Connected Ships Market Size Worth $9.1 Billion by 2027 | CAGR

5.4%: Grand View Research, Inc.

SAN FRANCISCO, April 27, 2020 /PRNewswire/ -- The global connected ship market size is expected to reach USD 9.1 billion by 2027, registering a CAGR of 5.4% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to the increasing penetration of internet across the shipping and logistics industry across the globe.

Key suggestions from the report:

• The market is anticipated to witness a substantial growth registering a CAGR of 5.4%, on account of the growing emphasis towards marine tourism
• Sports connected Type segment is anticipated to witness high CAGR over the forecast period ascribing to its increasing adoption in both personal as well as sports applications.
• 20ft to 50ft length connected ships in the connected ships length segment is expected to witness higher growth than other segments owing to its low operational, maintenance and fuel consumption.
• Asia Pacific is anticipated to witness high CAGR in the connected ships market over the forecast period owing to government initiatives to boost marine tourism coupled with the rising disposable income of middle-class population in the region.
• The market is oligopolistic in nature, dominated by key players in the market namely General Electric Company; Nikon Corporation; Olympus Corporation; Mistras Group, Inc.

Read 80 page research report with ToC on "Connected Ship Market Size, Share & Trends Analysis Report By Ship Type (Commercial, Defense), By Installation Type (Onboard, Onshore), By Application, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/connected-ship-market

The market is largely influenced by the rapid rise in cross border shipping, which in turn has generated a high demand for connected ships. Emphasis of major economies towards globalization to strengthen free trade agreements like NAFTA (North American Free Trade Agreement), TPSEP (Trans-Pacific Strategic Economic Partnership), Southeast Asian Nations Free Trade Area (AFTA) will drive the market.

The growth and progress in trading and logistics is expected to drive the market. Also, the factors such as shale gas evolution, rising export and import of chemicals, recovering petrochemical industry are positively influencing market growth. Also, container transportation is increasingly adopted globally to transport goods. It acts as a major driver for the cargo shipping market in the both - developed and developing countries.