Integrated Bridge Systems Market 2019 Global Industry Size, Share, Trends, Segments and Regional Analysis With Competitive Landscape By Leading Players- Raytheon, Northrop Grumman, Transas, Wartsila, Marine Technologies, Praxis Automation, Kongsberg Grupp

Integrated Bridge Systems (IBS) Market: By Type (Radar System, Communication Console, and ECDIS), By Application (Commercial Ships and Naval Warships) and Region (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa) - Global Forecast Till 2023

The prominent players in the global integrated bridge systems market are Northrop Grumman Sperry Marine B.V., Raytheon Company, Kongsberg Gruppen, Transas, Consilium, Wärtsilä, Tokyo Keiki, Marine Technologies, LLC, Rolls-Royce plc, Praxis Automation Technology B.V., and Furuno Electric Co., Ltd.

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Market Highlights

The global Integrated bridge systems (IBS) market is expected to surpass a valuation of USD 6,000 Mn in 2023 up from USD 5,213.3 Mn in 2017, reflecting a CAGR of 2.95%. IBS is being increasingly used in ships to facilitate centralized monitoring of navigation tools as well as provide operational transparency, improve communication and machine control, and safety and security.

Market growth is primarily driven by the growing seaborne trade worldwide. Seaborne trade is making a significant contribution to the growth of the global logistics sector. Globalization is the major force behind the increased seaborne trade. In addition, increased spending by the governments on military equipment, such as aircraft carriers and stealth frigates, to bolster military might and stimulate economic growth is likely to drive the demand for integrated bridge systems in the forthcoming years.

Policy makers in fast-developing countries are investment in ports construction and extension of existing ports to boost maritime activities (commercial and non-commercial). Moreover, focus towards gaining access to new markets & resources for economic gain is propelling the growth of the maritime industry in regions such as Asia, Middle East and LatAm. This is likely to offer significant opportunities to the market players during the review period. However, the high capital requirement for customized integrated bridge systems and vulnerability to cyber-attacks due to automation in navigation systems are few of the obstacles for market players.

Segmental Analysis

The segmental analysis of the global integrated bridge systems market has been conducted based on type and application.

Based on type, the market has been segmented into radar system, communication console, and ECDIS. The radar system segment accounted for the largest market share and was valued at USD 2,044.6 million in 2017. Towards the end of the assessment period, the segment is expected to surpass a valuation of USD 2,400 Mn, reflecting a steady growth rate. Radar systems help in detecting the location and distance of an object with high precision, which helps in reducing the risk of ship collision, a major obstacle faced by shipping companies. The ECDIS segment accounts for the second largest market share and is expected to post a CAGR of 3.16% during the review period.

Based on application, the market has been segmented into commercial ships and naval warships. The commercial ships segment currently accounts for the largest share of the market. In 2017, the segment was valued at USD 2,916.6 Mn and is expected to exhibit a CAGR of 2.26% from 2018 to 2023. This is mainly due to increased trade activities across the global and increase efforts to promote regional trade and cooperation among countries on intracontinental and intercontinental level. Meanwhile, the naval warships segment is expected to exhibit a relatively higher CAGR during the forecast period.

Regional Outlook

Based on region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and rest of the world (RoW). Asia Pacific accounted for 33.5% market share in 2017. The market in APAC is valued at over USD 1,700 Mn and is expected to witness a CAGR of 4.79% during the assessment period. This growth can be attributed to the increase in trade as a result of free trade agreements between ASEAN, BRICS, and TPPA members. In addition, the Southeast Asian nations are actively focusing on expanding their naval defense capabilities. Local policy makers are focusing on port modernization, new port development, port connectivity, port-led industrialization, and coastal community development. Such factors are providing an impetus to the maritime sector in the region. APAC is followed by North America and Europe respectively. These two regions represent vast maritime industries, which supports the market growth.

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Competitive Landscape

Northrop Grumman Sperry Marine B.V., Kongsberg Gruppen, Transas, Wärtsilä, Marine Technologies, LLC, and Rolls-Royce plc collectively hold the majority share of the global integrated bridge systems market. The market players are adopting various strategies, such as supply agreements, new product development, and acquisition, to outperform their competitors and serve the increasing demand for technologically advanced integrated bridge systems in the shipping industry.

Northrop Grumman Sperry Marine B.V. operates as a unit of mission systems business segment of Northrop Grumman Corporation. It manufactures navigation and ship control solutions for the marine industry. It is renowned as one of the largest service providers for navigation systems, especially after-sales support. It offers autopilot and steering control systems, compass systems, integrated navigation and bridge systems, integrated platform management systems, navigation radar & ECDIS, and speed/velocity logs, among others. In October 2018, the company signed an agreement with the US Navy shipboard electronics experts to provide common integrated bridge and navigation systems for Burke-class missile destroyers.

Kongsberg Gruppen provides technology-driven systems and solutions to various end-use industries, including oil & gas, merchant marine, and defense & aerospace. It operates through three business segments, namely Kongsberg maritime, Kongsberg defense & aerospace, and other. It provides integrated bridge systems, naval systems, deck systems, sensors & transmitters, and information and safety systems, among others, under its Kongsberg maritime business segment. In September 2018, the company developed a new integrated bridge system equipped with sensor fusion technology. This will help provide a new level of awareness to the bridge crew by delivering a holistic real-time navigational picture based on precise data from diverse sensors.

Transas is a globally renowned provider of solutions and products for the marine industry. It offers a wide range of products and solutions including ECDIS, radar, integrated bridge systems, Navi-conning, AIS, fleet view online tracking, river information systems, vessel traffic services, and coastal surveillance systems. In January 2017, it developed new advanced integrated bridge system under the brand name T-Bridge, which brings together diverse systems into a single bridge environment and combines data sources to provide a full and clear picture.

Wärtsilä, is renowned as a global leader in providing smart technologies and complete lifecycle solutions for the marine and energy industries. It operates through three business segments, namely marine solutions, energy solutions, and services. It offers a broad range of products and solutions for automation, compressors, electrical & automation, engines & generating sets, fresh water generation, inert gas systems, power systems, integrated bridge systems, and sonar & naval acoustics, among others. In September 2017, the company proposed to introduce a new platinum integrated bridge system for voyage planning, ice operations, and collision prevention. The new system is equipped with more radar applications and algorithms, which will help the players operating in the marine industry to develop intelligent shipping.

Marine Technologies, LLC, is engaged in the development of numerous vessel control systems for shipping and offshore industries. It offers a broad range of products to the shipping industry, such as integrated bridge systems, ECDIS, RadaScan, CyScan, VSAT, VoIP, and remote access and monitoring. It has its manufacturing sites in the US, Norway, and Singapore. It offers integrated bridge systems under the brand name bridge mate integrated bridge system.

Research Methodology

Market Research Future (MRFR) applies a robust research methodology for market analysis. Emphasis is placed on drawing valuable market insights, with the use of primary research and proprietary database. The study begins with data collection through primary and secondary research, which covers directories, interaction with stakeholders, industry insiders, and statistical observations. Both bottom-up and top-down approaches are employed to extrapolate data and confirm market projections. Such extensive analysis process allows exhaustive coverage of the competitive landscape and new revenue pockets. Additionally, data triangulation is used to arive at concrete conclusions over market segments, sub-segments and overall market engineering process and profiles of primary participants in a systematic way.

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