June 13, 2024

Maritime Analytics Market Propelled By Predictive Maintenance Of Vessels

Maritime analytics refers to the use of data collection and analysis tools to optimize vessel and fleet performance. Maritime analytics helps by tracking vessel performance measures in real-time, helping identify maintenance issues early on. Data collected from sensors on vessels related to machinery health, weather routing, and fuel consumption helps detect abnormalities and predict maintenance needs. This predictive maintenance helps reduce downtime and maintenance costs. The global Maritime Analytics Market is estimated to be valued at US$ 1469.85 Mn in 2023 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:
Predictive maintenance using maritime analytics helps optimize vessel maintenance through condition-based monitoring of machinery health. Data collected from sensors on vessels related to vibration levels, heat, pressure and noise symptoms are analyzed to detect anomalies indicating potential maintenance issues. By identifying issues at an early stage, predictive maintenance helps schedule repairs during port calls to avoid breakdowns at sea. This reduces downtime and ensures vessel availability. Predictive maintenance analysis of continuous sensor data helps predict maintenance needs weeks in advance, allowing planned repairs versus urgent breakdown response. This key trend boosts the maritime analytics market as shipowners and operators increasingly adopt such technologies for maintenance cost optimization and fleet uptime.

SWOT Analysis
Strength: The maritime analytics market has strong opportunities for growth due to increasing marine traffic and growing demand for supply chain visibility and predictive analytics.

Weakness: Data security and privacy concerns can limit growth opportunities in the maritime analytics market. High initial costs of deployment also pose a challenge.

Opportunity: The market has opportunities due to growing focus on optimization of vessel performance and reducing risks,Fuel costs and emissions. Demand for real-time analytics solutions presents an opportunity.

Threats: Lack of standardization in data formats and integration with existing marine IT infrastructure poses a threat to market growth. Changing regulations can increase compliance costs.

Key Takeaways
The global maritime analytics market demand is expected to witness high growth over the forecast period of 2024-2030.

The Asia Pacific region currently dominates the market owing to strong growth in international seaborne trade. China, Japan, and South Korea are major markets in the region.

Key players operating in the maritime analytics market include 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. These players are focusing on new product launches and mergers & acquisitions to gain market share.

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