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.
Globally, seaborne trade is increasing.
The Maritime Tourism Industry is Expanding
Expensive Initial Investment
Cyber attacks Pose a Risk
Cybersecurity Vulnerability of IoT Solutions
Disruptions in supply chains and a drop in global trade
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.
IT Solutions & Services
Route and Operation Optimization
by Product Type
by Ship Type
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:
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ xx Billion|
|Market Size by 2028||US$ xx Billion|
|CAGR||CAGR of 6.6% From 2022 to 2028|
|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:
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
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
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13.1 Ericsson AB
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
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