The global
integrated marine automation system market was valued at USD 3.58 billion in 2021 and is projected to reach USD 3.84 billion in 2022, ultimately growing to USD 6.33 billion by 2029 at a CAGR of 7.39% during the forecast period. Asia Pacific dominated the market, holding a 33.52% share in 2021.
The IMAS market is witnessing substantial growth, driven by the increasing adoption of advanced automation technologies in the maritime sector. These systems integrate various functions, including navigation, engine control, safety, and communication, to enhance operational efficiency and vessel safety. The growing need for automated solutions to optimize ship performance, minimize human error, and comply with stringent maritime regulations is a key factor propelling market expansion.
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
The Integrated Marine Automation System Market can be segmented based on several key factors:
1. By System Type:
Power Management System
Vessel Management System
Process Control System
Safety System
Other Systems
2. By Solution:
Hardware (Sensors, Control Modules, Displays, etc.)
Software (Fleet Management, Navigation, Data Analytics)
Services (Installation, Maintenance, Upgrades)
3. By Ship Type:
Commercial Ships
Cargo Ships
Container Ships
Tankers
Bulk Carriers
Passenger Ferries
Naval Ships
Frigates
Destroyers
Aircraft Carriers
Submarines
Offshore Support Vessels
Oil & Gas Exploration Ships
Wind Farm Installation Vessels
Research & Survey Ships
4. By Autonomy Level:
Semi-Automated Systems
Fully Automated Systems
Autonomous Ships (Unmanned Vessels)
5. By End User:
Commercial Shipping Companies
Defense & Naval Forces
Offshore Oil & Gas Industry
Port & Harbor Authorities
Others
6. By Region:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Norway, Russia, Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Australia, Rest of Asia-Pacific)
Middle East & Africa (UAE, Saudi Arabia, South Africa, Rest of MEA)
Latin America (Brazil, Argentina, Rest of Latin America)
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.
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