Integrated Marine Automation System Market projected to reach $4.00 billion by 2023

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According to the new market research report the
Integrated Marine Automation System Market is
projected to grow from 3.64 billion in 2018 to
4.00 billion by 2023, at a CAGR of 1.90 during
the forecast period. Factors
increasing increasing maritime
such as the
trade, compliance with
seaborne
safety norms, and growth in maritime tourism are
driving the integrated marine automation system
market. Download PDF Brochure _at_ https//www.market
sandmarkets.com/pdfdownloadNew.asp?id156354645 On
the basis of ship type, the commercial segment
is projected to grow at the highest CAGR during
the forecast period. Rise in seaborne trade along
with increasing demand for decreasing
operational costs for ships by equipping them
with automation systems is expected to drive
the growth of the integrated marine automation
system market. Based on end user, the OEM segment
of the integrated marine automation system
market is anticipated to grow at the higher CAGR
during the forecast period. Increasing seaborne
trade across the world is expected to lead to new
shipbuilding orders. Thus, in turn, leading to
increase in the requirement for OEM integrated
marine automation systems for new ships. Based on
component, the product segment is projected to
grow at the highest CAGR during the forecast
period. Installation of various hardware,
software, datalinks, and connectivity in marine
automation systems is leading to the high growth
of the product segment. Based on solution, the
vessel management system segment is projected to
grow at the highest CAGR during the forecast
period. Vessel management system is the largest
segment comprising various subsystems, such as
dynamic positioning system, alarm monitoring
system, and machinery management, among
others. The integrated marine automation system
market is led by Europe with the highest
projected growth rate for the forecast period.
Although the shipbuilding industry is going
through a rough patch presently, the demand for
autonomous ship and cruise ships in Europe is
expected to drive the integrated marine
automation system market in this region.
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Factors such as digitalization making ships
vulnerable to cyber threats and the shortage of
qualified professionals in the marine industry
may inhibit the growth of the integrated marine
automation system market. Key Market Players Key
players profiled in the integrated marine
automation system market report include Northrop
Grumman (US), ABB (Switzerland), Transas
(Ireland), Wartsila (Finland), and Kongsberg
Gruppen (Norway), among others. Ask for Sample
Report _at_ https//www.marketsandmarkets.com/request
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