Integrated Bridge Systems Market projected to reach $5.60 Billion by 2021

The Integrated Bridge Systems 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% during the forecast period. The base year considered for the study is 2015, and the forecast period is from 2016 to 2021.

The report provides in-depth market intelligence regarding the market dynamics and major factors influencing the growth of the integrated bridge systems market (drivers, restraints, opportunities, and industry-specific challenges), along with an analysis of micro markets with respect to individual growth trends, future prospects, and their contribution to the integrated bridge systems market.

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Target Audience

• Navigation Systems Manufacturers
• Technology Support Providers
• Solution Providers
• Component Suppliers
• IBS Consultants
• Maritime Companies
• Research Organizations

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 integrated bridge systems 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 integrated bridge systems 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.

Key Market Players:

The key players profiled in the integrated bridge systems 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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