Market forecasts
The global market for integrated marine automation systems is expected to be valued at $ 4.440 million by 2028, posting a CAGR of 2.1% from 2020 to 2028. The growing international maritime trade, the growing maritime tourism industry and the growing awareness of cyber threats have contributed to the growth of the global market for integrated marine automation systems. Furthermore, the increasing adoption of integrated marine automation systems by various commercial ship operators is expected to drive global market growth. For example, in September 2019, Windstar Cruises announced that it would redesign its star-class ships, which will include new automation and control systems, upgraded boilers, ballast water treatment systems and tank monitoring systems. This will be provided by FINCANTIERI SpA, a supplier of ship automation and navigation systems for military ships, cruise ships, ferries and yachts.
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Competitive Landscape
Honeywell International, Inc. (United States)
Northrop Grumman Corporation (United States)
ABB SA (Switzerland)
Siemens AG (Germany)
Kongsberg Gruppen ASA (Norway)
Wartsila Corporation (Finland)
Tokyo Keiki Inc. (Japan)
Consilium AB (Sweden)
Market segmentation
The Product Segment is Expected to Record the Highest CAGR: The Product Segment is expected to record the highest CAGR during the forecast period. The installation of various hardware, software, datalinks and connectivity in marine automation systems is leading to the strong growth of the product segment.
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Regional Analysis
The OEM segment is expected to record the highest CAGR: the OEM segment is expected to grow at the highest CAGR during the period under review. Increased maritime trade around the world is expected to lead to new shipbuilding orders. This, in turn, leads to an increased demand for OEM integrated marine automation systems for new vessels.
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