CONNECTED SHIP MARKET TO REACH $17.2 BILLION BY 2028: REPORT

Rising adoption of connected ship technologies across commercial and naval segments is driving market growth in the Asia-Pacific region

- 

Owing to the increasing emphasis on maritime safety, security, and operational efficiency the global connected ship market is expected to grow to USD 17. 2 billion by 2028, a recent report stated.

According to the report titled “Connected Ship Market by Application (Vessel Traffic Management, Fleet Operations, Fleet Health Monitoring, and Other Applications), Installation (Onboard and Onshore), Platform (Ships and Ports), Fit (Line Fit, Retrofit, and Hybrid Fit), and Global Forecast to 2028,” the global Connected Ship market was valued at approximately USD 11.3 billion in 2023.

“This is projected to grow to USD 17.2 billion by 2028, registering a compound annual growth rate (CAGR) of 7.7 per cent during the forecast period,” it said.

RISING NEED FOR CONNECTED SHIPS

According to the report, this growth is primarily driven by the rising need for connected ship solutions across commercial shipping operations as well as naval and defence missions.