Connected Smartship: Introduction
- Connected smartship enables ship owners to manage their fleets and achieve operational savings through the application of digital technologies. Connected smartship enables the owner to obtain real time information related to ocean current data, location, weather, on-board equipment, and cargo status data.
Key Drivers and Restraints of Connected Smartship Market
- Rise in adoption of digital technology in the marine industry for obtaining real time information to improve efficiency of the vessel; and increase in seaborne trade activities are expected to drive the global connected smartship market. Connected smartship offers a model where vessels are tracked and managed via satellite, thus achieving streamlined reporting and optimized vessel operating efficiency (including fuel management).
- Of late, demand for marine vessels has been rising due to increase in logistics, fishing, and recreational water activities, primarily in developing economies such as India, China, Mexico, and Brazil. Increase in number of marine vessel has strained the existing traffic management and control & monitoring infrastructure. This is projected to drive the demand for connected smartships during the forecast period, as ships connected to a network help onboard officers manage controlling and monitoring activities easily.
- Insecure mode of data transmission, incompetency of software, and lack of investments in infrastructure are some of the factors estimated to hamper the connected smart ship market in the near future
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Vessel Traffic Management Application Segment Expected to Hold Prominent Share of Global Market
- The global connected smartship market can be segmented based on application, end-user and region
- Based on application, the global connected smartship market can be segregated into vessel traffic management, fleet operations & fleet health monitoring and others. The vessel traffic management segment held a major share in connected smart ship market in 2019. The Increase in demand to monitor and manage the vehicular traffic in the sea and oceanic water is anticipated to propel the demand for vessel traffic management application segment in connected smart ship market during the forecast period. Fleet operations include asset protection & inspection tasks, trade information management, and travel route decisions.
- Based on end-user, the global connected smartship market can be segregated into defense and commercial. The defense segment is anticipated to expand significantly due to the increase in investment in designing of advanced and new connected submarines and ships by naval forces. Furthermore, increase in threats from terrorist organizations and pirate groups is likely to boost the defense segment of the connected smartship market during the forecast period.
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Asia Pacific Expected to Constitute Major Share of Global Connected Smartship Market
- In terms of region, the global connected smartship market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- Europe is projected to dominate the connected ship market during the forecast period. This can be ascribed to the rise in demand for autonomous ships and cruises in the region. Europe is one of the major consumers of marine electronic equipment, led by the presence of major ship manufacturers. The shipbuilding industry in Europe offers complex naval vessels such as dredgers (offshore vessels), submarines, mega yachts, cruises, and ferries. Hence, the region holds a strong position in the international market. Furthermore, rise in marine trade, especially through the Sea of Marmara and the Mediterranean Sea, is a major factor expected to propel the market.
- The connected smartship market in Asia Pacific is expected to expand at a significant pace during the forecast period due to increase in spending in the development of shipbuilding infrastructure. Increase in shipbuilding activities in developing nations, including India, Japan, and China, is also projected to propel the market.
- North America is also projected to hold vital share of the global market during the forecast period due to rise in focus on automation in the marine industry in the region
- The connected smartship market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period
Key Players Operating in Global Market
Leading companies operating in the global connected smartship market include:
- Hyundai Heavy Industries
- Northrop Grumman
- RH Marine
- Schneider Electric
Global Connected Smartship Market: Research Scope
Global Connected Smartship Market, by End-user
Global Connected Smartship Market, by Application
- Vessel Traffic Management
- Fleet Operations
- Fleet Health Monitoring
Global Connected Smartship Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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
- 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.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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?
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.