Europe To Register Highest CAGR in Shipboard Monitoring Market During Forecast Period
Increase in defence spending
and growing technological advancements to drive global shipboard monitoring
market through 2024
According to
TechSci Research report, “Global Shipboard
Monitoring Market By Ship Type, By Range, By Region, Competition, Forecast
& Opportunities, 2024”, global shipboard monitoring market is expected to
register a CAGR of
around 8% during the forecast period on account of increased budgets of shipping
companies for digitalization of their vessels coupled with growth of the
maritime tourism industry. Advanced technological developments in the field of
big data analytics, AI and ship traffic management are further anticipated to spur
the growth of global shipboard monitoring market. High shipboard monitoring is expected
to reduce piracy, human errors and will further help in carrying more cargo. However,
factors such as digitalization which may render ships vulnerable to cyber
threats along with the shortage of qualified specialists in the industry might hamper
the market growth during the forecast period.
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Global shipboard
monitoring market can be segmented based on ship type, range and region.
Considering the Ship Type, the market can be segmented into Commercial Vs.
Naval. Naval sector is anticipated to witness high traction in the coming years
on account of rising incidents of conflicts in the form of drug smuggling, piracy
at sea, human trafficking and terrorism-based activities. Furthermore, large
number of huge and complex naval vessels like submarines, cruise ships,
offshore vessels, etc., and comprehensive product range including cargo
handling systems, diesel engines monitoring system, among others are other factors
driving the growth of this segment. Furthermore, the commercial ships segment is expected
to grow at the steady rate during the forecast period due to rising seaborne
trade and demand for automation systems in commercial ships or vessels. Northrop
Grumman, General Electric, Wartsila, Kongsberg Grumman, Marlink, AST Group, CMR
Group, Cummins Inc., Emerson Electric Co. and Hyundai Heavy Industries Co.,
among others are the leading players operating in global shipboard monitoring market.
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“Europe
is expected to grow at the highest CAGR through 2024 on account of growing
number of cruise ships and autonomous ship across the diverse parts of Europe.
Furthermore, emphasis on R&D activities by shipboard monitoring service
providers is further fueling growth in the market. Additionally, the major start-ups
are making investments in the research and development of ships integrated with
artificial intelligence for better decision making and improved situational
awareness, which would further steer growth in global shipboard monitoring
market.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Shipboard Monitoring Market By Ship
Type, By Range, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global shipboard
monitoring market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global shipboard monitoring market.
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