As per the latest study conducted by Market Research Future (MRFR), the global integrated bridge systems (IBS) market will post 2.95% CAGR during the forecast period (2018-2023) and reach a valuation in excess of USD 6,000 Mn. IBS is witnessing widespread popularity in commercial, naval and cargo ships. It is being increasingly relied upon for controlling navigation systems. Moreover, it allows a greater operation transparency as well as complements communication capabilities.
There has been a substantial uptick in seaborne trade globally. This is creating growth avenues for the global IBS market. Rapid urbanization in fast developing countries and globalization are two of major factors boosting trade between countries from different continents. At the same time, the growing number of military or naval frigates, stealth frigates and aircraft carriers is also driving the growth of the global IBS market.
Increased efforts towards expanding port capacity and development of ports to support the growing maritime trade can be viewed as positive indicators. As businesses seek new markets and strive to tap into unexplored territories, investments grow further in the maritime sector. The aforementioned factors are having a positive impact on the market. Nonetheless, IBS is a capital-intensive technology segment and requires frequent customization for optimum performance. Meanwhile, susceptibility to cyber-attack remains a major technological drawback of IBS.
Global Integrated Bridge Systems Market: Segmental Analysis
MRFR’s report includes a thorough segmental analysis of the market based on application and type. On the basis of application, the market has been segmented into naval warship and commercial ships. The commercial ships segment is expected to remain highly attractive over the next couple of years. The segment is currently valued at over USD 2,900 Mn and in poised to capture 2.26% CAGR during the assessment period. Demand for commercial ships has increased owing to the rising intercontinental and intracontinental trade activities across the globe.
The naval warships segment is likely to remain highly profitable in 2019 and beyond. On the basis of type, the market has been segmented into ECIDIS communication console and radar system. The radar system segment is likely to retain its dominant position over 2023. In 2017, the segment surpassed a valuation of USD 2,000 Mn. In addition, the segment is expected to exhibit a strong CAGR during the forecast period. Radar systems are used for detecting objects (ships, submarines, marine animals, etc.) Radar systems are extremely important as they facilitate collision alert. The ECDI segment holds the second spot in term of market value and is set to exhibit 3.16% CAGR between 2018 and 2023.
Global Integrated Bridge Systems Market: Regional Outlook
The report covers regions such as Latin America, Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MAE). APAC is likely to remain at the forefront of the global IBS market during the assessment period. Currently, the region commands more than 30% share of the global market. The Asia Pacific IBS market is projected to soar at 4.79% CAGR during the forecast period. Increased trade activities in the region due to adoption of free trade policies among TPPA, BRICS, ASEAN member countries. Moreover, investment in infrastructural development and port modernization is also reflecting favorably on the market in Asia Pacific. North America and Europe are the other two significant markets for IBS. Presence of a sizeable maritime sector makes these regions highly attractive investment destinations.
Global Integrated Bridge Systems Market: Competitive Landscape
MRFF in its report has profiled Raytheon Company, Consilium, Tokyo Keiki, Northrop Grumman Sperry Marine B.V., Furuno Electric Co., Ltd., Kongsberg Gruppen, Praxis Automation Technologies B.V., Marine Technologies, LLC, Transas, Rolls-Royce plc., and Wartsila.