Connected Ship Market Size, Navigational Advancements (2023–2030)
The maritime industry has been undergoing a remarkable evolution in recent years, ushering in significant transformations in marine logistics. This shift has been driven by continuous innovation and digitization, resulting in the emergence of connected ships that hold the potential to revolutionize various aspects of business operations within the sector. Concurrently, as technological advancements surge forward, regulatory bodies are establishing ambitious targets aimed at achieving zero emissions in maritime activities. One such notable example is the International Maritime Organization (IMO), which, in March 2022, set forth objectives to reduce greenhouse gas (GHG) emissions from international shipping by a minimum of 50% by the year 2050. Achieving this objective necessitates optimizing vessel navigation and enhancing operational efficiency — both of which can be effectively realized through technological integration. This drive toward greater efficiency and sustainability is poised to bolster the demand for connected ships, thereby propelling the growth of the connected ship market. Additionally, the maritime transportation sector has witnessed an upsurge in activity. Notably, the Organization for Economic Co-operation and Development (OECD) reports that approximately 90% of global cargo is transported via maritime trade — a figure projected to triple by 2050. Against this backdrop, the symbiotic relationship between the burgeoning maritime industry and the increasing infusion of technology promises to open new avenues for the global connected ship market in the foreseeable future.
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Navigational Efficiency and the Demand for Connected Ships
The demand for streamlined traffic management holds sway over the growth trajectory of the connected ship market. The surge in international trade, especially in the aftermath of the COVID-19 pandemic, continues to drive the need for efficient traffic flow and maritime traffic management. With roughly 80% of global trade volume being transported via sea routes, there is a mounting requirement for robust port traffic management systems that can effectively tackle congestion and ensure the smooth flow of maritime traffic. This crucial aspect is instrumental in propelling the growth of the connected ship market on a global scale.
Regional Dynamics: Europe’s Dominance and Asia Pacific’s Emergence
The connected ship market’s landscape is expected to be shaped by regional dynamics, with Europe poised to wield substantial influence. Developed economies within Europe are anticipated to secure a significant share of the market’s revenue. This projection is primarily attributed to mounting congestion along Mediterranean Sea routes and the escalating importation of goods — such as electronics, oil, and spices — from the Middle East and Asia Pacific. Moreover, there has been a notable surge in demand for autonomous cruise ships and vessels within the region, further bolstering the connected ship market’s growth. This momentum is mirrored in seaborne trade, as evidenced by the European Commission’s data indicating that external freight transported via sea accounts for approximately 90% of the region’s overall freight volume. A significant investment, totaling around US$5.3 billion, has been earmarked by the United Kingdom for shipbuilding endeavors, including the development of zero-emission vessels. The UK’s Maritime 2050 strategic plan underscores the government’s commitment to fostering autonomous ship projects through increased investments. These initiatives and investments within the shipbuilding domain are poised to unlock promising opportunities in the years ahead.
In contrast, the Asia Pacific region is poised to emerge as a lucrative hub for the connected ship market. This ascension can be attributed to the region’s burgeoning maritime trade and the growing affinity for cutting-edge technology in the marine industry. Emerging economies, such as India and China, are poised to drive maritime trading activities forward. Notably, the United Nations Conference for Trade and Development (UNCTAD) highlights the potential for heightened intraregional trading volumes, amplified export of goods and commodities, and increased manufacturing activities across nations like China, South Korea, India, and Japan. This surge is particularly pronounced following the momentum gained post the COVID-19 pandemic. The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has reported a robust recovery in merchandise trading within the Asia Pacific region, marked by export growth exceeding 10% — a trend that outpaces other global regions. These factors coalesce to bolster marine transportation, thereby fueling the growth of the connected ship market in Asia Pacific.
A Glimpse into Competition and Innovation
Key players within the connected ship market are fervently pursuing new innovations, collaborations, and partnerships to bolster their positions. A striking example is Smart Ship Hub, a Singaporean startup that is diligently working to develop revolutionary technology enabling ships to communicate and optimize capacity, ultimately fostering a shared economy within maritime logistics. Similarly, in July 2021, ABB Ltd. introduced the ABB Ability Marine Fleet Intelligence-Advisory, an online platform adept at collecting data from a diverse array of vessels. The year also witnessed Wartsila delivering an advanced integrated navigation and bridge solution for Lindblad Expedition’s polar expedition vessel.
Among the major players in the connected ship market landscape are Northcorp Grumman Corporation, Marlink, Wartsila Oyj, ABB Ltd., Kongsberg Gruppen, Ulstein Group ASA, General Electric Co., Valmet Oyj, and Inmarsat Global Limited.
Conclusion
As the maritime industry continues its evolutionary journey, catalyzed by technological integration, the connected ship market stands at the precipice of transformative growth. Europe and Asia Pacific emerge as pivotal regions, each offering unique prospects. The demand for efficiency, sustainability, and streamlined operations propels the connected ship market toward a promising future. As the industry surges forward, innovative technologies and collaborative endeavors are set to define the course of this dynamic market._
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https://ibusinessday.com/connected-ship-market-size-maritime-safety-and-efficiency-2023-2030/
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