Press Release

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. 

Browse market data Tables and Figures spread through 110 Pages and an in-depth TOC on " Global Shipboard Monitoring Market "

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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