USD 5.79 billion
Report ID:
SQMIG20G2004 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|Tables:
61
|Figures:
74
Integrated Bridge Systems Market size was valued at USD 5.79 billion in 2019 and is poised to grow from USD 6.1 billion in 2023 to USD 9.39 billion by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).
The Integrated Bridge System (IBS) is a collection of interconnected and compactly arranged screens and modules that provides centralized access to data on monitoring and control, propulsion, and navigation. The purpose of an integrated bridge system is to improve the ship's safe and effective operation by a qualified operator. An integrated bridge system is a collection of interconnected systems that enables centralized control of various navigational resources. This programme aids in the management of raw materials to prevent the destruction of products. The deployment of an integrated bridge system is intended to help automated route maintenance, track control systems, and smart route planners.
In order to improve safety and simplify marine operations, a number of maritime organisations throughout the world are implementing integrated bridge constructions. Additionally, the sector for integrated bridge systems will expand as more ships, yachts, aircraft, containers, and cruise ships employ wireless sensors. Due to intense rivalry among manufacturers, the price decrease of wireless sensors is what is driving the demand for integrated bridge systems. Navigators, ship owners, and shipbuilders can all benefit greatly from the integrated bridge structure. Maintaining optimal inventory levels while ensuring product availability across all channels is one of the issues encountered by merchants.
The product's unavailability has a negative influence on the company's reputation and shows weak management. An integrated bridge system is being driven to market expansion by manufacturers' investments in new model development, intelligent route planning, and custom integration with other systems. The market is expanding as a result of growing seaborne trade and marine tourism in recent years, as well as the adoption of newer and better technologies by various business sectors. Earlier, there were fewer ships and ports available, but more recently, as ports and ships have grown in number and novel systems have become more widely used, these factors have improved the market's growth over the forecast period.
US Integrated Bridge Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.79 billion
Largest Segment
Commercial
Fastest Growth
Commercial
Growth Rate
5.4% CAGR
To get more reports on the above market click here to Buy The Report
Global Integrated Bridge System Market is segmented By Ship Type , By Sub System, By Component, By End User and Region. Based on Ship Type, the market can be segmented into Commercial Ship ( Bulk Carrier, Cruises, Dry Cargo, Tankers, Gas Tankers, Research Vessel, Dredgers, Fishing Vessels, Offshore supply and Passenger Ferry), Defense Ship (Frigates, Corvettes, Destroyers, Amphibious Ship, Minesweepers, Aircraft Carriers, OPVs, Sub Marine, Missile Carrying Boats and Supply Boats). Based on Sub System, the market can be segmented into INS (Navigation Radar, ARPA Radar, Gyros, Echo Sounder, Electro Magnetic Log, ECDIS (Electronic chart Display and Information System), DGPS (Differential, Global Positioning System), Bridge Communication Console, Auto Pilot, Transmitting Magnetic Compass, BNWAS (Bridge Navigational Watch & Alarm System), Automatic Weather Observation System (AWOS), Voyage Data Recorder, Automatic Identification System (AIS). Based on Component, the market can be segmented into By Hardware( Displays, Control Unit, Data Storage Devices, Sensors, Alarms, Others), Software. Based on End User, the market can be segmented into OEM( Commercial, Defense), Aftermarket (Parts, Maintenance). Based on Region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Integrated Bridge Systems Market Analysis by Vessel
On the basis of vessel, the integrated bridge systems market is segmented into commercial vessel and defense vessel. Bulk carriers, cruise ships, dry cargo, gas tankers, Ro-Ro ships, and dredgers make up the commercial section. Both bulk carriers and cruise ships are utilized in marine commerce and tourism. Demand for dry cargo ships with integrated bridge systems is being driven by growing international seaborne trade. The need for dredgers and gas tankers has expanded as a result of rising offshore resource development and expanding building activity. The section of defensive vessels consists of corvettes, destroyers, frigates, amphibious ships, and aircraft carriers. Aircraft can take off and land with ease on the large, flat deck of aircraft carriers.
Warfare ships also called amphibious ships are used to provide ammunition, transport, refuel military vehicles, and defend ground-based troops and their equipment from hostile aircraft and surface ships. Multipurpose naval warships are destroyers. Both their firepower and endurance are very strong. The naval ship is shielded from adversarial submarines by the use of frigates. A small, technologically sophisticated warship with a weapon launcher is called a corvette. The demand for integrated bridge systems is rising as aircraft carriers are upgraded and amphibious ships are in greater demand.
Integrated Bridge Systems Market Analysis by Component
By component, global integrated bridge system market is segmented into hardware and software. The hardware segment is further classified into displays, control panels, data storage units, sensors, alarms, and other hardware components make up the hardware segment. It is anticipated that during the forecast period, this category will account for the greatest market share. Its expansion is driven to the growing demand for IBS on both commercial and defense boats. Synapsis NX, K Bridge Sensor Integrator (SINT), Visionmaster FT, Napa Logbook, and Navi-Planner 4000 make up the software segment. During the projection period, the software segment is expected to experience significant expansion. This expansion of the integrated bridge systems market is linked to an increase in shipbuilders' demand for software solutions for navy ships.
To get detailed analysis on other segments, Request For Free Sample Report
Global integrated bridge systems market is segmented into North America, Europe, Asia-Pacific, the Middle East, and the rest of the world. Wherein, North America is projected to lead the market in the years to come, followed by Europe and Asia-Pacific. Given that the majority of integrated bridge system developers are situated in North America, the region is expected to account for a sizeable portion of the market. The growing need for these systems in the United States is due to the navy's rising defense budget. Additionally, it is anticipated that increasing exports and Canadian economic growth will stimulate the market.
According to the integrated bridge system market prediction, Asia-Pacific is anticipated to be the largest region throughout the forecast period. The increase in cruising and fishing activities as well as the expanding need for merchant ships in China are credited with this expansion. Growth of the Asia Pacific integrated bridge systems market is anticipated to be supported by South Korea's expanding shipbuilding industry. The Asia Pacific region has a rapdily growing shipbuilding industry, and major players there including South Korea, China, and Japan are developing their technological capabilities to increase their market position in the commercial maritime sector. The top 10 busiest container ports, according to the World Shipping Council, are located in Asia. According to UNCTAD, Asia will account for 64% of all container port volume worldwide in 2019.
The market in Europe is expected to grow as a result of expanding oil and gas production, exploration, and maritime-related operations. Growth in the U.K.'s defense shipbuilding sector is anticipated to fuel the regional integrated bridge systems market.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Integrated Bridge Systems Market Driver
Integrated bridge systems with new technology, such robotic bridge maintenance systems, provide safe and effective maritime operations. Over the past few decades, this technique in the global integrated bridge systems market has been applied to construction projects in the marine sector. The four primary capabilities of the robotic maintenance are remote inspection, spray washing, paint removal, and painting. Automated robotic systems were first created to lessen the amount of manpower needed, speed up construction, lower maintenance expenses, and increase work productivity.
IBS market expansion is being driven by rising demand for robotics technology in naval maintenance tasks.
Over the next five years, marine trade is anticipated to rise at a rate of 3.4 percent annually, according to UNCTAD. This expansion is linked to the rising commerce in crude oil exports to the Asia-Pacific region from the Atlantic basin. The demand for IBS-enabled naval ships including dredgers, bulk carriers, and oil & gas tankers is being driven by an increase in global commerce volume. The integrated bridge systems market is expected to grow as a result of China's expanding intra-Asian trade operations and rising merchandise trade in Europe.
Integrated Bridge Systems Market Restraint
The systems and components include a high-priced Doppler SONAR system, sensor systems, navigation systems, communication systems, and a radar system. Due to the failure of the radar and navigation system components, the conventional system must be replaced. Furthermore, there are numerous possibilities for integrated bridge system failures in maritime vessels, which could lead to an increase in system maintenance costs. As a result, the market's expansion is hampered by high installation and maintenance costs.
Request Free Customization of this report to help us to meet your business objectives.
The next developments in this integrated bridge systems market are e-navigation, 3D printing, 3D sonar, 5G connectivity, and mobile navigation apps. These factors are causing major market companies to diversify their product portfolios combined with their R&D efforts. A propulsion control system from Wartsila is a cutting-edge, all-encompassing system of control devices, displays, modules, and indicators. This technology is made to work with any type of propulsion configuration for modern naval ships and marine vessels.
Integrated Bridge Systems Market Top Player's Company Profiles
Integrated Bridge Systems Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global integrated bridge systems market analysis, technological progress such as the naval users' robotic ship maintenance system and rising global seaborne trade are some major factors driving the growth of the global Integrated Bridge Systems market.
Report Metric | Details |
---|---|
Market size value in 2019 | USD 5.79 billion |
Market size value in 2031 | USD 9.39 billion |
Growth Rate | 5.4% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Integrated Bridge Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Integrated Bridge Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Integrated Bridge Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Integrated Bridge Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG20G2004