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, titled “Integrated Bridge System Market Forecast, 2019-2026”.
This industry report offers detailed research and analysis of key aspects of the market. The market analysts authoring this industry analysis report has provided profound information on leading growth drivers, restraints, challenges, trends, and opportunities to offer a complete analysis of the global market. The report highlights CAGR value fluctuations during the forecast period for the market. Market participants can use the analysis of market dynamics to plan effective growth strategies and prepare for future challenges beforehand. A range of key factors are analysed in the report, which will help buyer in studying the industry.
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The report answers the following questions:
- What is the overall industry outlook and how will impact the market?
- What are the main drivers and trends shaping the market growth?
- Which factors are stalling the growth of the market?
- What are the regional prospects for the market?
- Who are key market players and what are their preferred strategies?
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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
List of Companies Profiled in the Integrated Bridge System Market Report:
- WärtsiläOyj Abp.
- Raytheon Company
- Praxis Automation Technology B.V.
- Northrop Grumman Corporation
- 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
- L3 Mapps Inc.
- Danelec Marine A/S
- Alphatron Marine B.V.
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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.
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.
- 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.
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