It was estimated prior to this unanticipated outbreak that the Integrated Marine Automation System Market was likely to witness an impressive CAGR of 2.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Integrated Marine Automation System Market Segment Insights:
By Ship Type:
The commercial ships segment is expected to grow at a higher CAGR in the coming five years. Upsurge in seaborne trade coupled with the rising demand for lessening functional costs for ships by arming them with automation systems is anticipated to boost the growth of the market.
By Component Type:
The product segment is estimated to register a higher growth during the forecast period. Installation of various software, hardware, datalinks, and connectivity in marine automation systems is significantly contributing to the high growth of this segment.
By End-User Type:
The OEM segment is expected to depict a higher growth in the coming five years. Escalating seaborne trade across the globe is anticipated to pave the path for new shipbuilding orders, which in turn, will lead to an increase in the demand for OEM integrated marine automation systems for new ships.
By Solution Type:
The vessel management system segment is estimated to be the largest segment, during the forecast period, encompassing different subsystems, such as alarm monitoring system, dynamic positioning system, and machinery management, among others.
By Region:
The integrated marine automation system market is dominated by Europe with the highest-estimated growth rate for the coming five years. Despite the shipbuilding industry sailing through a rough ride currently, the claim for self-governing ships and cruise ships in Europe is anticipated to bolster the integrated marine automation system market in this region. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.