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| Global Maritime Analytics Market Size |
Maritime analytics solutions aim to help maritime organizations to streamline
operations, improve safety and comply with regulations through data analytics
capabilities. It involves collection, analysis, visualization and storage of
different ship metrics such as vessel movement, performance, machinery health
and cargo handling. This assists in optimal route planning, predictive
maintenance, accurate ETAs, reducing emissions and fuel consumption.
The global
maritime analytics market is estimated to be valued at US$ 1275.91 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Vessel operations optimization is one of the key opportunity areas for maritime
analytics market players. Analytics capabilities allow vessel operators to
closely monitor vessel movement patterns and obtain insights to optimize routes
for maximum efficiency and minimum costs. Route planning tools analyze
historical voyages, weather patterns and real-time traffic conditions to
suggest most fuel-efficient routes. When integrated with machinery health,
performance and cargo sensors, it helps predict optimal speed settings based on
sea conditions and hull resistance. This leads to significant savings in fuel
costs and also reduces carbon footprint. With growing focus on sustainability,
maritime analytics offers operators an opportunity to streamline operations and
obtain competitive advantage through optimized vessel performance.
Porter's Analysis
Threat of new entrants: The maritime analytics market requires high upfront
investment in technology and infrastructure which creates moderate barriers for
new players. The existing established players dominate the market with years of
experience and brand equity which further raises entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as the
buyers have limited options in the market and switching costs from one provider
to other are high. However, large fleet owners have higher negotiating power.
Bargaining power of suppliers: A few technology companies specializing in
sensors, analytics and other maritime technology are the major suppliers. Their
bargaining power is moderate as switching costs for suppliers are low and
presence of alternative suppliers provides options to buyers.
Threat of new substitutes: There are limited substitutes available for maritime
analytics solutions. However, in-house analytics teams pose a potential threat
of substitution.
Competitive rivalry: The competition in the market is high as the major players
focus on expanding product offerings and capabilities to gain market share.
SWOT Analysis
Strengths: Established technical expertise, global presence, dedicated maritime
solutions, ability to provide end-to-end services.
Weaknesses: High investment needs, technology obsolescence, dependency on
partners for certain capabilities.
Opportunities: Growth of maritime trade, regulatory push for safety and
efficiency, investment in new vessels, expansion in emerging markets.
Threats: Economic slowdowns impacting trade, changing regulations, cyber
threats, capability developments by in-house teams.
Key Takeaways
Global
Maritime Analytics Market Size is expected to witness high growth
supported by increasing digitalization in the industry. The global Maritime
Analytics Market is estimated to be valued at US$ 1275.91 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period
2023-2030.
Regional analysis
North America accounted for largest share of over 30% in 2023 led by the US
with large fleet sizes. Asia Pacific is projected to grow at highest CAGR during
the forecast period supported by rapid economic development of coastal cities
in China and India. The nations are investing heavily in port infrastructure to
boost trade resulting in demand for advanced maritime solutions.
Key players
Key players operating in the Maritime Analytics market 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. Kitchen
Magic leads the market with wide range of smart storage solutions integrated
with digital technology.
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