Integrated Marine Automation Market Outlook 2028 -
Integrated Marine Automation System is used to improve operational efficiency and safety of ships. Ships having integrated automation system have the capability to take better decisions based on sensor fusion technology and artificial intelligence (AI). Furthermore, it helps in identifying threats and neutralizing them by improving vessel performance. All these technologies are used for processing data so that human intervention can be reduced, thus reducing chances of error. These features of automation system are gaining more and more popularity since it reduces space. In addition, it also requires less crew needed on the ship, reducing training cost of crew as smaller number of people are required on board. In recent times, there has been an increase in maritime trade, hence the use of integrated marine automation in new ships and retrofitting of existing ships has increased, which has led to rise in growth of the integrated marine automation market.
COVID-19 Impact Analysis:
Due to the outbreak of COVID-19 pandemic, a lot of cargo and passenger ships were not allowed to dock at ports by local authorities. Hence a lot of merchant sailors were stranded on ship itself. Ship owners also had to pay additional cost since their ships were stranded on territorial water for an extended period. In addition, owing to the outbreak, movement of ships were restricted thus there were a lot of seafarers who reached to the end of their employment contract and needed them to be renewed. Moreover, to prevent the risk of spreading of COVID-19 there has been a decline in import and export of products and goods. Small companies, which were engaged in the shipping industry have become bankrupt due to less demand. Thus all these factors halted growth of the marine automation market due to COVID-19 pandemic.
Top Impacting Factors
- Rise in software development, adoption of internet of things (IoT) for real-time decision making, and increase in demand for situational awareness in ships drive growth of the market.
- However, increase in cyber threats and poor network connectivity is expected to hamper growth of the market.
- Moreover, revision of marine safety regulations and advancements in sensor technologies & improved navigation systems in ships can be seen as an opportunity for growth in the market investments.
Rise in software development
Software plays an important role in functioning of integrated automation systems. It provides ships with details for smooth operations, better management, and timely monitoring of health. Software also consists of features that can be used for traffic management at ports as there is a huge rush and extreme precision is required. For instance, in September 2020, maritime artificial intelligence analytics 4.0 was released by Winward (UK). It is a new marine automation software technology, which is capable of screening, searching, and analyzing dynamic maritime data. Collected data is analyzed automatically and it also compares the collected data with previous results. Then the analyzed data is used to display all potential risks. Software also uses dynamic predictive intelligence, which is based on ship’s identity, type of cargo it is carrying, its location, and voyage pattern to link this data to patterns and profiles. It can also detect irregularities in voyage pattern, path it is going through, and adverse weather conditions. Thus, growing developments in software and artificial intelligence (AI) technology are expected to drive growth of the integrated marine automation system market.
Key Benefits of the Report:
- This study presents the analytical depiction of the integrated marine automation market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the integrated marine automation market.
- The current market is quantitatively analyzed to highlight the integrated marine automation market growth scenario.
- The report provides detailed integrated marine automation market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the integrated marine automation market research report:
- Which are the leading market players active in the integrated marine automation market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the integrated marine automation market?
- What are the projections for the future that would help in taking further strategic steps?
Integrated Marine Automation Market Report Highlights
By Ship Type
By End User
Key Market Players
API Marine Inc., Hyundai Heavy Industries, General Electric, ABB Group, Rolls-Royce PLC, Fincantieri S.p.A, Tokyo Keiki, Siemens, Honeywell International, Kongsberg