02 March 2020
Visiongain has launched a new report Integrated Marine Automation System Market Report 2020-2030: Forecasts by Ship Type (Commercial, Defence), by Solution (Power Management System, Vessel Management System, Process Control, Safety System), by Component (Product, Service) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global integrated marine automation system market is expected to grow at a lucrative rate during the forecast period. The rising maritime navigation safety that reduces the number of accidents, increasing maritime tourism, and growing world trade by sea are some of the factors driving the market. However, the lack of skilled professionals and digitalization ships increasing vulnerability of ships to cyber threats due to digitalization are some of the few factors restraining the growth of the integrated marine automation system market. The integrated marine automation system market can be segmented based on ship type, solution, component, and region.
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The market is witnessing high adoption of integrated marine automation systems especially in the commercial ships because of its ability to reduce costs of operation. These systems aid in the integration of individual as well as geographically diverse components so as to control and monitor minor equipments, sea water cooling system, and HAVC among others. These systems are also used for managing cargo operations, power generation and distribution, and the ship's propulsion systems. Growing awareness about maritime safety among ship industrialists and maritime tourism are expected to further propel the market growth. Although, growing concerns about threat to cyber security may pose as an impediment, the development of technologically advanced vessels and growing number of port cities in the emerging markets present promising market opportunity.
Some of the players such as Northrop Grumman Corporation, ABB Ltd., Siemens Corporation, Tokyo Keiki Inc., Consilium AB, Kongsberg Gruppen ASA are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. Some of the other companies operating in the market include Wartsila Oyj, Thales Group, Transas Marine Ltd., Marine Technologies LLC, and Praxis Automation Technology. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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