Global Integrated Bridge System (IBS) Market by Component Types (Hardware and Software), Ship Types (Commercial and Defense), End users (Original Equipment Manufacturer (OEM) and Aftermarket) and Regions (Asia Pacific, Europe, North America, Africa, Middl

The integrated bridge system market was valued at approximately USD 7 Billion in 2019 and is expected to surpass USD 8.5Billion by 2026, expanding at a CAGR of 3.9% during the forecast period 2020-2026. Integrated bridge system (IBS) is a kind of navigation management system which links other systems to provide all the details pertaining to ship’s navigation at one place. Not all types of ships have the same type of IBS. The system would vary according to the design of the ship’s bridge, various types of equipment used by the ship, and general layout of the equipment of the bridge. IBS is not mandatory on ships. Its installation and design criteria are laid out by classification societies. The IBS usually consists of autopilot, position fixing systems and a power distribution system. In most ships, an additional alarm connected to the IBS is also fitted in the cabins of navigational officers. This alarm provides a signal in the cabins within 30 seconds in case the officer in charge fails to acknowledge an alarm.

Market Trends, Drivers, Restraints, and Opportunities:

• The implementation IBS improves safety and ease of operations. This is an aspect that has been driving this market. IBS are expected to gain significant traction in the near future due to significant growth in import and export of goods and services through the sea route.
• Rise in digitization is leading to prominent increase in maritime tourism which is further fueling the demand for optimized navigation systems. This in turn is boosting the growth of integrated bridge systems. The growing compliance with sea safety norms is another factor that is driving the market.
• The lack of technical skills regarding the implementation of IBS is expected to limit the growth of the global integrated bridge systems market in the next few years. Furthermore, digitization in maritime makes ships susceptible to cyber threats which is anticipated to restrain the integrated bridge systems market.
• There is a huge potential for manufacturers in tapping into different regions to grow their business. The significantly growing number of port cities in developing countries is estimated to offer prominent growth opportunities to the integrated bridge systems market during the forecast period.

Scope of the Report

The report on the integrated bridge systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2020Historic Data2019Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, Middle East and Africa, Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Integrated Bridge Systems Market Segment Insights:

Based on component types, the market is segmented into hardware and software types. The hardware segment is estimated to have largest market share in 2019. The software segment is projected to witness a higher CAGR than the hardware segment during the forecast period. Software plays a vital role in this market, and its demand is increasing for analytics and monitoring applications. Individual components of the bridge system are integrated with the help of software applications, which provide an interface for display of information. In terms of ship types, the market is divided into commercial and defense ships. The commercial ships are further sub-segmented into bulk carriers and dredgers and defense ships are divided into frigates and corvettes. The commercial segment is projected to grow at a higher CAGR during the forecast period owing to growth in seaborne trade, leading to an increase in demand for integrated bridge systems in commercial ships. Among the commercial ship types, the dredgers segment is estimated to witness the highest CAGR over the forecast period. There is an increasing demand for dredgers in the marine industry as they serve in excavation and scraping of the sea bed to ensure safer voyages. In terms of end use types, the market is bifurcated into original equipment manufacturer (OEM) and aftermarket. The OEM segment of the integrated bridge system has the highest market share and is expected to register higher growth than the aftermarket segment, owing to as increase in demand for advanced IBS equipped with sensor fusion solutions by ship owners, due to which the manufacturers of IBS are focusing on providing a complete IBS as a package as per new navigation and safety regulations. On the basis of regions, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific has the highest market share and is predicted to lead the integrated bridge systems market during the forecast period. The shipbuilding industry in Asia Pacific is on the rise, and the key players in the region, such as South Korea, China, and Japan, are making advances in terms of technological competencies so as to capture a greater market share of the commercial maritime industry. According to the World Shipping Council, the first 10 busiest container ports are in Asia. As per UNCTAD, in 2019, 64% of the total world container port volume is from Asia.

Competitive Landscape:

The global integrated bridge systems market has been fragmented by presence of various regional and global players. Key players operating in this market include Marine Technologies, LLC, The Raytheon Company, Admarel BV, Consilium AB, Furuno Electric Shokai Ltd, Kongsberg Gruppen ASA, Northrop Grumman Sperry Marine, Praxis Automation Technology, Rolls Royce, L3 Communications MAPPS Inc., Tokyo Keiki Inc., Transas, and Wartsila Valmarine. Players are implementing various growth strategies such as R&D, partnerships, mergers & acquisitions, new product launches to remain competitive in this market. In September 2018, Kongsberg Maritime revealed a new generation of IBS that utilizes technology developed for autonomous vessels to provide situational awareness to bridge crews of manned vessels.

The Global Integrated Bridge Systems Market has been segmented on the basis of

Component types

• Hardware
• Software

Ship types

• Commercial
• Defense

End Use types

• Original Equipment Manufacturer (OEM)
• Aftermarket

Regions

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America