LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automation control market in marine vessel to grow at a CAGR of around 5% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The growing importance of big data analysis is one of the major trends being witnessed in the global automation control market in marine vessel 2018-2022. The process of generating patterns or trends by analyzing significant volumes of data is big data analytics. This technology is also being used in discrete industries such as shipbuilding and marine vessels.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automation control market in marine vessel is the increasing environmental regulations on maritime industry:
Global automation control market in marine vessel: Increasing environmental regulations on maritime industry
The IMO has established guidelines, which are aimed at reducing the carbon emission. Additionally, the growing use of fuels has been a major cause of concern for marine vessel operators. Stringent regulations regarding carbon emission and overall fuel consumption have encouraged shipbuilders to develop eco-friendly vessels and incorporate automation solutions into them.
According to a senior market research analyst at Technavio, “The new vessels are installed with automated power monitoring, energy management, and waste heat recovery systems to curb the effects on greenhouse gas emission. The reconstruction and modification of the old vessels are costly when compared with the price of buying new vessels.”
Global automation control market in marine vessel: Segmentation analysis
The global automation control market in marine vessel research report provides market segmentation by product (M&CS, DPS, BCS, and PMS) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major products, the M&CS segment held the largest market share in 2017, contributing to over 37% of the market. This product segment will dominate the global market throughout the forecast period.
APAC held the largest share of the market in 2017, accounting for more than 80% share. It was followed by EMEA and the Americas respectively. The APAC region will dominate the market throughout the period 2018-2022.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
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