May 24, 2024
Ict

The Global Maritime Analytics Market Is Driven By Escalating Demand For Operational Efficiency And Risk Mitigation

Maritime analytics deliver insights crucial for optimizing vessel performance, enhancing safety, and complying with stringent environmental regulations. Advanced data analytics facilitate predictive maintenance of ship engines and systems to prevent breakdowns. Big data technologies help monitor vessel conditions in real-time, enabling timely repairs and reducing downtime. Analytics tools assist in route planning based on weather patterns and fuel consumption modeling. This significantly cuts transport costs and carbon footprint. Risk analytics powered by machine learning aid in preventing accidents by identifying unsafe practices and mechanical failures.

The global maritime analytics market is estimated to be valued at US$ 1469.85 million in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of Internet of Things (IoT) devices on ships and integration with analytics platforms is a major trend in the maritime analytics market. Vessel sensors streaming data on weather, cargo conditions, engine performance etc. facilitate continuous monitoring and predictive maintenance. This enhances safety and compliance. Another key trend is the utilization of big data and blockchain for improving supply chain visibility and security. Maritime analytics powered by open-source technologies also allow small and medium enterprises to optimize costs and compete effectively. Going forward, the development of advanced simulations and digital twins leveraging technologies like augmented reality is expected to transform vessel design, crew training, and port operations management.

Porter’s Analysis
Threat of new entrants: Low-moderate, the market requires high investments in technologies and equipment. Existing players hold large market shares and global presence.

Bargaining power of buyers: Moderate, buyers have some bargaining power due to availability of alternatives and transparency in pricing. However, switching costs are moderately high.

Bargaining power of suppliers: Low, the market has many technology providers, who have low bargaining power given the fragmented nature of supply.

Threat of new substitutes: Low, no close substitutes exist for maritime analytics solutions. Alternatives provide limited functionality.

Competitive rivalry: High, the market sees intense rivalry between global and regional players. Pricing pressure exists due to technological advancements.

Key Takeaways
The global Maritime Analytics Market size is expected to witness high growth over the forecast period. North America is expected to dominate the market during the forecast period. Growing ocean trade and coastal surveillance activities in the US and Canada will boost regional growth.

Regional analysis:

Asia Pacific is poised to grow at the fastest pace in the maritime analytics market led by increasing maritime trade in countries such as China, India, and Singapore. Governments are investing heavily in developing advanced coastal surveillance systems.

Key players:

Key players operating in the maritime analytics are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others. The market sees participation of global technology giants and specialist regional players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it