Integrated Bridge Systems (IBS) market is projected to reach USD 5.60 Billion by 2021
Posted: Apr 08, 2019
The report "Integrated Bridge Systems Market by Platform (Commercial Ships, Naval Warships), Component (Small Ship IBS, Medium Ship IBS, Large Ship IBS), Size (Small Ships, Medium Ships, Large Ships), Module, Software Providers, Region - Global Forecast to 2021", The IBS market is estimated to be valued at USD 5.08 Billion in 2016 and is projected to reach USD 5.60 Billion by 2021, at a CAGR of 1.97% from 2016 to 2021.
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This market is driven by factors such as, the increasing trend in world trade by sea, increasing maritime navigation safety resulting in a reduction in the number of accidents, and growing maritime tourism.
The commercial ships segment is estimated to have the largest market share in the platform market segment.
On the basis of platform, the integrated bridge systems market has been segmented into commercial ships, and naval warships. The commercial ships segment accounts for the largest market share of the IBS market. Since seaborne trade is increasing around the world, it is expected to lead to an increase in demand for commercial ships or vessels.
The large size ships segment accounts for the largest market share in the size segment of the integrated bridge systems market
The integrated bridge systems market on the basis of size is segmented into, small size, medium size, and large size ships. The large size ship segment is estimated to have the largest market share in the integrated bridge systems market on the basis of ship size. This is due to the increasing demand for large ships and large container ships in the world, which are capable of carrying a huge volume of cargo in a single trip. Large ships are a convenient option as it is viable and economical to carry goods in bulk.
The integrated bridge systems market in Asia-Pacific is expected to grow at the highest rate
The IBS market is divided into four geographic areas namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The integrated bridge systems market is led by the Asia-Pacific region, predominantly by China. The shipbuilding industry within the Asia-Pacific region is on the rise, and the key players in the region, such as Korea, China, and Japan are making advances in their technological competencies so as to capture a greater market share of the commercial maritime industry.
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Key Market Players
The key players profiled in the IBS market report include, Northrop Grumman Sperry Marine (U.K.), Raytheon Anschutz (Germany), FURUNO Electric Shokai Ltd. (Japan), Transas (Ireland), and L-3 Communications Mapps Inc. (Canada), among others.
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