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Connected Ships Market: Overview

Traditionally, once a ship has left the port its communication with shore was severed. This was until the introduction of radios on ships at the beginning of the 20th century. However, the shipping industry is now experiencing a step change in this field, with digital signals that can be transferred from ship to shore, and in the reverse direction, at significant rates, independent of the ship’s location. The connected ships deals with a drive, within the shipping and marine industry to enhance safety, security, and navigational efficiency through technology integration. This helps the on-ship system to increase control and awareness.

The operational team receives intense levels of situational awareness by combining visual and numerical data from various ship systems such as cameras, radars, electronic chart display and information system (ECDIS) and automatic identification system (AIS). This is advantageous for on-ship safety and off-ship surveillance. The connected ships helps in voyage management, vessel monitoring, economic voyage, fuel management, and predictive diagnosis & assessment.

Connected Ships Market: Drivers & Restraints

The connected ships, help in welfare, entertainment, and operational applications. The welfare and entertainment for passengers and crew is a key driver of the connected ships market.  Operational applications such as route planning, cargo logistic, application monitoring, and administration communication between the vessels have become handy with the application of connected ships.

 The connected ships comprises long-range identification & tracking (LRIT) system and automatic identification system. The long-range identification & tracking system requires vessels to report their ID position to their flag administration four times a day, which is typically done via satellite. The automatic identification system transmits details such as vessel ID, position, course, and speed, on dedicated channels in the very-high frequency (VHF) band to avoidance collisions.

Connected Ships Market: Key Segments

The global connected ships market can be segmented based on application, installation type, ship type, fit, and region. In terms of application, the market can be classified into vessel traffic services (VTSs), fleet operations, and fleet health operations. The VTS is a marine traffic monitoring system established by port or harbor authorities. It is similar to air traffic control for aircrafts. Fleet operations consists of services such as ship building, marine insurance, technical management, and crew member management. Fleet health operations deals with health of the overall crew on the ship. Based on installation type, the connected ships market can be bifurcated into onboard and offshore. In terms of ship type, the market can be segregated into commercial and defense. Based on fit, the connected ships market can be divided into line fit and retro fit.

Connected Ships Market: Regional Outlook

In terms of region, the global connected ships market can be categorized into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is projected to lead the global market during the forecast period, followed by Europe. The market in Asia Pacific is projected to expand at a significant pace during the forecast period. Latin America and Middle East & Africa are expected to account for a small share of the global market during the forecast period.

Connected Ships Market: Key Players

Key players operating in the global connected ships market include Northrop Grumman Corporation, General Electric, Wärtsilä, Kongsberg Maritime, Marlink, ABB, Emerson Electric Co., Hyundai Heavy Industries Co., Ltd., JASON INC., Rockwell Automation, Inc., Schneider Electric, Ulstein Group ASA, and Valmet.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Connected Ships Market