Asia-Pacific Emerged to Be the Fastest-Growing Market for Integrated Bridge System during the Review Period

 Dec 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Integrated Bridge System for Ships Market.

Integrated Bridge System for Ships Market

Integrated Bridge Systems (IBS) Market Size is expected to reach USD 7,728.5 millionby 2030, registering a CAGR of 4.09% during 2020-2030. Growth of the Asia-Pacific is primarily due to continuous developments in the shipping industry in developing countries such as India and China. The presence of the shipbuilding industry in the region is on the rise, and the key players in the region, such as China, South Korea, and Japan, are making advances in terms of technological competencies in IBS for ships to capture a greater market share of the commercial maritime industry. According to the World Shipping Council, there is a high demand for container ports that are present in the region.

Europe held the second-largest share in the integrated bridge systems for ships market, primarily due to rising international seaborne trade and increasing oil & gas production and exploration activities coupled with increasing demand for these systems in the region. In addition, rising maritime-related operation in this region is further fueling the market growth. For instance, according to the International Chamber of Shipping, in the EU, shipping accounts for 80% of total export and import activities by volume and 50% by value. Thus, the increasing export and import activities significantly contribute to the growth of the regional market.

In North America, the presence of established market players in the region, strategic acquisitions by major players to enhance product portfolio, and implementation of integrated bridge systems to improve safety and ease maritime-related operations in ships. These factors are expected to drive market growth in this region. The US accounts for the largest market share in the North American integrated bridge systems for ships market. This large share is due to the rise in maritime tourism and technological advancements in IBS for ships.

The Middle East integrated bridge systems for ships market is segmented into Turkey, Israel, and the rest of the Middle East. The rapidly growing shipping industry, increasing expenditure on maritime tourism, and growing per capita disposable incomes of the people in these countries are some factors contributing to the significant share of this region in the integrated bridge system for ships market.

The Rest of the World is divided into Africa and Latin America. The regional market's growth can be attributed to factors such as technological innovation in IBS and an increase in the number of passengers resorting to marine transportation.

Covid Impact Analysis

The first quarter of the COVID-19 spread ceased the laboratory and technical developments. The components used in ship lies under the non-essential category; hence, the researchers were not allowed to perform any product developments during the first quarter of 2020. The research labs were temporarily closed until further notice by regulatory authorities. The ongoing research projects were halted, and no further product development was observed. Moreover, the market players were involved in other business activities such as acquisitions and partnerships. For instance, in December 2020, Rolls-Royce plc acquired Servowatch, a supplier of integrated bridge systems for yachts and commercial and government ships. This acquisition will allow the company to advance the technological development in ship control systems and integrated bridge systems. Furthermore, in the second half of 2020, the R&D units were allowed to work with 50% workforce. This provided acceleration to the development of new technologies and continued with the ongoing research activities.

Additionally, the COVID-19 pandemic created a gap between demand and supply due to the restriction in the production, transportation, and distribution of IBS devices. The stringent government regulation on shipping goods and services has created a business gap between the market player and the consumer. The delays in product delivery led to the cancellation of the order which impacted the company’s financial reserve. Moreover, the relaxation of the transportation facility in the second quarter allowed the delivery of goods with an extended timeline. In the first quarter of 2020, IBS providers experienced a huge backlash in the supply of the finished products; however, the improvement in the second half allowed the companies to minimize the gap created due to the COVID-19 spread.

Segmentation

The global Integrated bridge system for ships market has been segmented on the basis of component, ship type, sub-system, end-user, and region.

The global Integrated bridge system for ships market, based on Components, has been segmented into Hardware and Software.

On the basis of Ship Type, the global Integrated bridge system for ships market has been segmented into Commercial and Defence.

Based on Sub System the global Integrated bridge system for ships market has been segmented into Voyage Data Recorders (VDR), Automatic Identification Systems (AIS), Automatic Weather Observation Systems, and Integrated Navigation Systems.

The global Integrated bridge system for ships market based on End-User is segmented into OEM and Aftermarket.

Key Players

Some of the prominent players operating in the global Integrated bridge system for ships market include Northrop Grumman Corporation (US), Rolls-Royce plc (UK), Wärtsilä (Finland), Kongsberg Maritime AS (Norway), Raytheon Technologies Corporation (US), L-3 Mapps (UK), HENSOLDT (Germany), Alphatron Marine B.V. (Netherlands), RH Marine (Netherlands), GEM Elettronica (Italy), Vaisala (Finland), OSI MARITIME SYSTEMS (Canada), ABB Ltd (Switzerland), Furuno Electric Co., Ltd. (Japan), TOKYO KEIKI (Japan), Danelec Marine (Denmark), Consilium (Sweden), Marine Technologies, LLC (US), Praxis Automation Technology B.V. (Netherlands), Norris Group GmbH (Germany), Mackay Communications, Inc. (US), PRIME MOVER CONTROLS INC. (Canada), PC Maritime (UK), LARSEN & TOUBRO LIMITED (India), and NAUDEQ (France).