The connected ship market is expected to be worth USD $7.19 billion by 2023, according to a report by industry research company Markets and Markets.
In its ‘Connected Ship Market by Application, Installation Type, Ship Type, Fit, Region – Global Forecast’, Markets and Markets says the industry will jump in value by $5.92 billion in five years.
This level of growth, Markets and Markets says, can be attributed to the increasing incorporation of smart information technology systems in the marine industry.
This is being driven by shipping companies setting aside larger budgets to research and implement digital technologies.
Another contributing factor is the growth of seaborne trade and the accessibility of new routes and markets, as well as the growing need for situational awareness among fleet operations.
The report segments the connected ship market into fleet operations, fleet health monitoring and vessel traffic management.
During the forecast period, the market, according to the report, will be led by the fleet operations segment due to increasing demand for real-time data exchange among shipping companies and ports.
The best performing region will be Europe due to the increasing demand for autonomous ships, as well as the region being the prime consumer of marine electronic equipment.
The region is also helped by being home to several of the world’s leading shipbuilding nations, such as Germany, Russia and Greece.