Asia Pacific expected to lead integrated bridge systems market from 2019 to 2025
Northrook, IL -- (SBWIRE) -- 01/15/2020 -- According to the new market research report "Integrated Bridge Systems Market by End User (OEM, Aftermarket), Ship Type (Commercial: Bulk Carriers, Dredgers, Defense: Frigates, Corvettes, OPVs), Subsystem (INS, VDR, AWOS, AIS), Component (Hardware, Software), and Region - Global Forecast to 2025", published by MarketsandMarkets™, 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 market's growth can be attributed to the rise in seaborne trade and growth in maritime tourism.
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"Commercial segment projected to register higher CAGR than defense segment from 2019 to 2025"
Based on ship type, the integrated bridge systems market has been segmented into commercial and defense. The commercial segment is projected to grow at a higher CAGR during the forecast period owing to growth in seaborne trade, leading to an increase in demand for integrated bridge systems in commercial ships. Among the commercial ship types, the dredgers segment is estimated to witness the highest CAGR over the forecast period. There is an increasing demand for dredgers in the marine industry as they serve in excavation and scraping of the sea bed to ensure safer voyages.
"OEM segment projected to register higher CAGR than aftermarket segment during forecast period"
By end user, the OEM segment of the integrated bridge system is expected to register higher growth than the aftermarket segment, owing to as increase in demand for advanced IBS equipped with sensor fusion solutions by ship owners, due to which the manufacturers of IBS are focusing on providing a complete IBS as a package as per new navigation and safety regulations. A few of the prominent players in the integrated bridge systems market include Kongsberg, Northrop Grumman Corporation, Wartsila, and Raytheon Company.
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"Asia Pacific integrated bridge systems market projected to grow at highest CAGR from 2019 to 2025"
The integrated bridge systems market is projected to register the highest CAGR in the Asia Pacific region during the forecast period. The shipbuilding industry in Asia Pacific is on the rise, because one-third of the global container traffic flows through ports in China. According to the World Shipping Council, the first 10 busiest container ports are in Asia. As per UNCTAD, in 2018, 64% of the total world container port volume was from Asia. Continues focus on high technology adoption and support equipment manufacturing has led the Chinese shipbuilders to dominate the world market in both commercial and naval shipbuilding segments globally. The key players in the region, such as China, South Korea, and Japan, are making advances in terms of technical competency so as to capture a greater market share of the commercial maritime industry
Some of the key players profiled in the integrated bridge systems market report include Kongsberg (Norway), Wärtsilä (Finland), Northrop Grumman Corporation (US), Raytheon Company (US), Furuno Electric Co. Ltd. (Japan), and Japan Radio Co. Ltd. (Japan).
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