Connected Ships Market to Surge at 7.1% CAGR over 2023 to 2030; Wartsila Voyage Completed Upgrading the Croatian National VTMIS to Strengthen Market Foothold

The global connected ships market size stood at USD 5.79 billion in 2022. The market value is slated to rise from USD 6.22 billion in 2023 to USD 10.09 billion by 2030 at a CAGR of 7.1% during 2023-2030. The expansion is driven by the increasing deployment of digitization in the shipbuilding sector. The deployment of cargo monitoring systems enables alarm monitoring and data reading of cargo tank temperature, pressure, and other parameters.

Fortune Business Insights™ presents this information in its report titled “Connected Ships Market Size, Share, COVID-19 Impact Analysis, and Russia-Ukraine War Impact Analysis, By Application (Fleet Operations, Vessel Traffic Management, and Fleet Health Monitoring), By Installation Type (On-board and Onshore), By Fit (Line Fit and Retrofit), By Ship Type (Commercial and Defense), and Regional Forecast, 2023-2030”.

Cancellation of New Orders Affected Industry Growth amid Coronavirus Pandemic

The pandemic period recorded the cancellation of new ship orders considering the weakening of demand for tourism and shipping business. Cruise ships were anchored due to the cancellation of new orders. However, the pandemic boosted digitalization, which is expected to propel industry growth in the coming years.

Russia-Ukraine War Hampered the Flow of Goods Impacting Industry Expansion

The Russia-Ukraine war led to disruptions in the flow of goods, leading to food shortages. The war resulted in the diversion of ships on account of delays and congestion in cargo flows. Besides, restrictions and sanctions led to a shift in shipments from rail to sea. This worsened the issue of container shortages, affecting the industry expansion.  

Wartsila Voyage Upgraded the Croatian National VTMIS to Strengthen Industry Footing

In June 2021, Wartsila Voyage completed upgrading the Croatian National VTMIS (Vessel Traffic Management & Information System) with new STM (Sea Traffic Management) functionality.

The project signified the completion of the first STM installation in the Adriatic Sea.

Increasing Investments in Digitalization by Shipping Companies to Propel Industry Expansion

One of the key factors propelling the connected ships market growth is the rise in investments in ship digitization. The technology can offer cost improvements in ship maintenance and operational capability.  

However, the market expansion may be restrained by high initial investments associated with ship digitization.

Key Companies Ink Partnership Deals to Expand Product Reach

Pivotal industry players are centered on adopting a range of strategic initiatives for increasing the reach of their products. Collaborations, partnerships, and the formation of alliances are some of these strategies. Other steps include a rise in research initiatives and the development and launch of various connected ships.

Key Players Profiled:

• Northrop Grumman Corporation (U.S.)
• Wartsila Oyj (Finland)
• General Electric Company (U.S.)
• Kongsberg Gruppen (Norway)
• Marlink (U.S.)
• Schneider Electric SE (France)
• Emerson Electric Co. (U.S.)
• ABB Ltd. (Switzerland)
• Rockwell Automation Inc. (U.S.)
• Ulstein Group ASA (Norway)
• Valmet Oyj (Finland)
• Jason Inc (U.S.)

Notable Industry Development

November 2021 - Taiwan Navigation selected Inmarsat’s fleet connect to enable new smart ship bridge solution application.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/connected-ships-market-105824

Further Report Findings

• Asia Pacific held a key position in the connected ships market share. The regional share is slated to exhibit notable expansion over the analysis period. The ships demand is set to rise with growing exports and imports and improved trade relations.
• The North America market is anticipated to depict lucrative growth over the projected period. The expansion is driven by the rising maritime tourism in the region.
• By ship type, the market is bifurcated into commercial and defense. The commercial segment is poised to register the fastest CAGR over the estimated period. The surge is due to increasing commercial fleet demand for the transportation of electronic devices, FMCG products, and other goods.  
• Based on installation type, the market is fragmented into on-board and onshore. The on-board segment accounted for a dominating market share in 2022 and is estimated to exhibit a considerable CAGR over the analysis period. The expansion is on account of the increasing demand for effective monitoring on a ship.

Table of Segmentation