Northbrook, IL -- (SBWIRE) -- 10/01/2020 -- The integrated bridge systems market is estimated to be USD 7.0 billion in 2019 and is projected to reach USD 8.8 billion by 2025, at a CAGR of 3.9% from 2019 to 2025. The growth of this market can be attributed to rising seaborne trade and growth in maritime tourism globally.

Software segment projected to register higher CAGR than hardware segment during forecast period

Based on component, the integrated bridge systems market has been segmented into software and hardware. The software segment is projected to witness a higher CAGR than the hardware segment during the forecast period. Software plays a vital role in this market, and its demand is increasing for analytics and monitoring applications. Individual components of the bridge system are integrated with the help of software applications, which provide an interface for display of information. However, the hardware segment is estimated to have largest market share in 2019.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=140505598

Commercial segment projected to lead integrated bridge systems market during forecast period

Based on ship type, the integrated bridge systems market has been segmented into commercial and defense. The commercial segment is estimated to lead the market over the forecast period. An increase in the number of passengers resorting to marine transportation and a rise in demand for recreational boats are anticipated to lead to the growth of the commercial segment of the integrated bridge systems market across the globe.

Asia Pacific expected to lead integrated bridge systems market from 2019 to 2025

Asia Pacific is estimated to lead the integrated bridge systems market during the forecast period. The shipbuilding industry in Asia Pacific is on the rise, and the key players in the region, such as South Korea, China, and Japan, are making advances in terms of technological competencies so as to capture a greater market share of the commercial maritime industry. According to the World Shipping Council, the first 10 busiest container ports are in Asia. As per UNCTAD, in 2019, 64% of the total world container port volume is from Asia.

Key Market Players

Some of the key players in the integrated bridge systems market are Kongsberg (Norway), Wärtsilä (Finland), Northrop Grumman Corporation (US), Raytheon Company (US), Furuno Electric Co. Ltd. (Japan), and Japan Radio Co. Ltd. (Japan).

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441