With the emergence and long-term Impact of COVID-19, Global Integrated Bridge System Market to reach USD 10.06 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Integrated Bridge System Market points towards a potential rise to USD 10.06 Billion by 2030. An Integrated Bridge System is a sophisticated navigation control system utilized on modern ships. It integrates various navigational and operational functions into a centralized interface, enhancing efficiency and safety at sea. It incorporates features such as radar, Electronic Chart Display and Information Systems (ECDIS), Automatic Identification Systems (AIS), gyrocompasses, autopilots, and other sensors and equipment.
This integration allows for seamless data sharing and real-time monitoring, enabling the crew to have a comprehensive view of the vessel’s surroundings and navigation parameters. The Integrated Bridge System Market is expanding because of factors such as growth in global maritime trade, expansion of port cities and port development, and increasing demand for naval vessels.
Geographically, the global Integrated Bridge System market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the concentration of integrated bridge system developers in the region. The growth trajectory is further fueled by the surge in the defense budget of the U.S. Navy, leading to an elevated demand for integrated bridge systems in the country. Additionally, the expansion of Canadian exports and overall economic development is anticipated to be a significant driving force behind the market’s growth in the region.
Asia Pacific is expected to grow at the fastest rate over the forecast period, owing to factors such as escalating levels of cruise and fishing activities within China, alongside a rising demand for merchant vessels. Moreover, the upsurge in shipbuilding endeavors in South Korea is poised to serve as a significant catalyst for market expansion.
The global Integrated Bridge System market is highly competitive owing to the presence of several key players such as Alphatron Marine B.V. Consilium Marine & Safety Ab Danelec Marine A/S Furuno Electric Co. LTD. DSME Co., Ltd. Gem Elettronica Hensoldt UK L3 Mapps Inc. Japan Radio Co., Ltd. Kongsberg, and others.
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Key findings of the study suggest:
- Global Integrated Bridge System Market is anticipated to grow with a healthy growth rate of more than 3.2% over the forecast period 2023-2030.
- In the Vessel Type segment, Commercial Vessel emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the concentration of integrated bridge system developers in the region. The growth trajectory is further fueled by the surge in the defense budget of the U.S. Navy, leading to an elevated demand for integrated bridge systems in the country.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Vessel Type:
- Commercial Vessel
- Defense Vessel
By Component:
- Hardware
- Software
By Subsystem:
- INS
- VDR
- AWOS
- AIS
By End-use:
- OEM
- Aftermarket
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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