OREGAON, PORTLAND, UNITED STATES , March 7, 2023 /EINPresswire.com/ -- The global connected ship technology is installed in commercial, defense & cargo ships in which the vessels are attached and managed by satellite for communication between vessels, enhanced safety, security as well as navigational effectiveness. Additionally, it helps in welfare, entertainment and operation applications such as course planning, shipment logistic and application monitoring becomes convenient with the application of connected ships. The high acceptance for such latest technology is likely to drive the connected ship market growth.

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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Increased budgets of shipping companies for digitalization of vessels, growing maritime tourism industry and increase in seaborne trade across the globe are driving the growth of the market. However, high costs of marine broadways connectivity and digitalization make connected ships vulnerable to cyber threats are expected to hamper the growth of the market. Contrarily, adoption of vessel traffic services (VTS) by shipping companies is encouraging the use of this technology which creates a favorable condition for the implementation of connecting ships that can be seen as an opportunity for the market investments.

The connected ships market trends are as follows:

Increase in budget of shipping companies for digitalization of vessels

The progress of the connected ships market can be attributed more towards the improved budgets of shipping companies for digitalization of their vessels. Digitalization has the potential to add growth to the global seaborne trade. Therefore, the technology can also be used for recording information on vessels such as global risks, integrating marine insurance policies, and digitizing & automating document filing system. Development of fully connected ships is expected to reduce piracy, human faults and will help in carrying more cargo. For example, Maritime industry invests $285 million to help industry embrace new technology and automated digital software.

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By Ship Type

Commercial
Defense
Cargo

By Application

Vessel Traffic Management (VTM)
Fleet Operations
Fleet Health monitoring
Others

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