The global connected ship market is estimated at USD 11.3 billion in 2023 and is projected to reach USD 17.2 billion by 2028, representing a compound annual growth rate of 7.7 percent, according to MarketsandMarkets Research Pvt. Ltd.
The report attributes this growth to rising demand for connected ship technologies in commercial applications and navy missions.
The market is segmented by application into vessel traffic management, fleet operation, fleet health monitoring, and other uses.
The fleet operation segment holds the highest growth rate, driven by adoption of real-time data access and fleet optimization technologies for both commercial and defence vessels.
By fit type, the line fit segment is expected to account for the largest market share in 2023, as installing connected ship technology during new ship construction allows for cost-effective and seamless integration into vessel systems.
By installation, the onboard segment is projected to dominate the market, while the onshore segment is expected to have the highest growth rate during the forecast period.
Geographically, Asia Pacific is forecast to record the highest growth rate in 2023, with China leading in both market share and growth.
The report cites the presence of major shipbuilding companies in the region and increased demand for connected ships for commercial and defence purposes as key factors.
Major companies in the connected ship market include ABB (Switzerland), Emerson Electric Co. (US), Wartsila (Finland), Kongsberg Gruppen ASA (Norway), and Thales Group (France).