated Marine Automation System Market, 2022-2029". As per the report, the integrated marine automation system market size was USD 3.58 billion in 2021. The market size is expected to rise from USD 3.84 billion in 2022 to USD 6.33 billion by 2029 at a CAGR of 7.39% during the forecast period.
The integrated marine automation system is used to control and monitor the operations performed on a ship. Implementing these automated systems increases the operational efficiency and safety of marine vessels. Increasing demand for digitalization in the marine sector is expected to fuel the market during the projected period.
Russia-Ukraine War Implication
The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
Vessel Management System to Dominate Market Due to Increased Adoption in Naval and Marine Sector
By product type, the market is bifurcated into hardware and software.
On the basis of solution, the market is segmented into the vessel management system, power management system, safety system, and others.
Based on the end-users, the market is divided into commercial and defense.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, and Rest of the world.
Browse Complete Report Summary:
The report provides complete information and factual data regarding market development and current trends in the industry. Furthermore, key advancements and business development strategies such as mergers, acquisitions, alliances, and partnerships are discussed in the report. Also, the impact of COVID-19 pandemic on industrial growth and development is highlighted further. Drivers and restraints affecting the market growth are elaborated along with the latest key developments in the industry.
Drivers & Restraints:
Rising Investment in Advanced Technologies to Stimulate Growth
The market is expected to witness prominent growth during the projected period owing to the increasing demand for digitalizing marine operations. Increased development in a software solution is anticipated to boost the naval, marine, and offshore sectors' product demand. Rising investment into technological advancements and development in shipbuilding and shipping companies will likely bolster market expansion. These factors are likely to ensure integrated marine automation system market growth in the coming years.
However, the increased risk of cyber threats may hinder market growth.
Asia Pacific Dominated Market Due to Technological Advancements
Asia Pacific dominates the global integrated marine automation system market share during the forecast period due to major shipbuilding companies in the region. The region stood at USD 1.20 billion in 2021. Technological development in emerging countries is likely to bolster market growth.
Europe is expected to hold the second-largest global market position due to the rising demand for the cruise, ships, and autonomous ships. Also, an ongoing ship modernization program is likely to boost the demand.
Partnerships Allow Key Players to Expand Business Globally
The key players in market focus on implementing various business developments strategies to expand their market reach. These strategies include forming strategic alliances, partnerships, mergers, or acquiring other companies. Also, implementing innovative product development and differentiation strategy allow companies to propel growth.
List of Key Players Profiled in Market Report for Integrated Marine Automation System:
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