Global Shipboard Monitoring Market By Ship Type (Commercial Vs. Naval), By Range (Short Range; Medium Range; and Long Range), By Region (North America, Europe, Asia-Pacific, MEA and South America), Competition, Forecast & Opportunities, 2024

Shipboard Condition Monitoring as a Service Market Outlook

Global shipboard monitoring market is anticipated to grow at a CAGR of around 8% during the forecast period. The global shipboard monitoring market is expected to witness progressive growth and reach the market value of around $ 12 billion by 2024.

Global Shipboard Monitoring Market By Ship Type (Commercial Vs. Naval), By Range (Short Range; Medium Range; and Long Range), By Region (North America, Europe, Asia-Pacific, MEA and South America), Competition, Forecast & Opportunities, 2024

Size, byProduct, 2024 - 2032{USD Billion}

CAGR: 8.00%

shipboard monitoring market is anticipated to grow at a CAGR of around 8% during the forecast period request a free sample copy

The key reason for the growth of the shipboard monitoring market includes increased integration of the ICT in the global shipping industry. Moreover, growth of the seaborne trade across the globe is further aiding the market growth. Additionally, latest technological innovations in the field of AI as well as satellite communication are anticipated to boost global shipboard monitoring market in the coming years.

Global shipboard monitoring market can be segmented based on ship type, range and regional analysis. Based on ship type, the market can be bifurcated into commercial and naval. Among them, naval segment of the market is anticipated to witness the fastest growth than the commercial segment in the coming years. The growth of this segment can be attributed to the extensive use of connected ships by the naval forces of different countries. Based on region, the market is segregated into North America, Europe, South America, Asia-Pacific and Middle East & Africa. Among them, Europe is projected to grow at a poised rate during the forecast period on account of increasing demand for ships and cruises from the region. Moreover, the European region is one of the prime consumers of marine electronic equipment as some of the leading shipbuilding countries such as Germany, France, Italy, and Russia are in this region.

The major players operating in the global shipboard monitoring market areNorthrop Grumman, General Electric, Wartsila, Kongsberg Grumman, Marlink, AST Group, CMR Group, Cummins Inc., Emerson Electric Co. and Hyundai Heavy Industries Co. Major companies are developing advanced technologies in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions.

Shipboard Monitoring MarketRegional Size (USD Billion)

Here are the key players in the Shipboard Condition Monitoring as a Service Market

1. ABB Ltd.

2. Wärtsilä Corporation

3. SKF Group

4. Siemens AG

5. Baker Hughes

6. Parker Hannifin Corporation

7. Honeywell International Inc.

8. Kongsberg Maritime

9. RENK AG

10. SeaTec

11. IKM Instrutek AS

12. VSC (Vibration Specialty Corporation)

13. Smart Ship Hub

14. Sinotech Marine

Market Segmentation – Shipboard Condition Monitoring as a Service Market

1. By Component

• Hardware

  • Sensors

  • Data Acquisition Systems

  • Control Units

• Software

  • Data Analytics Platforms

  • Condition Monitoring Software

  • Predictive Maintenance Tools

• Services

  • Installation & Integration

  • Remote Monitoring

  • Maintenance & Support

  • Data Analysis & Reporting

2. By Deployment Model

• Onboard Monitoring Systems

• Cloud-Based Monitoring Platforms

• Hybrid Deployment

3. By Monitoring Type

• Vibration Monitoring

• Thermal Monitoring

• Oil Analysis

• Corrosion Monitoring

• Pressure Monitoring

• Electrical Parameter Monitoring

4. By Ship Type

• Commercial Vessels

  • Cargo Ships

  • Container Ships

  • Tankers

  • Passenger Ferries

• Naval Vessels

  • Frigates

  • Submarines

  • Patrol Boats

• Offshore Vessels

  • Drillships

  • Supply Vessels

  • FPSOs (Floating Production Storage & Offloading Units)

5. By End User

• Shipping Companies

• Fleet Management Operators

• Naval & Defense Organizations

• Third-party Condition Monitoring Providers

• OEMs (Original Equipment Manufacturers)

6. By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Years considered for this report

Historical Years2014-2017

Base Year2018

Estimated Year2019

Forecast Period2020–2024

Objective of the Study

• To analyze and forecast the market size of global shipboard monitoring market.
• To classify and forecast global shipboard monitoring market based on ship type, range and regional distribution.
• To identify drivers and challenges for global shipboard monitoring market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global shipboard monitoring market.
• To conduct the pricing analysis for global shipboard monitoring market.
• To identify and analyze the profile of leading players operating in the global shipboard monitoring market.

MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of service providers across the globe. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the service providers which could not be identified due to the limitations of secondary research. MIR analyzed the service offerings, distribution channels and presence of all major service providers across the globe.

MIR calculated the market size of global shipboard monitoring market

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.