Integrated Marine Automation System Market Growth Drivers and Industry Challenges

The global integrated marine automation system market was valued at USD 3.58 billion in 2021 and is expected to grow to USD 3.84 billion in 2022, reaching USD 6.33 billion by 2029 at a CAGR of 7.39% during the forecast period. Asia Pacific led the market, holding a 33.52% share in 2021.

The Integrated Marine Automation System (IMAS) market is experiencing significant growth, driven by the increasing need for advanced technologies in the maritime industry. IMAS refers to the system that integrates various automation solutions, such as navigation, engine control, safety, and communication, to enhance the efficiency and safety of ships. This market is being fueled by the rising demand for automated systems that improve vessel performance, reduce human error, and ensure compliance with stringent maritime regulations.

List of Key Players Profiled in Market Report for Integrated Marine Automation System:

ABB (Switzerland)

Honeywell International, Inc. (U.S.)

Rolls-Royce PLC (U.K.)

Wartsila (Finland)

Kongsberg (Norway)

Siemens (Germany)

Hyundai Heavy Industries (South Korea)

General Electric (U.S.)

Ingeteam (Spain)

Emerson Electric Co. (U.S.)

The market is expected to see steady growth due to the ongoing digital transformation within the maritime sector, as well as the adoption of smart ships, autonomous vessels, and the need for better operational efficiency. Asia Pacific dominated the market in 2021, accounting for a significant share, with countries like China, Japan, and South Korea driving the demand for advanced marine automation technologies. Furthermore, advancements in IoT, big data analytics, and artificial intelligence are expected to propel the market during the forecast period.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/integrated-marine-automation-system-market-106580

Segmentation: Integrated Marine Automation System Market

Vessel Management System to Dominate Market Due to Increased Adoption in Naval and Marine Sector

By product type, the market is bifurcated into hardware and software.

On the basis of solution, the market is segmented into the vessel management system, power management system, safety system, and others.

Based on the end-users, the market is divided into commercial and defense.

Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, and Rest of the world.

Report Coverage:

The report provides complete information and factual data regarding market development and current trends in the industry. Furthermore, key advancements and business development strategies such as mergers, acquisitions, alliances, and partnerships are discussed in the report. Also, the impact of COVID-19 pandemic on industrial growth and development is highlighted further. Drivers and restraints affecting the market growth are elaborated along with the latest key developments in the industry.

Drivers & Restraints:

Rising Investment in Advanced Technologies to Stimulate Growth

The global integrated marine automation system market is expected to witness prominent growth during the projected period owing to the increasing demand for digitalizing marine operations. Increased development in a software solution is anticipated to boost the naval, marine, and offshore sectors' product demand. Rising investment into technological advancements and development in shipbuilding and shipping companies will likely bolster market expansion. These factors are likely to ensure integrated marine automation system market growth in the coming years.

However, the increased risk of cyber threats may hinder market growth.

Regional Insights:

Asia Pacific Dominated Market Due to Technological Advancements

Asia Pacific dominates the global integrated marine automation system market share during the forecast period due to major shipbuilding companies in the region. The region stood at USD 1.20 billion in 2021. Technological development in emerging countries is likely to bolster market growth.

Europe is expected to hold the second-largest global market position due to the rising demand for the cruise, ships, and autonomous ships. Also, an ongoing ship modernization program is likely to boost the demand.

Competitive Landscape:

Partnerships Allow Key Players to Expand Business Globally

The key players in market focus on implementing various business developments strategies to expand their market reach. These strategies include forming strategic alliances, partnerships, mergers, or acquiring other companies. Also, implementing innovative product development and differentiation strategy allow companies to propel growth.

Industry Developments:

December 2020: Rolls-Royce acquired Servowatch Systems, an international supplier of integrated marine automation systems. Servowatch will expand the ship automation division with Rolls-Royce's Power Systems business.

October 2020: Hoglund and Veracity signed a collaboration agreement to combine onboard integration and data capture capabilities of Hoglund and ecosystem and platform architecture with helping ship owners accelerate their digital initiatives.