PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497717
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497717
Key Highlights
The marine onboard communication and control systems market was valued at USD 8,733.2 million in 2023, and it will rise to USD 14,496.2 million, advancing at a 7.7% CAGR, by 2030.
The need for various types of marine vessels is increasing because of the rising seaborne trade volume. The improvement of worldwide trade mandates a greater capacity for product transportation through ships.
There is an enormous need for new bulk carriers, container ships, oil & gas tankers, and cargo ships, and the renovation of old ships with modern technologies.
Passenger shipping is also playing an important part in the expansion of this industry because there is an increasing demand for bigger, more enhanced cruise ships and ferries to manage the surging count of passengers.
Old vessels are generally replaced or retrofitted to follow the present industry guidelines, which are regularly governed by the stringent policy on effectiveness.
Accordingly, new technological models are being employed to substitute fleets' older as well as less technologically innovative ships.
Economic expansion and Industrialization are also boosting expansion as economic improvement in developing nations has enhanced the scales of marine transport because of the surging raw material requirements.
Key Insights
APAC was the largest contributor to the industry in 2023, with a 50% share.
This can be because of the rising shipping activities, defense transformation efforts, developing technologies, and rising economies.
APAC dominance can also be attributed to the rising marine fleet size for various seaborne trades.
The government plans to enhance port infrastructure, marine security, and compliance with worldwide marine policy also drive the need for new communication as well as control systems.
Communication systems will advance at a higher compound annual growth rate, of 8%, during this decade.
This is mainly because of the increasing requirement for efficient communication for navigation and keeping efficient maritime traffic, connectivity, safety, operational efficiency, and coordination at sea.
The commercial category was the largest contributor to the industry in 2023, with a 60% share.
This can be ascribed to the important role of these systems in assisting global trade, logistics, and operation of commercial vessels, which are employed in transporting products across seas, and for tourism.
Innovative control as well as communication technologies are employed on commercial boats and ships for safety, navigation, and operational effectiveness.
The defense category is likely to advance at a higher compound annual growth rate, of 9%, in the years to come.
The requirement for advanced, secure, and reliable control & communication systems in naval vessels remains vital for defense ability modernization worldwide.
The need for various integrated systems that provide safe navigation, communication, and various other mission-essential functionalities is being powered by security concerns and the navies' stretched objectives.
OEMs accounted for the largest industry share in 2023, of 70% share. This can be because of their technologically improved offerings and established industry presence.
OEMs have robust abilities in developing control and communication systems with innovative technologies.
R&D is proceeding to develop innovative as well as safe systems for the specific requirements of the marine sector. OEMs offer systems that stick to marine safety rules.