Integrated Bridge Systems Market is expected to reach approximately $ 6.6 billion by 2025, at a CAGR of 2.0% over the forecast period in 2021.Integrated Bridge Systems (IBS) refers to a combination of interconnected systems to increase bridge safety and control bridge operations for efficient bridge management. IBS is a combination of interconnected systems that allows centralized monitoring of various navigation tools. IBS can acquire and control sensor information for multiple tasks such as corridor execution, communication, machine control, safety and security.
Market Drivers and Restraints:
Several maritime companies around the world are implementing integrated bridge systems to improve safety and facilitate maritime operations. Integrated bridge systems are expected to gain significant traction in the near future as the import and export of goods and services via sea lanes increases significantly. Furthermore, increasing digitization is leading to a significant increase in maritime tourism, further fueling the demand for optimized navigation systems. This, in turn, is driving the growth of integrated bridge systems. Additionally, key drivers projected to drive growth of the integrated bridge systems market during the forecast period include increased compliance with maritime safety regulations.However, the lack of technical skills related to IBS implementation is expected to limit the growth of the global market for integrated bridge systems in the coming years. Furthermore, the digitization of the ocean is expected to limit the market for integrated bridge systems by making ships vulnerable to cyber threats. However, the significant growth of port cities in developing countries is expected to provide significant growth opportunities for the integrated bridge systems market during the forecast period.
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Report is segmented as:
Integrated Bridge Systems Market -By Component:
● Hardware
● Software
Integrated Bridge Systems Market -By Platform:
● Commercial Vessels
● Naval Warships
Integrated Bridge Systems Market -By Vessel Size:
● Small
● Medium
● Large
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Geographical Segmentation:
The Asia Pacific region is expected to drive the integrated bridge systems market during the forecast period. The shipbuilding industry in the Asia-Pacific region is growing, and major players in the region, such as Korea, China, and Japan, are advancing in terms of technological capabilities to capture a larger market share of the shipbuilding industry. Merchant ships. . According to the World Shipping Council, the 10 most active container ports are in Asia. According to UNCTAD, as of 2019, 64% of the world’s container port traffic is in Asia.
Impact of COVID-19 on integrated bridge systems market:
COVID-19 is an unprecedented global public health emergency that has affected nearly every industry and its long-term impact is expected to affect industry growth during the forecast period.There has been a significant increase in maritime trade around the world.This is paving the way for the growth of the global IBS market. Rapid urbanization and globalization in rapidly developing countries are the two main factors driving trade between countries on different continents. At the same time, the increasing number of military or naval frigates, stealth frigates and aircraft carriers is also driving the growth of the global IBS market.
Increased port capacity expansion and port development efforts to support increased maritime trade are positive indicators. Investments in the maritime sector increase further as companies strive to find new markets and explore untapped territories. The factors mentioned above are having a positive impact on the market.
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