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Integrated Bridge Systems Market by Platform, Component, Size, Module, Software Providers, Region – Global Forecast to 2021

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NEW YORK, Jan. 24, 2017 /PRNewswire/ — “Growth in seaborne trade in the coming years is the key factor impacting the growth of the integrated bridge systems market”

The integrated bridge systems market is estimated to be valued at USD 5.08 billion in 2016 and is projected to reach USD 5.60 billion by 2021, at a CAGR of 1.97% during the forecast period. The increasing seaborne world trade, increasing compliance of maritime safety norms, and the growth in maritime tourism are the drivers in the integrated bridge systems market. Digitalization making ships vulnerable to cyber threats, and the shortage of qualified professionals in the maritime industry, are the restraints in the integrated bridge systems market.

“The naval warships segment is projected to grow at the highest CAGR during the forecast period”

Based on platform, the naval warships segment of the integrated bridge systems market is expected to grow at the highest CAGR during the forecast period. The demand for integrated bridge systems in the naval warship segment is increasing due to the growth in the defense budgets of major countries and increasing political unrest around the world.

“Large ships segment is projected to grow at the highest CAGR during the forecast period”

Based on size, the large ships segment of the integrated bridge systems market is anticipated to grow at the highest CAGR during the forecast period. The large ships segment is expected to grow due to the increasing seaborne trade across the world, and the procurement of advanced naval warships by emerging and developed nations worldwide.

“Asia-Pacific to account for the highest share and grow at the fastest rate during the forecast period”

The Asia-Pacific region led the integrated bridge systems market in 2015. The region has the highest concentration of shipbuilding companies and further growth is expected to continue in the coming years. This region is expected to grow at the highest rate during the forecast period. The Asia-Pacific region is the one of the prime consumers of marine electronic equipment. Countries in this region, such as India and China have increased their defense budgets and are procuring advanced equipment for their naval systems. The number of ports and shipbuilding centers in this region is on the rise, hence the construction of ships is estimated to grow at a faster pace, resulting in driving the integrated bridge systems market.

Break-up of profiles of primary participants in this report:

– By Company Type: Tier 1 – 35%, Tier

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