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Marine Internet of Things Market

Marine Internet of Things Market by Component (Sensing Devices, Network Connectivity, IoT Platforms, and IT Solutions & Services), by Application (Route and Operation Optimization, Asset Tracking, and Equipment Monitoring), by Product Type (Network Connectivity, Sensing Devices, IT Solutions, and IoT Platforms), by Ship Type (Commercial and Defense), by Regions and Global Forecast 2022-2028

Report Id: SNS/A&D/2081 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Marine Internet of Things Market Size was valued to grow at a CAGR of  6.6% over the forecast period 2022-2028. The increased digitization and automation of the maritime supply chain, the marine internet of things market is rapidly expanding. Ships throughout the world are being outfitted with technologically advanced systems, sensors, and solutions to improve cost-efficiency and operational efficiency.

The global marine internet of things industry has grown rapidly in recent years as a result of increased seaborne trade and defence spending. Furthermore, the expanding maritime tourist industry is propelling the market forward. Furthermore, factors such as the usage of renewable energy and improvements in hybrid propulsion technology are likely to provide lucrative market growth prospects.

MARKET DYNAMICS:

KEY DRIVERS: 

  • Globally, seaborne trade is increasing.

  • The Maritime Tourism Industry is Expanding

RESTRAINTS:

  • Expensive Initial Investment

  • Cyber attacks Pose a Risk

CHALLENGES:

  • Cybersecurity Vulnerability of IoT Solutions

  • Disruptions in supply chains and a drop in global trade

OPPORTUNITIES:

  • Hybrid Propulsion Technology Advances

  • Utilization of Renewable Energy Sources

THE IMPACT OF COVID-19

The current global Internet market forecast for market growth by 2028 is expected to be lower than the previous COVID-19 estimates. The epidemic has had a devastating effect on the global defense industry. In the defense industry, due to declining tax revenues by declining GDP, it is also expected to reduce the need for new military aircraft, naval vessels, submarines, related systems, and military equipment in the next few years. This is also expected to reduce the internet demand for marine resources.

Many governments around the world are focused on controlling the COVID-19 outbreak in their countries. Therefore, they invest heavily in health care and vaccine development. Therefore, the cost of protection for new products is expected to decrease over the next few years. The cost of protection is expected to increase gradually during the forecast period after the end of the epidemic.

Similarly, due to the decline in global trade, the maritime transport industry is also growing at a slower pace. Therefore, the need for new technologies for commercial shipping operators is expected to be lower in the coming years.

The route & operation optimization segment held the greatest market share. This is due to the increased usage of IoT in route mapping and operation optimization.

During the projection period, the asset tracking segment is expected to increase at the fastest CAGR. The usage of IoT in asset tracking has grown in recent years, allowing for more effective asset management. During the projected period, the equipment monitoring segment is expected to develop at the fastest CAGR. IoT equipment is linked to the Internet network, which allows for effective monitoring of all equipment, fueling the growth of this segment.

The marine internet of things market was controlled by this category. Cargo vessels such as container ships, bulk carriers, tankers, and general cargo ships are part of the commercial segment, as are passenger vessels such as yachts, cruise ships, and ferries, and other vessels such as fishing vessels, tugs and work boats, dredgers, research vessels, and submarines. The need for IoT systems and solutions for commercial applications is expected to rise throughout the research period as a result of factors such as increased seaborne trade, a developing maritime tourism industry, rising IoT usage, and the implementation of the IMO Sulfur Regulation. During the study period, the segment is predicted to increase at a faster rate. Destroyers, corvettes, frigates, offshore support boats, aircraft carriers, and submarines are all part of the defence sector. Military investment on the development of new and improved combat vessels is projected to drive demand for IoT technologies.

The market is divided into four product categories: network connection, sensing devices, IT solutions, and IoT platforms, with the network connectivity sector expected to account for the lion's share of the global marine internet of things market. This might be attributed to the increasing use of satellite connectivity solutions by maritime vessel owners, as well as significant investments by enterprises in delivering unparalleled connections.

MARKET KEY PLAYER

Ericsson AB, Orange Business Services, Wartsila Oyj Abp, Wilhelmsen Holding ASA, NTT Group, Cisco Systems, Inc., Marine Digital GmbH, Vodafone Group Plc,

Accenture Plc, Dualog AS.

MARKET SEGMENT:

by Component

  • Sensing Devices

  • Network Connectivity

  • IoT Platforms

  • IT Solutions & Services

by Application

  • Route and Operation Optimization

  • Asset Tracking

  • Equipment Monitoring

by Product Type

  • Network Connectivity

  • Sensing Devices

  • IT Solutions

  • IoT Platforms

by Ship Type

  • Commercial

  • Defense

Marine Internet of Things Market Segment Chart

REGIONAL ANALYSIS

North America is made up of two large countries: the United States and Canada. North America dominates in terms of military spending and technical breakthroughs, creating a significant need for maritime internet of things. Although Canada invests in the development of such modern weaponry, the country's market is mostly dependent on the United States. The region accounted for the highest proportion of the global market, owing mostly to the US Navy's expanding use of sophisticated naval vessels for tactical operations. This is likely to drive market growth over the review period. Furthermore, the presence of key maritime internet of things solution providers like Cisco Systems, Inc. Where North America is driving market expansion.

Asia-Pacific held the greatest market share. The market in the area is also expected to grow at the fastest rate during the forecast period, owing to increased defence spending in India and China, as well as rising need for new and improved naval vessels. Furthermore, increased seaborne trade is propelling regional market expansion. Due to increased investments in marine IoT, major nations such as China, Japan, India, and Australia are driving market expansion in Asia-Pacific. Rising military spending and increased territorial tensions between neighbouring countriesREGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Marine Internet of Things Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ xx Billion
Market Size by 2028 US$ xx Billion
CAGR CAGR of 6.6% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component (Sensing Devices, Network Connectivity, IoT Platforms, and IT Solutions & Services)
• By Application (Route and Operation Optimization, Asset Tracking, and Equipment Monitoring)
• By Product Type (Network Connectivity, Sensing Devices, IT Solutions, and IoT Platforms)
• By Ship Type (Commercial and Defense)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Ericsson AB, Orange Business Services, Wartsila Oyj Abp, Wilhelmsen Holding ASA, NTT Group, Cisco Systems, Inc., Marine Digital GmbH, Vodafone Group Plc,Accenture Plc, Dualog AS.
DRIVERS • Globally, seaborne trade is increasing.
• The Maritime Tourism Industry is Expanding
RESTRAINTS • Expensive Initial Investment
• Cyber attacks Pose a Risk


Frequently Asked Questions (FAQ) :

Yes, this report cover top down , bottom up Quantitative Research. Qualitative Research, Fundamental Research, data triangulation, ID’s & FGD’s  Analytical research, And other as per report requirement.

The sample for the Marine Internet of Things Market report is available on the website upon request. To obtain the sample report, you can also use the 24*7 chat support and direct call services.

Expensive Initial Investment and Cyber attacks Pose a Risk

The current Marine Internet of Things Market forecast for market growth by 2028 is expected to be lower than the previous COVID-19 estimates. The epidemic has had a devastating effect on the global defense industry.

Asia-Pacific held the greatest market share. The market in the area is also expected to grow at the fastest rate during the forecast period, owing to increased defence spending in India and China


Table of Content:

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID 19 Impact Analysis

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8.Marine Internet of Things Market , by Component

8.1 Sensing Devices

8.2 Network Connectivity

8.3 IoT Platforms

8.4 IT Solutions & Services

 

9.Marine Internet of Things Market , by Application

9.1 Route and Operation Optimization

9.2 Asset Tracking

9.3 Equipment Monitoring

 

10.Marine Internet of Things Market , by Product Type

10.1 Network Connectivity

10.2 Sensing Devices

10.3 IT Solutions

10.4 IoT Platforms

 

11.Marine Internet of Things Market , by Ship Type

11.1 Commercial

11.2 Defense

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13.Company Profiles

13.1 Ericsson AB

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

 

13.2 Orange Business Services

13.3 Wartsila Oyj Abp

13.4 Wilhelmsen Holding ASA

13.5 NTT Group

13.6 Cisco Systems, Inc.

13.7 Marine Digital GmbH

13.8 Vodafone Group Plc

13.9 Accenture Plc

13.10 Dualog AS

 

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share analysis

14.3 Recent Developments

 

15. Conclusion

 

 

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Secondary Research

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