Marine IoT Market Size to Grow Substantially at 6.2% CAGR from 2020 to 2027 – Report by Market Research Future (MRFR)

New York, US, Aug. 12, 2021 (GLOBE NEWSWIRE) — Marine Internet of Things Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Marine IoT Market Information by Component, Application, Ship Type, and Region – Forecast till 2027”, the market is projected to grow at a 6.2% CAGR from 2020 -2027.

Primary Growth Boosters:

With IoT or Internet of Things having gained extensive traction across industrial, healthcare, and residential sectors, the maritime industry is fast emerging as a significant application. As per Ericsson AB, over 3 billion objects (except smartphones) will relate to the use of the cellular technology by 2022. Some of these are robotics, connected vehicles, shipping containers, and agricultural fields & equipment. IoT’s growing presence in the marine sector has been improving the transport and logistics, enhancing onboard safety levels while reducing operational costs. These benefits are touted to be the prime reasons for the robust market demand soon.
Marine sector generates substantial amounts of data such as voyage, weather, location of assets, maintenance, status of cargo, and machinery. Marine IoT, similar to other sectors, works on the basis of a network of connected devices and sensors that communicate backed 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 benefit the global market as well. In addition, escalating use of renewable energy sources coupled with the developments in the hybrid propulsion technology could present attractive opportunities for market expansion in the ensuing years.
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Competitive Lnadscape:

The major contenders in the worldwide Marine Internet of Things Market include:

  • Cisco Systems, Inc. (US)
  • Marine Digital GmbH (Germany)
  • Vodafone Group Plc (UK)
  • 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 bolster their geographical reach while also focusing on introducing newer, and more advanced products via numerous strategies, such as partnerships, acquisitions, collaborations, and new launches. For instance, in June 2021, KVH partnered with StratumFive, to provide its KVH Watch service to the latter for data flow enhancement from the ship to the shore. KVH Watch’s seamless connectivity will help foster StratumFive’s capacity to assist vessels in efficient tracking, safety, routing, emissions, and fuel consumption. KVH’s effective IoT connectivity combined with StratumFive’s advanced Podium platform will leverage the technology to offer the marine sector with a significant solution that optimizes vessel performance.

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Market Restraints

IoT brings along a number of challenges, giving way to data crimes and threats. Security remains one of the biggest risks associated with IoT deployment, compromising privacy. This can weaken the market growth rate to some extent in the ensuing years.

COVID-19 Analysis

There is no doubt that the COVID-19 outbreak has wreaked havoc on several industries, burdening them with financial challenges. However, the collective effort given by government bodies across countries and industries to accelerate the recovery rate of the global economy could mean better prospects for the marine internet of things industry in the next few years.

Market Segmentation

Application and ship type are the key segments considered in the MRFR study of the marine internet of things market.

The major applications are route & operation optimization along with asset tracking. Route & Operation Optimization segment has captured the biggest share in the global industry as IoT is increasingly being used in route mapping as well as operation optimization in the marine sector. Meanwhile, asset tracking could be the fastest advancing segment in the following years, as IoT is extensively being applied in asset tracking.

The ship types covered in the market study are commercial and defense.

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Regional Analysis

The key markets for marine internet of things covered in the MRFR report are Europe, Middle East and Africa, North America, Asia Pacific, as well as South America.

Asia Pacific has been identified as the biggest market for marine IOT, while it is also anticipated that the region could secure the fastest CAGR over the review period. The surging defense spending across India and China coupled with the mounting demand for highly advanced naval vessels attribute significantly to the market growth. Additionally, surge in seaborne trade between countries like China, India, Australia, and Japan, as well as territorial conflicts between them have given way to a higher demand for marine internet of things solutions.

North America is the industry leader, greatly supported by the large-scale military budget as well as frequent technological advances. Canada and the United States are known for investing considerably on the development of highly advanced weapons and systems. As a result, the North American market is slated to retain its elite position throughout the appraisal period. Also, considering the rising use of advanced naval vessels for tactical missions by the US Navy, the regional market should continue to record a stupendous growth rate in the following years. Another strong reason for the market growth in the region can be the extensive network of several reputed marine internet of things solution developers including Cisco Systems Inc. and more.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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