Connected Ship Market to Surpass US$ 15.35 Billion at a CAGR of 6.1% by 2034: Fact.MR Study
Connected Ships Navigating Seas of Innovation by Leveraging Capabilities of IoT, Big Data Analytics, and Real-time Communication
Rockville , Nov. 20, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Connected Ship Market is estimated at US$ 8.49 billion in 2024 and is projected to expand at a CAGR of 6.1% over the next 10 years (2024 to 2034). This market is a dynamic and rapidly expanding component of the larger maritime industry. A mix of digital solutions is used to streamline operations, improve safety, and reduce environmental impact.
The core concept of connected ships is to build an ecosystem in which data flows fluidly across various onboard systems such as navigation, communication, safety, and maintenance. As modern technology and digitization reshape ship operations, the global marine industry is undergoing a transition. The market for connected ships is expanding rapidly as ships become smarter, safer, and more efficient.
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Key Segments of Connected Ship Industry Research Report
| By Ship Type | By Installation | By Application | By Fit | By Platform |
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Connected ships minimize their carbon footprint by optimizing itineraries, lowering emissions, and improving energy management systems. Ship operators can oversee boats from anywhere in the world using remote monitoring and control technologies, increasing operational flexibility.
Key Takeaways from Market Study
- The global connected ship market reached a value of US$ 8 billion in 2023.
- The market is projected to advance at a healthy CAGR of 6.1 % through 2034.
- Revenue from connected ship sales is projected to reach US$ 15.35 billion by the end of the forecast period (2024 to 2034).
- The defense segment is forecasted to hold a leading market share by 2034.
- Based on application, fleet operations accounted for 23.13% of the global market share in 2023.
- Advanced data analytics provide important insights into ship performance, allowing for proactive repair and optimal operations.
- Strict environmental restrictions are encouraging the use of technology that minimizes emissions and increases sustainability.
“The connected ship market is on a trajectory of fast growth, innovation, and transformation. As market players continue to integrate cutting-edge technologies, connected ships are positioned to lead the maritime industry into a new era of smarter, safer, and more efficient operations,” says a Fact.MR analyst.
Digitalization Ensuring Operational Efficiency, Safety, and Sustainability for Connected Ships
The marine industry is not immune to the transformative power of digital technology in an increasingly data-centric society. Digitalization in the connected ship business means incorporating cutting-edge technologies such as the Internet of Things (IoT), big data analytics, blockchain, and real-time communication systems to increase connected ship operating efficiency, safety, and sustainability.
One of the most essential aspects of digitalization in connected ships is the usage of IoT devices and sensors to collect large amounts of data from various onboard systems. This information is then examined with modern analytics tools to provide insights into the performance of the connected ship, allowing for predictive maintenance and improved decision-making.
Blockchain technology is helping improve security and transparency in the maritime sector. It is used for secure record-keeping, tracking the cargo movement, and transaction history verification to decrease the risk of fraud and enable smoother, trustworthy operations.
The industry has also been transformed by real-time communication and remote monitoring. This provides operational flexibility while also ensuring that decisions may be made quickly in response to changing conditions or emergencies. The digital transformation of the maritime industry is also contributing to improved sustainability.
Advanced data analytics allow ships to optimize their routes, lowering fuel consumption and emissions, while efficient energy management technologies help reduce the vessel's carbon footprint even further.
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| Report Attribute | Details |
| Value Projection (2034) | USD 15.35 Billion |
| Growth Rate (2024-2034) | 6.1 % CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 30 Tables |
| No. of Figures | 127 Figures |
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the connected ship market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on ship type (commercial, defense, cargo), installation (onboard, onshore), application (vessel traffic management, operation, fleet health monitoring), fit (line fit, retrofit, hybrid fit), and platform (ships, ports), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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