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The global integrated bridge system market size was valued at USD 7.84 billion in 2022. The market is projected to grow from USD 8.06 billion in 2023 to USD 10.06 billion by 2030, exhibiting a CAGR of 3.2% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Integrated Bridge System Market Size, Share, & COVID-19 Impact Analysis, By Vessel Type (Commercial Vessel: Bulk Carriers, Cruise Ships, Dry Cargo, Gas Tankers, Ro-Ro Ships, Dredgers, and Others), and Defense Vessel: Aircraft Carriers, Amphibious Ships, Destroyers, Frigates, Corvettes Among and Others) By Component (Hardware and Software), By Subsystem (INS, VDR, AWOS, and AIS), By End User (OEM and Aftermarket), and by Regional Forecast, 2023-2030”.
Integrated Bridge Systems (IBS) encompass a computer processor and a network that collect and transmit data from the ship's navigation sensors and control system. IBS offers streamlined integration of navigation functions, cohesive information display, standardized operating procedures, and the capability to prevent human errors. The expansion of port cities in Asian countries presents a market opportunity for IBS.
Pandemic Affected Global Trade with Markets Experiencing Sharp Fall
The COVID-19 pandemic had caused a significant disruption to global trade, affecting various regions differently. The Middle East experienced the sharpest year-on-year contraction in trade, potentially falling by up to 40% in April 2020. Sub-Saharan Africa, Latin America, the Caribbean, North Africa, North America, and the European Union (EU 27) also witnessed a collapse in trade after the World Health Organization (WHO) declared a pandemic in mid-March 2020. In contrast, the decline in trade in East Asia and the Pacific was relatively milder, with exports down 7% in the first quarter of 2020 and 4% in April.
KSOE’s Contracts in 2023 Exceed Half a Dozen Vessels, Valued at USD 195.5 Million
Korea Shipbuilding and Offshore Engineering (KSOE) secured three new contracts for LNG shipbuilding through its subsidiaries in January 2023, amounting to over six vessels in total. The latest contract, valued at USD 195.5 million, involves the construction of two large gas carriers (VLGCs), as disclosed in KSOE's stock exchange filing.
Maritime Trade and Yearly Growth of 3.4% Forecasted by UNCTAD Enhance Market Prospects
The United Nations Conference on Trade and Development (UNCTAD) predicts a yearly growth rate of 3.4% in maritime trade over the next five years, primarily driven by the expanding oil transport sector from the North Atlantic to the Asia-Pacific region. The demand for integrated bridge systems is fueled by the growth in global trade and the need for advanced naval vessels equipped with such systems, including dredgers, bulk carriers, and oil and gas tankers. The market is further supported by China's trade in the Asian region and the increasing trade activities in Europe.
However, the high price of designing the IBS may constrain the integrated bridge system market growth.
Key Players Lead with Comprehensive Solutions for Propulsion Requirements and Diverse Configurations
Wartsila provides comprehensive propulsion control systems that encompass advanced controls, displays, modules, and indicators. These systems are specifically engineered to cater to the propulsion requirements of technologically advanced sea and ocean vessels, supporting various propulsion configurations.
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CAGR of 3.2% from 2023-2030
Value (USD billion)
By Vessel Type