Marine Internet of Things Industry Size Valued at USD 689.1 Billion, Industry Grow at a CAGR Of 17.1% by 2020 -2030
Market Research Future prepared a Marine Internet of Things Market Research Report: Information by Component (Sensing Devices, Network Connectivity, IoT Platforms, and IT Solutions & Services), Application (Route & Operation Optimization, Asset Tracking, and Equipment Monitoring), Ship Type (Commercial and Defense), and Region—Forecast till 2027
The global marine internet of things market has witnessed high growth in recent years due to increased seaborne trade and defense expenditure. Maritime transport is considered the backbone of global trade and economy: in 2019 alone, shipping carried more than 85% of the world’s goods, by volume. Seaborne trade continues to expand, bringing benefits to consumers across the world through competitive freight costs. Moreover, the growing maritime tourism industry is driving the market's growth.
The marine internet of things market is growing significantly due to the continuous digitization and automation of the maritime supply chain. Globally ships are being equipped with technologically advanced systems, sensors, and solutions to boost cost-efficiency and increase operational efficiency. Recently, the increase in investment in the development of electric vessels with advanced electronics is also expected to drive the demand for marine IoT during the forecast period. The use of renewable energy can save the overall operating cost of the vessel to a large extent.
The global marine internet of things market is expected to grow significantly in the coming years due to increasing defense expenditure and a rise in seaborne trade globally. The global marine internet of things market is characterized by the presence of several global and regional vendors. The global market is highly competitive, with all the players trying to gain maximum market share. Frequent changes in government policies, intense competition, and government regulations are the key factors that impact global market growth. The vendors compete based on cost, product quality, and reliability.
The scope of the report highlights drivers, opportunities, restraints, and challenges surrounding the global market. With easy-to-comprehend segmentation that includes the component, application, ship type, and region, MRFR projections are based on historical and expected trends. Major firms active in the global market have been profiled and paired with the top strategies employed by them to remain competitive in the industry.