DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Integrated Bridge Systems Market by Platform (Commercial Ships, Naval Warships), Component (Small Ship IBS, Medium Ship IBS, Large Ship IBS), Size (Small Ships, Medium Ships, Large Ships), Module, Software Providers, Region - Global Forecast to 2021" report to their offering.
The integrated bridge systems market is estimated to be valued at USD 5.08 billion in 2016 and is projected to reach USD 5.60 billion by 2021, at a CAGR of 1.97% during the forecast period.
The increasing seaborne world trade, increasing compliance of maritime safety norms, and the growth in maritime tourism are the drivers in the integrated bridge systems market. Digitalization making ships vulnerable to cyber threats, and the shortage of qualified professionals in the maritime industry, are the restraints in the integrated bridge systems market.
Based on platform, the naval warships segment of the integrated bridge systems market is expected to grow at the highest CAGR during the forecast period. The demand for integrated bridge systems in the naval warship segment is increasing due to the growth in the defense budgets of major countries and increasing political unrest around the world.
Based on size, the large ships segment of the integrated bridge systems market is anticipated to grow at the highest CAGR during the forecast period. The large ships segment is expected to grow due to the increasing seaborne trade across the world, and the procurement of advanced naval warships by emerging and developed nations worldwide.
The Asia-Pacific region led the integrated bridge systems market in 2015. The region has the highest concentration of shipbuilding companies and further growth is expected to continue in the coming years.
- Growth in World Seaborne Trade
- Increasing Compliance with Maritime Safety Norms
- Growth in Maritime Tourism
- Digitalization to Render Ships Vulnerable to Cyber Threats
- Lack of Qualified Professionals in the Marine Industry
- Increasing Number of Port Cities in Developing Countries
- Stricter Navigational Safety Regulations and Awareness
- Cost Intensive Customization of Integrated Bridge Systems
- Use of Integrated Bridge Systems Require Training of Officers
Key players profiled in the integrated bridge systems market report include
- Consilium AB
- Furuno Electric Shokai Ltd.
- Kongsberg Gruppen ASA
- L3 Communications Mapps Inc.
- Marine Technologies, LLC
- Northrop Grumman Sperry Marine
- Praxis Automation Technology
- Rolls Royce
- The Raytheon Company
- Tokyo Keiki Inc.
- Wartsila Valmarine
For more information about this report visit http://www.researchandmarkets.com/research/43h4tm/integrated_bridge.