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 Regional Forecast, 2019-2026”.
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.
With this market research report, a comprehensive analysis of the market structure along with a forecast of the various segments and sub-segments of the industry can be obtained. In this report, each trend of the market is watchfully analyzed and researched by market analysts. The market research report comprises of a detailed analysis of the vendor landscape and thorough company profiling of leading players of the worldwide market. The report also recognizes and analyses the emerging trends along with major drivers, challenges and opportunities in the market.
The report states that the value of the market stood at USD 7.20 billion in 2018. The other highlights of the report include:
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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.
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.