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.
December 2020: Rolls-Royce acquired Servowatch Systems, an international supplier of integrated marine automation systems. Servowatch will expand the ship automation division with Rolls-Royce's Power Systems business.
October 2020: Hoglund and Veracity signed a collaboration agreement to combine onboard integration and data capture capabilities of Hoglund and ecosystem and platform architecture with helping ship owners accelerate their digital initiatives.
List of Key Players Profiled in Market Report for Integrated Marine Automation System:
Honeywell International, Inc. (U.S.)
Rolls-Royce PLC (U.K.)
Hyundai Heavy Industries (South Korea)
General Electric (U.S.)
Emerson Electric Co. (U.S.)
Market Highlights The global ERP software market generated a revenue of USD 38,228.3 million in 2019 and is expected to reach a valuation of USD 66,389.7 million by 2026, growing at an 8.2% CAGR. In this report, Market Research Future (MRFR) includes the…
ABWEB Technologies is Prominent & Leading Service Provider, they build beautiful and functional websites that will increase your business. Hire us for your web development project, Wix Website Development Package, B2C software development, WooCommerce…
The Industry insights of the report Global E-Bike Market helps with the successful launch of a new product. This market report efficiently collects, analyzes, and evaluates information about a product or service to be offered for sale in that market.…
Market Highlights Asset Management is essential for an organization for the maintenance of the cost of purchases of assets and for monitoring their asset usage. Software used for monitoring IT-related assets in an enterprise is referred to as IT asset…
As a leading digital marketing agency, we don’t do cookie-cutter services. Building your online presence is about more than just being present. Our team members have a huge amount of experience in Digital Media, therefore, we specialize in Web & Graphic…
The Global Signal Intelligence (SIGINT) Market is forecasted to be worth USD 18.28 billion by 2027, according to a current analysis by Emergen Research. The key factors influencing the market include increasing usage of geospatial intelligence, rising…
Actuator Market Growth, Global Demand, Emerging Trends, Recent Developments, Future Investments by 2030
Actuators Market -Overview The automotive industry is estimated to direct the growth of the actuators market 2022. The industrial automation and equipment industry reports are created by Market Research Future, which centers on market choices for…
Bearing Market Overview: According to a comprehensive research report by Market Research Future (MRFR), During the historic forecast period that ended in 2022, the "bearing market" size was valued at a global market figure worth USD 118.7 billion.…
Air Separation Plant Market Synopsis: Air Separation Plants Market size is projected to be worth USD 8.13 Billion by 2030, registering a CAGR of 5.89% during the forecast period (2022 - 2030), The market was valued at USD 4.75 billion in 2022. The…
Automated Guided Vehicle Industry Size, Share, Growth Factors, Key Companies, End users, Types, Application and Forecast to 2030
Automated Guided Vehicle Market Overview: The indispensable insights on the world automated guided vehicle market are inked the latest “Automated Guided Vehicle Market” report, published by MRFR. As per its finding, the worldwide automated guided vehicle…