The integrated bridge systems market is projected to grow from USD 6.1 Billion in 2022 to USD 7.9 Billion by 2027, at a CAGR of 5.4% from 2022 to 2027.
An integrated bridge system (IBS) is a combination of systems that are interconnected in order to allow the centralized access to sensor information or command/control from workstations, with the aim of increasing the safe and efficient management of ships by suitably qualified personnel. Navigation systems are integrated with other components, such as multifunctional consoles, radars, motion sensors, and GPS, to enable the control and maneuvering of the vessels in a certain direction as well as to aid in surveillance. The main advantage of IBS is the seamless integration of various sensors on a common platform. Integrated bridge systems used in commercial and defense ships, along with OEM and aftermarket of the systems for different ships, have been covered in this report.
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China, South Korea, Germany, Japan, France, and Turkey are some of the key players in integrated bridge systems, whereas regions such as Asia Pacific and Europe are the prime markets for component manufacturers and distributors. This report further analyses the market drivers, restraints, opportunities, and challenges to assess the impact of these factors on the market.
Major players like Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), Wärtsilä Corporation (Finland), Kongsberg (Norway), and Furuno Electric Co. Ltd. (Japan) have adopted various growth strategies such as contracts, agreements, acquisitions, expansions, new product launches, partnerships & certifications, investments, venture capital funding, new service launches, and research & development (R&D) activities to further expand their presence in the integrated bridge systems market.
Raytheon Technologies Corporation
Raytheon Technologies Corporation leads in technology and innovation. Its subsidiary Raytheon Anschütz specializes in integrated defense systems. Raytheon has a strong presence across the globe. It has launched various new products in the market that are cheaper than those offered by its competitors. The company mainly focuses on its key strength areas, which include offering cost-effective products and solutions to enhance revenue.
Kongsberg is the top player in the integrated bridge systems market. The company has a strong product portfolio, which includes bridge systems, control centers, and complimentary products. The company provides fully integrated systems to fishing vessels, offshore vessels, cargoes, naval vessels, tanks, commercial vessels, etc. It aims to expand its products offering to enhance its sales volume and strengthen its foothold in the integrated bridge systems market.
Northrop Grumman Corporation
Northrop Grumman Corporation (Northrop Grumman) is an integrated global defense and security enterprise providing a range of products, services, and solutions to customers across the globe. The global offices of Northrop Grumman are located in various regions across the globe, such as Asia Pacific, Europe, and the Middle East. The company’s subsidiary, Sperry Marine supplies navigation, communication, information, and automation systems across the globe. Sperry Marine, which has installed more than 1500 integrated bridge systems in commercial marine applications, is one of the global leaders in the defense sector. Its VisionMaster FT Integrated Bridge System is used in different vessels, such as mega yachts, tankers, container ships, and cruise ships. The company also offers maintenance, commercial maritime, and digital service support to the commercial and defense industry end users.
Wärtsilä is another major player in the integrated bridge systems market. Next-generation innovation and strategic investments being undertaken by the company, coupled with its strong product portfolio, enable Wärtsilä to be among the top market players in integrated bridge systems. It acquired Transas in May 2018 to help increase its geographical reach and overall revenue. The company has been focusing on new product launches to enhance its product offering and, subsequently, market share.
Furuno Electric Co. Ltd
Furuno Electric Co. Ltd. is a key player in the integrated bridge systems market. The company majorly focuses on product enhancements as well as the expansion of its business operations in untapped markets. It has been investing a significant percentage of its revenue in R&D activities for the past three years. The company made a significant number of expansions in the past three years to be able to further tap the European and Asian markets and to cater to its customers efficiently.
Integrated Bridge Systems Market by Ship Type, End User (Oem And Aftermarket), Sub-System (Ins, Automatic Weather Observation System, Voyage Data Recorder and Automatic Identification Systems), Component, Region - Global Forecast to 2027
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