Integrated Bridge Systems Market Outlook and Industry Forecast to 2025

1
According to the new market research report
"Integrated Bridge Systems Market by
(OEM, Ship Type Bulk Dredgers, Frigates, OPVs),
End User
Aftermarket),
(Commercial Carriers, Defense Corvettes,
Subsystem
(INS, VDR,
AWOS, AIS), Component (Hardware, Software), and
Region - Global Forecast to 2025", is estimated
to be USD 7.0 billion in 2019 and is projected
to reach USD 8.8 billion by 2025, at a CAGR of
3.9 from 2019 to 2025. The markets growth can
be attributed to the rise in seaborne trade and
growth in maritime tourism. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id140505598 Commercial segment projected
to register higher CAGR than defense segment
from 2019 to 2025 Based on ship type, the
integrated bridge systems market has been
segmented into commercial and defense. The
commercial segment is projected to grow at a
higher CAGR during the forecast period owing to
growth in seaborne trade, leading to an increase
in demand for integrated bridge systems in
commercial ships. Among the commercial ship
types, the dredgers segment is estimated to
witness the highest CAGR over the forecast
period. There is an increasing demand for
dredgers in the marine industry as they serve in
excavation and scraping of the sea bed to ensure
safer voyages. OEM segment projected to register
higher CAGR than aftermarket segment during
forecast period By end user, the OEM segment of
the integrated bridge system is expected to
register higher growth than the aftermarket
segment, owing to as increase in demand for
advanced IBS equipped with sensor fusion
solutions by ship owners, due to which the
manufacturers of IBS are focusing on providing a
complete IBS as a package as per new navigation
and safety regulations. A few of the prominent
players in the integrated bridge systems market
include Kongsberg, Northrop Grumman Corporation,
Wartsila, and Raytheon Company. Asia Pacific
integrated bridge systems market projected to
grow at highest CAGR from 2019 to 2025
2
The integrated bridge systems market is projected
to register the highest CAGR in the Asia Pacific
region during the forecast period. The
shipbuilding industry in Asia Pacific is on the
rise, because one-third of the global container
traffic flows through ports in China. According
to the World Shipping Council, the first 10
busiest container ports are in Asia. As per
UNCTAD, in 2018, 64 of the total world container
port volume was from Asia. Continues focus on
high technology adoption and support equipment
manufacturing has led the Chinese shipbuilders to
dominate the world market in both commercial and
naval shipbuilding segments globally. The key
players in the region, such as China, South
Korea, and Japan, are making advances in terms
of technical competency so as to capture a
greater market share of the commercial maritime
industry Key Market Players Some of the key
players profiled in the integrated bridge systems
market report include Kongsberg (Norway),
Wärtsilä (Finland), Northrop Grumman Corporation
(US), Raytheon Company (US), Furuno Electric Co.
Ltd. (Japan), and Japan Radio Co. Ltd.
(Japan). Ask for Sample Report _at_ https//www.marke
tsandmarkets.com/requestsampleNew.asp?id140505598
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