Connected Ship Market

Acquisitions and contracts are among the key strategies adopted by the leading players to strengthen their position in the Connected Ship Market

Connected ships enable interconnection between various systems and subsystems of ships to provide a common operating picture to ship operators and shipping companies to help them organize and operate their ship fleets in an efficient manner. Connected ships are the evolution of the ship automation solutions as they integrate disparate systems of ships to onshore platforms to facilitate effective management of ship fleets. These ships use different techniques of Big Data analytics for monitoring their performance. The connected ship market is projected to grow from USD 5.92 billion in 2018 to USD 7.19 billion by 2023, at a CAGR of 3.95% from 2018 to 2023.

A number of technological advancements such as improved connectivity of ships with onshore stations and automation of various processes of the marine industry to reduce human errors as well as enhance the safety and increase the operational efficiency of ships are taking place across the globe. The introduction of e-navigation by the International Maritime Organization (IMO) in the marine industry has led to the development of the concept of connected ships.

Some of the key players operating in the connected ship market include Northrop Grumman (US), General Electric (US), Wartsila (Finland), Kongsberg Grumman (Norway), and Marlink (Norway). These players have been focusing on securing contracts from shipyards and shipbuilding companies across the globe to strengthen their position in the connected ship market. These companies are also investing increasingly in R&D activities to increase their shares in the connected ship market.

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General Electric is a major player in the connected ship market. The company has been focusing on enhancing the technical competence of its products and securing contracts. In October 2017, GE Marine Solutions (a subsidiary of General Electric) received a contract from Maersk Line to provide Power Take-off/Power Take-in (PTO/PTI) solutions for installation on 4 container vessels of Maersk Line. The company is focused on the development of new generation digital solutions to improve the operational efficiency of ships.

Another major player in the connected ship market is Kongsberg. In July 2018, Kongsberg acquired Rolls-Royce Commercial Marine segment for USD 656.1 million. This acquisition is expected to help the company in strengthening its position in the connected ship market. In April 2018, Kongsberg entered into a collaboration with Wilhelmsen to develop autonomous ships by offering various subsystems to ship manufacturers. Kongsberg has an excellent geographic footprint and channel strategies. The company has adopted the strategies of partnerships and contracts to enhance its position in the connected ship market.

Related Reports:

Connected Ship Market by Application (Vessel Traffic Management, Fleet operations, Fleet Health Operations), Installation Type (Onboard, Onshore), Ship Type (Commercial, Defense), Fit (Linefit, Retrofit), Region - Global Forecast to 2023

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Report Code
AS 6703
RI Published ON
10/22/2018
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