Integrated Bridge Systems Market – Overview
The expansion of the maritime sector has benefitted the progress observed in the integrated bridge systems. Reports that evaluate the aerospace and defense industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is surging with a CAGR of 2.95% while earning USD 6,000 Mn by the end of the forecast period.
The need to simplify the centralized monitoring of navigation tools is a key factor motivating the integrated bridge systems market. The escalated levels of trade being distributed via the sea vessels have enhanced the demand of the market. Moreover, the escalated pace of globalization is anticipated to raise the growth pace of the market further. Also, the investment in port construction and expansion of existing ports is expected to create new opportunities for growth in the upcoming period.
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The commitment to dealing with the obstacles in the market by the competitors has considerably improved in recent times. Furthermore, the improvement in the economic environment is expected to boost growth in the market. A fortified growth stride is detected in the market owing to the helpful effect applied both internally and externally by significant driving factors. The development of the product portfolio motivates the elasticity of demand in the market. The budget elements in the expenses of the competitors in the market are becoming more dynamic. The operating environment in the market is leading to industrious growth in the market. Moreover, the growing business needs in the market are creating a favorable backdrop for change. The factors for change are encouraging the development of the market. The competency of the market is bolstered by the reconditioned nature of the assets existing in the market.
The leading firms functioning in the Integrated Bridge Systems Market globally are Raytheon Company, Kongsberg Gruppen, Consilium, Northrop Grumman Sperry Marine B.V., Wartsila, Tokyo Keiki, Furuno Electric Co., Ltd, Marine Technologies, LLC, Rolls-Royce plc., Transas, and Praxis Automation Technologies B.V. among others.
Mar 2019 Garden Reach Ship Builders and Engineers Ltd., (GRSE), a Miniratna Category 1 and a top warship building company in the country under the administrative charge of the Ministry of Defence delivered its 100th warship to the Indian Navy recently. The ship is installed with state-of-the-art equipment and innovative systems like Integrated Bridge System (IBS) and Integrated Platform Management System (IPMS).
The analysis of the integrated bridge systems market on the basis of segments comprises of type, regions, and application. On the basis of type, the integrated bridge systems market has been segmented into communication console, radar system, and ECDIS. The application-based segmentation of the integrated bridge systems market has been segmented into naval warships and commercial ships. By regions, the integrated bridge systems market consists of Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
Detailed Regional Analysis
The regional assessment of the integrated bridge systems market consists of Asia Pacific (APAC), North America, Europe, and the rest of the world (RoW). The analysis observes that the Asia Pacific region is accredited for a 33.5% market share in 2017. However, the market in the APAC region is valued at over USD 1,700 Mn and is anticipated to observe a CAGR of 4.79% during the forecast period. This growth can be credited to the upsurge in the trade as a result of free trade contracts between BRICS, ASEAN, and TPPA members. In addition, the Southeast Asian nations are increasingly focusing on growing their naval defense abilities. The local policymakers are focusing on new port development, port modernization, port connectivity, port-led industrialization, and coastal community expansion. These factors are offering an impetus to the maritime sector in the region. The APAC region is followed by the North American and European region respectively. As these two regions represent huge maritime industries which support the market’s development.
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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Table of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
List of Tables
Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Global Integrated Bridge System, by Type, 2016‒2023 (Usd Million)
Table 4 Global Integrated Bridge System Market, by Type, 2016‒2023 (Thousand Units)
Table 5 Radar System: Global Integrated Bridge System Market, by Region, 2016‒2023 (Usd Million)
Table 6 Radar System: Global Integrated Bridge System Market, by Region, 2016‒2023 (Thousand Units)
Table 7 Communication Console: Global Integrated Bridge System Market, by Region, 2016‒2023 (Usd Million)
List of Figures
Figure 1 Global Integrated Bridge Systems Market: Market Structure
Figure 2 Research Process of Mrfr
Figure 3 Top-down and Bottom-up Approach
Figure 4 Market Dynamics Overview
Figure 5 Drivers Impact Analysis: Global Integrated Bridge Systems Market
Figure 6 Restraints Impact Analysis: Global Integrated Bridge Systems Market
Figure 7 Supply Chain: Global Integrated Bridge Systems Market
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