Ship Indicators Market Analysis | 2021-2026

Market Insights

Digitalization and integration of IoT drive the ship indicators market, enabling real-time monitoring for predictive maintenance. AI-driven automation boosts safety and efficiency, emphasizing eco-friendly solutions for energy sustainability. Remote monitoring and adherence to strict regulations shape the market, elevating maritime operations.

Some of the factors likely to spur market growth in the coming years are- 

• Rising offshore oil & gas exploration
• growing seaborne trade
• increasing maritime tourism

Also, the lack of sailors is expected to boost the adoption of automated systems, which, in turn, drives the demand for ship indicators. Moreover, a surge in marine accidents caused by human errors leads to financial losses as well as harm to the marine ecosystem, further offering lucrative opportunities to the industry players.

What are ship indicators?

Ship indicators include analog and digital indicators which help in precise mobility and traveling of the ship and help to avoid any accidents. It includes instruments and gauges which are commonly used in the shipbuilding sector to ensure smooth travel of the ship.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the Ship Indicators industry. Rising coronavirus cases across the globe resulted in stringent social distance and lockdown norms across the globe, which led to supply chain disruption, thus affecting the product demand. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The end-user of underwater exploration robots such as defense & security and scientific exploration was adversely affected by the temporary shutdown of defense activities, thus affecting the market growth amid the pandemic.

Key Players

Key players operating in the ship indicators market are-

• King Gage (US)
• Alphatron Marine
• SCM Sistemas (Spain)
• JOWA (Belgium)
• Kobelt (Canada)
• Gems Sensors
• Scan-Steering (Denmark)
• Kwant Controls (Netherlands)
• Raytheon Anschutz (Germany)
• Marinelec (France)

Segment Analysis

Application Trends

The ship indicators market is categorized into passenger vessels, cargo vessels, naval vessels, fishing vessels, scientific research ships, and others. The naval vessels segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the rising adoption of a naval vessel in defense and security applications as well as the presence of highly automated digital indicator systems. Moreover, the growing demand for network-centric warfare, survivability, situational awareness, and qualitative naval superiority, further bolsters the segment growth. 

Regional Trends

The European market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to increasing offshore oil and gas exploration activities as well rising military expenditure in the region. Also, the strong shipbuilding sector in the Nordic countries coupled with strong scientific marine exploration in Western Europe further proliferates the regional market growth.

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Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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