New York, USA, August 12, 2021 (GLOBE NEWSWIRE) – Marine Internet Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “IoT Maritime Market Information by Component, Application, Vessel Type and Region – Forecast by 2027The market is projected to grow by 6.2% CAGR from 2020 -2027.
The main drivers of growth:
With the IoT or Internet of Things gaining widespread traction in the industrial, healthcare, and housing sectors, the maritime industry is rapidly emerging as a significant application. According to Ericsson AB, over 3 billion objects (excluding smartphones) will be connected to the use of mobile technology by 2022. Some of these are robotics, connected vehicles, transport containers and agricultural fields and equipment. The growing presence of IoT in the maritime sector has improved transportation and logistics, increasing security levels on board while reducing operational costs. These benefits are said to be the main reasons for the strong market demand soon.
The maritime sector generates significant amounts of data such as travel, weather, location of assets, maintenance, status of cargo and machinery. Marine IoT, similar to other sectors, operates on the basis of a network of connected devices and sensors that communicate supported by satellite network or 3G / 4G or even 5 / G LTE network. It is expected that the stunning growth witnessed by the maritime tourism sector worldwide will also benefit the global market. Moreover, the escalation of the use of renewable energy sources along with the developments in hybrid propulsion technology can present attractive opportunities for market expansion in the coming years.
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Leading contenders in the global Internet of Things market include:
- Cisco Systems, Inc. (USA)
- Marine Digital GmbH (Germany)
- Vodafone Group Plc (MB)
- Ericsson AB (Sweden)
- Orange Business Services (France)
- Wartsila Oyj Abp (Finland)
- Accenture Plc (Ireland)
- Dualog AS (Norway)
- Wilhelmsen Holding ASA (Norway)
- NTT Group (Japan)
These firms are striving to strengthen their geographical reach by also focusing on introducing newer and more advanced products through multiple strategies, such as partnerships, acquisitions, collaborations and new launches. For example, in June 2021, KVH joined StratumFive, to offer its KVH Watch service to the latter to increase data flow from ship to shore. The perfect KVH Watch connectivity will help boost StratumFive’s capacity to assist ships in efficient tracking, safety, navigation, emissions and fuel consumption. KVH’s effective IoT connectivity combined with StratumFive’s advanced Podium platform will leverage technology to provide the maritime sector with an important solution that optimizes shipping performance.
Browse the In-depth Market Research Report (172 pages) on the Internet of Things: https://www.marketresearchfuture.com/reports/marine-internet-of-things-market-10591
The IoT brings a number of challenges, giving way to data crimes and threats. Security remains one of the biggest risks associated with deploying IoT, compromising privacy. This may weaken the market growth rate to some extent in subsequent years.
Analysis of COVID-19
There is no doubt that the COVID-19 outbreak has wreaked havoc in some industries, burdening them with financial challenges. However, the collective effort given by government bodies in countries and industries to accelerate the recovery rate of the global economy may mean better prospects for the maritime industry of industrial things in the coming years.
The application and type of vessel are the main segments considered in the MRFR study of the marine internet market of things.
The main applications are road and operation optimization along with asset tracking. The Route & Operations Optimization segment has occupied the largest share in the global industry as IoT is increasingly used in road mapping as well as optimizing operations in the maritime sector. Meanwhile, asset tracking may be the fastest growing segment in the coming years, as the IoT is being widely applied in asset tracking.
The types of vessels included in the market study are commercial and protective.
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The main markets for the marine Internet of Things covered in the MRFR report are Europe, the Middle East and Africa, North America, Asia Pacific, and South America.
Asia Pacific has been identified as the largest market for marine IoT, while the region is also projected to provide faster CAGR during the review period. Rising defense spending across India and China, along with growing demand for highly advanced naval vessels, is significantly attributed to market growth. Moreover, the growth of maritime trade between countries like China, India, Australia and Japan, as well as territorial disputes between them have left the country a higher demand for maritime solutions to things online.
North America is an industry leader, heavily backed by large-scale military budgets as well as frequent technological advances. Canada and the United States are known for significant investments in the development of highly advanced weapons and systems. As a result, the North American market is projected to maintain its elite position throughout the rating period. Also, given the increasing use of advanced naval vessels for tactical missions by the US Navy, the regional market should continue to record an extraordinary growth rate in the coming years. Another strong reason for market growth in the region may be the extensive network of several reputable nautical solutions websites, including Cisco Systems Inc. and more.
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