Integrated Bridge Systems Market Research Report 2019 published By Market Research Future, provides information on Global Integrated Bridge Systems Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation By Type (Radar System, Communication Console, and ECDIS), By Application (Commercial Ships and Naval Warships) and Region (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa) – Global Forecast Till 2023
Some of the leading companies operating in the global integrated bridge systems market include Northrop Grumman Sperry Marine B.V., Raytheon Company, Kongsberg Gruppen, Transas, Consilium, Wartsila, Tokyo Keiki, Marine Technologies, LLC, Rolls-Royce plc., Praxis Automation Technologies B.V., Furuno Electric Co., Ltd.
The global Integrated bridge systems (IBS) market is expected to surpass a valuation of USD 6,000 Mn in 2023 up from USD 5,213.3 Mn in 2017, reflecting a CAGR of 2.95%. IBS is being increasingly used in ships to facilitate centralized monitoring of navigation tools as well as provide operational transparency, improve communication and machine control, and safety and security.
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Market growth is primarily driven by the growing seaborne trade worldwide. Seaborne trade is making a significant contribution to the growth of the global logistics sector. Globalization is the major force behind the increased seaborne trade. In addition, increased spending by the governments on military equipment, such as aircraft carriers and stealth frigates, to bolster military might and stimulate economic growth is likely to drive the demand for integrated bridge systems in the forthcoming years.
Policy makers in fast-developing countries are investment in ports construction and extension of existing ports to boost maritime activities (commercial and non-commercial). Moreover, focus towards gaining access to new markets & resources for economic gain is propelling the growth of the maritime industry in regions such as Asia, Middle East and LatAm. This is likely to offer significant opportunities to the market players during the review period. However, the high capital requirement for customized integrated bridge systems and vulnerability to cyber-attacks due to automation in navigation systems are few of the obstacles for market players.
The segmental analysis of the global integrated bridge systems market has been conducted based on type and application.
Based on type, the market has been segmented into radar system, communication console, and ECDIS. The radar system segment accounted for the largest market share and was valued at USD 2,044.6 million in 2017. Towards the end of the assessment period, the segment is expected to surpass a valuation of USD 2,400 Mn, reflecting a steady growth rate. Radar systems help in detecting the location and distance of an object with high precision, which helps in reducing the risk of ship collision, a major obstacle faced by shipping companies. The ECDIS segment accounts for the second largest market share and is expected to post a CAGR of 3.16% during the review period.
Based on application, the market has been segmented into commercial ships and naval warships. The commercial ships segment currently accounts for the largest share of the market. In 2017, the segment was valued at USD 2,916.6 Mn and is expected to exhibit a CAGR of 2.26% from 2018 to 2023. This is mainly due to increased trade activities across the global and increase efforts to promote regional trade and cooperation among countries on intracontinental and intercontinental level. Meanwhile, the naval warships segment is expected to exhibit a relatively higher CAGR during the forecast period.
Based on region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and rest of the world (RoW). Asia Pacific accounted for 33.5% market share in 2017. The market in APAC is valued at over USD 1,700 Mn and is expected to witness a CAGR of 4.79% during the assessment period. This growth can be attributed to the increase in trade as a result of free trade agreements between ASEAN, BRICS, and TPPA members. In addition, the Southeast Asian nations are actively focusing on expanding their naval defense capabilities. Local policy makers are focusing on port modernization, new port development, port connectivity, port-led industrialization, and coastal community development. Such factors are providing an impetus to the maritime sector in the region. APAC is followed by North America and Europe respectively. These two regions represent vast maritime industries, which supports the market growth.
Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market.
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Market Research Future (MRFR) applies a robust research methodology for market analysis. Emphasis is placed on drawing valuable market insights, with the use of primary research and proprietary database. The study begins with data collection through primary and secondary research, which covers directories, interaction with stakeholders, industry insiders, and statistical observations. Both bottom-up and top-down approaches are employed to extrapolate data and confirm market projections. Such extensive analysis process allows exhaustive coverage of the competitive landscape and new revenue pockets. Additionally, data triangulation is used to arive at concrete conclusions over market segments, sub-segments and overall market engineering process and profiles of primary participants in a systematic way.
Table of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Global Integrated Bridge Systems Market
List of Tables
Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Global Integrated Bridge System, by Type, 2016‒2023 (Usd Million)
Table 4 Global Integrated Bridge System Market, by Type, 2016‒2023 (Thousand Units)
Table 5 Radar System: Global Integrated Bridge System Market, by Region, 2016‒2023 (Usd Million)
Table 6 Radar System: Global Integrated Bridge System Market, by Region, 2016‒2023 (Thousand Units)
Table 7 Communication Console: Global Integrated Bridge System Market, by Region, 2016‒2023 (Usd Million)
Table 8 Communication Console: Global Integrated Bridge System Market, by Region, 2016‒2023 (Thousand Units)
List of Figures
Figure 1 Global Integrated Bridge Systems Market: Market Structure
Figure 2 Research Process of Mrfr
Figure 3 Top-down and Bottom-up Approach
Figure 4 Market Dynamics Overview
Figure 5 Drivers Impact Analysis: Global Integrated Bridge Systems Market
Figure 6 Restraints Impact Analysis: Global Integrated Bridge Systems Market
Figure 7 Supply Chain: Global Integrated Bridge Systems Market
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