Integrated Marine Automation System Market to Witness the Highest Growth in Europe Region

1
Integrated Marine Automation System Market to
Witness the Highest Growth in Europe
Region MarketsandMarkets The "Integrated Marine
Automation System Market by Autonomy (Autonomous,
Remotely-operated, Partial Automation), Ship
Type (Commercial, Defense, Unmanned), End User
(OEM, Aftermarket), Solution (Products,
Services), System and Region-Global Forecast to
2025", is projected to grow from USD 4.9 billion
in 2020 to USD 7.8 billion by 2025, at a CAGR of
10.0 from 2020 to 2025. Some of the major
factors driving this market include the
increasing global sea trade, improving marine
navigational safety resulting in lesser
accidents, and growing maritime tourism. The
demand for new ships and the retrofitting
of existing ships with advanced technologies
are expected to grow with increased trade
activities. New defense and commercial
vessels are equipped with advanced systems
for improved safety and efficiency. Download
PDF Brochure _at_ https//www.marketsandmarkets.com/p
dfdownloadNew.asp?id156354645 The COVID-19
pandemic has impacted the integrated marine
automation system market significantly. The
spread of COVID-19 has also forced shipping
companies to implement remote working and digital
technologies for business continuation and fleet
optimization. For example, shipping companies and
original equipment manufacturers are using
artificial intelligence for predictive
maintenance, intelligent scheduling, real- time
analytics, and improving performance. This break
in business operations is directly influencing
the revenue of the integrated marine automation
system market. Even though some industries
continued operations, delays in systems supply
and the limited supply of produced goods capped
production and reduced capacity utilization
rates. Based on autonomy, remotely-operated
segment projected to lead integrated marine
automation system market during the forecast
period Based on autonomy, the integrated marine
automation system market is segmented into
autonomous, remotely-operated and partial
automation. The growth of the
remotely-operated segment of the integrated
marine automation system market can be attributed
to the increased investments in developing
unmanned and remotely- controlled vessel
operations.
2
Based on ship type, defense segment projected to
dominate integrated marine automation system
market during the forecast period Based on ship
type, the integrated marine automation system
market is segmented into commercial and defense
and unmanned. The commercial segment is expected
to dominate the market, owing to the rising
seaborne trade and tourism across the
globe. Based on end user, the OEM segment
accounts for the largest market size during the
forecast period Based on end use, the integrated
marine automation system market is segmented into
OEM and aftermarket. The OEM segment is estimated
to account for a largest share in 2020 as
compared to the aftermarket segment. The OEM
segment is also expected to grow at a higher CAGR
as compared to the aftermarket segment during the
forecast period, owing to increased investments
in naval defense coupled with seaborne trade by
several nations. Europe is expected to be
the fastest-growing region for integrated
marine automation system market during the
forecast period Europe is among the
fastest-growing regions for integrated marine
automation system market. Europe has a developed
market for offshore vessels, which is expected to
grow significantly over the next few years. The
growth of the shipbuilding industry in Europe is
one of the most significant factors contributing
to the increasing demand for integrated marine
automation systems in this region. Increasing
investments in the defense sector and
restructuring efforts undertaken by ship
manufacturing companies are other factors driving
the market in Europe. Key Market Players Some of
the players operating in the integrated marine
automation system market are ABB (Switzerland),
Honeywell International, Inc. (US), Rolls-Royce
PLC (UK), Wartsila (Finland), and Kongsberg
(Norway) are industry majors and have largely
benefitted from their well-recognized brands, a
wide range of products, and strong distribution
capabilities in the integrated marine automation
system market. Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsample
New.asp?id156354645
About MarketsandMarkets MarketsandMarkets
provides quantified B2B research on 30,000 high
growth niche opportunities/threats which will
impact 70 to 80 of worldwide companies
revenues. Currently servicing 7500 customers
worldwide including 80 of global
3
Fortune 1000 companies as clients. Almost 75,000
top officers across eight industries worldwide
approach MarketsandMarkets for their
painpoints around revenues decisions. Marketsand
Marketss flagship competitive intelligence and
market research platform, "Knowledgestore"
connects over 200,000 markets and entire value
chains for deeper understanding of the unmet
insights along with market sizing and forecasts
of niche markets. Contact Mr.Aashish Mehra
MarketsandMarkets INC. 630 Dundee Road Suite
430 Northbrook, IL 60062 USA 1-888-600-6441