The global integrated bridge system market size is projected to reach USD 9.43 billion by 2026, exhibiting a CAGR of 3.93% during the forecast period. Rising adoption of digital technologies in ships is set to emerge as one of the central growth drivers for this market, states Fortune Business Insights™ in its report, According to the UN Conference on Trade and Development (UNCTAD), maritime shipping industry is rapidly adopting advanced technologies to reduce operational costs and boost efficiency in ships. One such technology is integrated bridge systems (IBS) that the International Maritime Organization (IMO) defines as an amalgam of interconnected systems that enable centralized access to sensor information from different workstations in a ship. As a result, the efficiency in handling sensitive processes while navigating a vessel gets augmented and this factor is expected to the lead the integrated bridge system market trends in the near future.

Request a Sample PDF Brochure:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/integrated-bridge-systems-market-101828

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

The report states that the value of the market stood at USD 7.20 billion in 2018. The other highlights of the report include:

  • Exhaustive study of the various market drivers and trends;
  • In-depth evaluation of the hindrances facing the market;
  • Careful analysis of the different market segments; and
  • Comprehensive research into the competitive landscape and regional dynamics of the market.

List of Companies Profiled in the Integrated Bridge System Market Report:

  • WärtsiläOyj Abp.
  • Raytheon Company
  • Praxis Automation Technology B.V.
  • Northrop Grumman Corporation
  • Naudeq
  • Mackay Communications, Inc.
  • Japan Radio Co., LTD.
  • Hensoldt UK
  • DSME Co., Ltd.
  • Consilium Marine & Safety Ab
  • Tokyo Keiki Inc.
  • Prime Mover Controls Inc.
  • OSI Maritime Systems
  • Noris Group GmbH
  • Kongsberg
  • L3 Mapps Inc.
  • Danelec Marine A/S
  • Alphatron Marine B.V.

Speak To Analyst:-

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/integrated-bridge-systems-market-101828

Market Driver

Increasing Global Maritime Trade to Aid Market Expansion

With global economic growth steadily gaining momentum, international trade activities are also intensifying and they are best reflected in the promising progress made by world seaborne trading operations. The UN Conference on Trade and Development (UNCTAD) reported in 2018 that maritime trade and shipping account for nearly 80% of the total global trade volume and more than 70% of the global trade value is handled at seaports across the globe. In 2018, global seaborne trade expanded at an impressive 4% from 2017 levels. Thus, a flourishing maritime trade industry brings good news for the integrated bridge system market growth as higher revenues and profits will prompt governments and industry players to upgrade existing ship fleets with advanced communication and analysis technologies.

Regional Analysis

Rapid Growth in Shipbuilding to Propel the Market in Asia-Pacific

Among regions, Asia-Pacific is slated to lead the integrated bridge system market share during the forecast period as a result of rising intensity of shipbuilding activities in South Korea and China. An UNCTAD report states that 90% of the world’s shipbuilding occurs in Japan, China, and South Korea. In addition to this, India and China are also actively upgrading their naval systems to have their ships combat-ready, which bodes well for this market.

The market size in North America stood at USD 0.94 billion in 2018 and the region is anticipated to emerge as highly lucrative owing to expanding defense budget of the US government. On the other hand, in Europe, the market will be primarily driven by the growing oil & gas exploration and production activities in the North Sea and the Norwegian Shelf.

Competitive Landscape

Contractual Partnerships to Characterize Market Competition

Competition in this market is intense and fragmented due to the presence of a few large players and plenty of small and medium sized companies. Thus, in a bid to enlarge their share in the market, many of these players are entering into short-term contractual partnerships, the integrated bridge system market analysis observes.

Industry Developments:

  • September 2019: Kongsberg, the Norwegian marine engineering major, signed a deal with the Dutch company Damen Shipyards to provide the company with its flagship fully integrated Kongsberg Maritime solution for the cruise liner, the SeaDream Yacht Club.
  • September 2019:The German navigation systems specialist Raytheon Anschützcollaborated with UK-based shipbuilder Babcock and Thales to install its Warship Integrated Navigation and Bridge Systems (WINBS) in the new Type 31e frigates of the UK Royal Navy.

Inquire Before Buying This Report:

https://www.fortunebusinessinsights.com/enquiry/queries/integrated-bridge-systems-market-101828

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Address:

Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –

Mahalunge Road, Baner, Pune-411045,

Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

LinkedIn Facebook Twitter

By Emelia Murison

Emelia Murison is a freelance writer and editor with a passion for innovation and technology. She covers breaking industry news, #SpaceForGood, and product reviews for the group. She also provides copywriting services to startups around the world – one of which introduced her to the world of Aerospace.