Integrated Bridge Systems Market Set to Soar Past USD 9.39 Billion by 2030
The global Integrated Bridge Systems market size is expected to reach USD 9.39 billion by 2030 and exhibit a CAGR of 5.4% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing demand for automation and advanced navigation solutions, growing emphasis on maritime safety and efficiency, and rising adoption of integrated bridge systems in commercial and naval vessels are fueling the market's growth.
Westford,USA, July 31, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Integrated Bridge Systems market, increasing integration of artificial intelligence and machine learning capabilities, adoption of augmented reality and virtual reality for enhanced navigation and training, development of cloud-based solutions for data storage and analysis, implementation of advanced cyber security measures to safeguard sensitive information, rising focus on user-friendly and intuitive user interfaces, are the trends that aid in the market's growth.
*Browse in-depth TOC on "Integrated Bridge Systems Market" *
· Pages - 260
· Tables - 115
· Figures - 76
Integrated bridge system (IBS) is a combination of systems that are interconnected to allow centralized access to sensor information or command/control from workstations, with the aim of increasing safe and efficient ship's management by suitably qualified personnel. IBSs typically include navigation systems, radars, communication systems, and control systems.
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*Prominent Players in Integrated Bridge Systems Market*
· Raytheon Technologies Corporation
· Northrop Grumman Corporation
· Wärtsilä Corporation
· Kongsberg Gruppen ASA
· Furuno Electric Co., Ltd.
· L3Harris Technologies, Inc.
· Praxis Automation Technology B.V.
· Rolls-Royce Holdings plc
· Transas Marine
· Tokyo Keiki Inc.
· Marine Technologies, LLC
· Admarel BV
· Consilium AB
· Navantia Sistemas
· Wartsila Valmarine
· Indra Sistemas
· Saab AB
· Thales Group
· Samsung Heavy Industries
*Commercial Vessels Demand to Grow Substantially in the Forecast Period*
Commercial vessels dominated the global online market as they are consistently been a significant segment in the maritime industry. The growing global trade and transportation of goods have driven the demand for efficient navigation and safety systems, making integrated bridge systems crucial for optimizing operations and complying with maritime regulations.
*Commercial Ships is the Leading Application Segment *
In terms of application, the individual consumer is the leading segment as they play a critical role in international trade and transportation of goods. With the continuous expansion of global trade and the need for efficient logistics, there is a significant demand for commercial vessels equipped with advanced integrated bridge systems to enhance navigation, safety, and operational efficiency.
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*Asia Pacific is the leading Market Due to the Major Hub for Maritime Trade *
Region-wise, Asia Pacific is one of the largest growing markets as it is a major hub for maritime trade and shipbuilding activities. Countries like China, South Korea, and Japan are known for their shipbuilding capabilities and have a substantial presence in the global shipbuilding market. The region's dominance is attributed to the extensive maritime transportation of goods, the growth of the shipbuilding industry, and the increasing adoption of advanced navigation technologies to meet stringent safety and environmental regulations.
A recent report thoroughly analyzes the major players operating within the Integrated Bridge Systems market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Integrated Bridge Systems.
*Key Developments in Integrated Bridge Systems Market*
· In January 2023, Wärtsilä Corporation acquired Kongsberg Maritime AS for €1.2 billion. This acquisition created a global leader in the maritime technology market, with a strong portfolio of integrated bridge systems.
· In February 2023, Raytheon Technologies Corporation acquired Collins Aerospace for $32 billion. This acquisition gave Raytheon a leading position in the integrated avionics market, which includes integrated bridge systems for commercial and military aircraft.
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*Key Questions Answered in Integrated Bridge Systems Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· Can you list the top companies in the market and explain how they have achieved their positions of influence?
· In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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