Integrated Bridge Systems Market

Global Integrated Bridge Systems Market Size (2022 to 2027)

The global integrated bridge systems market was worth USD 7.2 billion in 2022 and is predicted to reach USD 8.10 billion by 2027, growing at a CAGR of 3.9% from 2022 to 2027. The growth of this market can be attributed to the increase in maritime trade and the hike in maritime tourism globally.

An Integrated Bridge System (IBS) is a series of tightly grouped and connected displays and modules that provide centralized access to navigation, propulsion, surveillance, and control information. IBS aims to improve the safe and efficient vessel management by the skilled operator. It combines connected systems to allow a centralized monitoring of various navigation tools. IBS will enable operators to control sensor information for several operations, such as pass execution, machine control, communication, and safety. Integrating bridge systems helps operators intelligently plan routes, track control systems, and perform automatic route maintenance. An integrated gangway system improves operational efficiency for all navigation requirements. The IBS system extensively uses features such as flexibility, modularity, scalability, open architecture, and standard interfaces.

Covid-19 impact on the global integrated bridge systems market:

According to the World Health Organization (WHO) report, the United States, Spain, Italy, France, Germany, United Kingdom, Turkey, Iran, China, and Russia are among the countries most affected by the COVID-19 pandemic. Due to strict lockdown regulations imposed by most countries worldwide, the defense equipment manufacturing industry experiences fewer jobs at the respective manufacturing facilities. In addition, the coronavirus outbreak has dramatically disrupted the supply chain and defense equipment manufacturing. However, the recovery period after the impact of COVID-19 in the defense industry is supposed to be faster than that of other industries.

MARKET DRIVERS:

Several shipping companies worldwide are implementing integrated bridge systems to improve safety and facilitate maritime operations. Integrated bridge systems are expected to gain popularity soon due to the significant growth in importing and exporting goods and services via the sea route. In addition, increasing digitization leads to a marked increase in maritime tourism, further fueling the demand for optimized navigation systems. This, in turn, stimulates the growth of integrated bridge systems. In addition, a key factor estimated to drive the development of the integrated bridge systems market during the forecast period includes increased compliance with maritime safety regulations.

Nonetheless, the dramatically growing number of port cities in developing countries is estimated to provide significant growth opportunities for the Integrated Bridge Systems market during the outlook period.

MARKET RESTRAINTS:

However, the lack of technical skills regarding IBS implementation is foreseen to limit the growth of the global market for integrated bridge systems in the coming years. Furthermore, digitization in the maritime sector makes ships vulnerable to cyber threats, which is expected to restrict the market for integrated bridge systems.

REPORT COVERAGE:

The global integrated bridge systems market has been segmented based on component, platform, vessel size, and region.

Global Integrated Bridge Systems Market - By Component:

• Hardware
• Software

Of these, the hardware segment held a substantial share in the review period, while the software segment is touted to expand with the highest growth rate in the future.

An Integrated Bridge System (IBS) combines hardware and software that uses interconnected controls and displays to provide the mariner with a complete set of navigation data. The software segment is expected to experience a higher CAGR than the hardware segment during the forecast period. Software plays a vital role in this market, and its demand for analysis and monitoring applications is increasing. The individual components of the bridge system are integrated using software applications, which provide an interface to display information. However, it is estimated that the hardware segment held the largest market share in 2019.

Global Integrated Bridge Systems Market – By Platform:

• Commercial Vessels
• Naval Warships

The commercial segment is likely to dominate the market during the outlook period. An increase in the number of passengers using marine transportation and a surge in demand for pleasure craft will drive the growth of the commercial segment of the integrated bridge systems market globally.

Global Integrated Bridge Systems Market – By Vessel Size:

• Small
• Medium
• Large

Global Integrated Bridge Systems Market – By Region:

• North America
• Europe
• APAC
• Latin America
• Middle East and Africa

North America is expected to dominate the market for integrated bridge systems, as the region is very receptive to adopting the latest technologies.

Asia-Pacific is anticipated to lead the integrated bridge systems market during the envisioned period. The shipbuilding industry in Asia-Pacific is booming, and significant regional players, such as South Korea, China, and Japan, are advancing technology skills to capture a more substantial market share. According to the World Shipping Council, Asia has the ten most active container ports. According to UNCTAD, in 2019, 64% of the world's container ports total volume came from Asia, supporting the demand in the IBS market.

KEY MARKET PLAYERS:

Some of the major players in the global integrated bridge systems market are Kongsberg (Norway), Wärtsilä (Finland), Northrop Grumman Corporation (USA), Raytheon Company (USA), Furuno Electric Co. Ltd. (Japan), and Japan Radio Co. Ltd. (Japan).