Connected ship market to reach $9.93b by 2029

Thanks to factors like automation and digitisation of ships, and the adoption of alternative fuels

The size of the connected ship market is projected to increase to $9.93b by 2029, according to the Business Research Company.

In a new analysis, the company said this growth reflects a 6.8% compoun annual growth rate.

“This growth during the forecasted period is credited to the escalating automation and digitisation of ships, the upsurge in demands for environmentally friendly and sustainable shipping, the adoption of alternative fuels and propulsion systems, the expansion of the international shipping network, and the development of autonomous vessels,” the Business Research Company said.

For this year, the market is forecasted to reach $7.63b from $7.3b in 2024, showing a compound annual growth rate of 4.5%. This will be driven by factors such as the globalisation of commerce, advances in navigation and communication, maritime safety regulations, the evolution of satellite communication and the incorporation of automated systems in shipping.

The expansion in seaborne commerce is predicted to be a significant driver for the continued growth of the connected ship market. The term seaborne trade pertains to products that are carried via ship for trade purposes.

The rise of digital reform in the maritime sector has also become a significant trend in the connected ship industry. The objective of these networked vessels is to leverage technology and different platforms in order to implement a digitalisation system within the ship.

“Businesses involved in the connected ship industry are prioritising the adoption of new digital transformation technologies to meet customer needs and solidify their market position,” the Business Research Company said.