Vessel Control System Market: Introduction
- The vessel control system is a fully integrated system that covers several aspects of the ship’s operation including navigation and administration of maintenance and purchasing of spares, cargo on-and-off-loading operation, auxiliary machinery operation, power management operation on the auxiliary engines, and propulsion plant operation
- The vessel control system are used to monitor and control several parameters on the ship such as equipment status (whether open or closed), pressure level, current, frequency, temperature, vessel position, flow control, viscosity, machinery status, torque control, and speed
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Key Drivers & Restrains of Vessel Control System Market
- Rise in demand to monitor and control various parameters such as engine temperature, diesel engine safety and start/stop, combustion temperature, fuel consumption, generator load in KW and %, and generator voltage to improve efficiency and safety of ship, is estimated to drive the vessel control system market during the forecast period
- GHG emissions have been rising significantly across the globe due to rapid industrialization. The marine industry accounted for 2.5% of the total global GHG emissions in 2018. Several regulations has been introduced by regulators to limit GHG emissions in the marine sector. This has prompted vessel operators to focus on the adoption of emission control system as continuous monitoring of ship emissions is required to reduce the emission levels from a ship. This, in turn, is expected to propel the global vessel control system market during the forecast period.
- Need to obtain real-time information to simplify work process and minimize human error is expected to augment the global vessel control system market during the forecast period. Furthermore, a rise in awareness about the benefits of integration of digital technology in the vessel is also likely to fuel the market.
- Technological advancements in the vessel control system design, in order to optimize efficiency and reduce operation cost, is also anticipated to propel the global vessel control system market in the near future. For instance, in 2019, AB Volvo introduced EVC2, upgraded Electronic Vessel Control (EVC) System. The system offers a single connection point and the ability to manage EVC functions for the complete vessel and driveline independently.
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Cargo & Ballast Monitoring & Control Segment Expected to Hold Major Share of Global Market
- The global vessel control system market can be segmented based on type and region
- In terms of type, the global vessel control system market can be divided into propulsion & power monitoring & control, auxiliary machinery control, cargo & ballast monitoring & control, and others. The cargo & ballast monitoring & control segment is anticipated to expand significantly due to a surge in the demand for safe on and off loading of cargo, especially on tankers. Cargo & ballast monitoring and control is used to monitor cargo tank level, ballast tank level, service tank level, and cargo tank pressure & temperature level.
Asia Pacific Expected to Hold a Major Share of Global Vessel Control System Market
- In terms of region, the global vessel control system market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The vessel control system market in Asia Pacific is expected to expand at a significant pace during the forecast period due to an increase in the demand for seaborne trade activities in developing economies, including Japan, India, China, and other countries in Southeast Asia. In 2018, 4.494 billion tons of goods were loaded and 6.738 billion tons of goods were unloaded at seaports across Asia.
- North America is likely to be a stable market for the vessel control system during the forecast period. Shipping companies present across the region are making considerable investments in R&D sectors to design cost effective & efficient vessel control systems that strengthen their competitiveness in quality, cost, and delivery, and ultimately benefit customers. This, in turn, is estimated to propel the vessel control system market in the region.
- Europe is also projected to hold a key share of the global vessel control system market due to an increase in investments to modernize ports. This includes improvements in energy-related infrastructure, infrastructure to reduce carbon footprint, intermodal/multimodal terminals, transport connectivity, ICT/digital infrastructure, and other few basic infrastructure. Furthermore, a rise in marine trade activity, especially through the Mediterranean Sea and the Sea of Marmara, is projected to propel the vessel control system market in Europe.
- The vessel control system market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period due to an increase in compliance focus toward maritime safety norms in these regions
Key Players Operating in Global Market
Leading companies operating in the global vessel control system market include:
- Wartsila SAM Electronics GmbH
- General Electric
- Mitsubishi Hitachi Power Systems, Ltd.
- Nabtesco Corporation
- Kongsberg Maritime
- Emerson Electric Co.
- AB Volvo
Global Vessel Control System Market: Research Scope
Global Vessel Control System Market, by Type
- Propulsion & Power Monitoring & Control
- Auxiliary Machinery Control
- Cargo & Ballast Monitoring & Control
Global Vessel Control System 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.