Marine Internet of Things Market
Marine Internet of Things Market is expected to register a CAGR of 17.1% from 2022 to 2030 and hold a value of over USD 689.1 Billion by 2030.
The Marine Internet of Things Market refers to the use of IoT technologies in the marine industry, including the shipping, fishing, and offshore oil and gas industries. Marine IoT technologies are used to improve the efficiency, safety, and sustainability of marine operations, by enabling the real-time tracking and monitoring of vessels, cargo, and other assets. The demand for marine IoT technologies has remained relatively stable during the pandemic, as they are used in a variety of applications where the tracking and monitoring of marine assets are critical. However, the pandemic has disrupted some supply chains and there have been some delays in the development and deployment of marine IoT technologies.
Regional Analysis
North America, which is made up of the United States and Canada, held the largest share of global military expenditure and technological advancements. The region's naval vessels are highly sought-after due to their advanced capabilities, and the US Navy is a major adopter of these technologies. As a result, the North American market is expected to grow significantly in the coming years.
Market Segmentation
By Component
The Network Connectivity Segment Expected to Register High Growth: The network connectivity segment accounted for the largest Marine Internet of Things Market share in 2019 and is expected to exhibit a high CAGR during the review period. Network connectivity is a must for IoT. Currently increasing adoption of satellite connectivity solutions by the marine vessel operators is driving the growth of this segment.
The IoT Platforms Segment is Likely to Grow at the Highest Rate: The IoT platforms segment is expected to record a steady growth rate during the forecast period. This is due to the high investments made by major players in developing stable IoT platforms for maritime applications from the last few years.
The Sensing Devices Segment is Expected to Grow at the Highest Rate: The sensing devices segment is expected to record the highest growth rate during the forecast period. This is due to the development of advanced remote sensing devices for marine applications such as humidity sensors, pressure sensors, proximity sensors, level sensors, accelerometers, gyroscopes, and gas sensors.
By Application
The Route &Operation Optimization Segment Expected to Register a High Growth Rate: The route & operation optimization segment accounted for the largest Marine Internet of Things Market share in 2019.The increasing use of IoT for route mapping and observing vessel operation is driving the segment's growth.
The Asset Tracking Segment is Expected to Grow at the Highest Rate: The asset tracking segment is expected to register a steady CAGR during the forecast period, 2021 to 2027. The connectivity of all the assets helps in keep track of it. All the IoT devices can help locate containers, monitor fleets, trace stolen goods, or detect changes to environments. IoT asset tracking provides the tools to improve operational efficiency dramatically.
The Equipment Monitoring Segment is Expected to Grow at the Highest Rate: The equipment monitoring segment is expected to register a steady CAGR during the forecast period, 2021 to 2027. The growth can be attributed to the easy monitoring of all connected equipment using IoT. On the commercial and naval vessels, there are many numbers of equipment onboard the ship are in operation. These are connected through the IoT platform, which helps in monitoring all the equipment.
By Ship Type
The Commercial Ship Segment Expected to Register a Higher Growth Rate: The commercial ship segment is expected to exhibit a high CAGR during the review period. Increasing investments in the development of technologically advanced cargo and passenger vessels are expected to boost the demand for IoT solutions.
The Defense Segment is Anticipated to Grow at the Highest Rate: The defense segment is expected to register the highest CAGR during the forecast period, 2021 to 2027. The growth can be attributed to the increasing trespassing through the national sea border and rising cross-border disputes globally. Therefore, the investment in advanced systems and solutions by the naval forces has been increasing over the last few years. Thus, the demand for marine internet of things is also expected to increase during the forecast period.
Key Players
Some of the Marine Internet of Things Market Players are Cisco Systems, Inc., Marine Digital GmbH, Vodafone Group Plc, Ericsson AB, Orange Business Services, Wartsila Oyj Abp, Accenture Plc, Dualog AS, Wilhelmsen Holding ASA, and NTT Group.
Marine Internet of Things Market Research Report: Information by Component (Sensing Devices, Network Connectivity, IoT Platforms, and IT Solutions & Services), Application (Route & Operation Optimization, Asset Tracking, and Equipment Monitoring), Ship Type (Commercial and Defense), and Region—Forecast till 2030
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