The
connected ship market is anticipated to reach USD 7.19 billion by 2023, growing at a CAGR of 3.95 percent during the forecast period from 2018 to 2023. Major factors driving the growth of this industry include the incorporation of Information & Communication Technology (ICT) in the global
marine industry. Other factors include the increased budgets of shipping companies owing to the digitalization of their vessels, expansion of the seaborne trade around the world, and the growth of the
maritime tourism industry.
One of the regions expected to dominate the connected ship market during the forecast period is the European region. The surge in demand for autonomous ships and cruises from the region is expected to fuel the growth of the European market; although, the shipbuilding industry in this region is currently going through a rough patch.
Managing ships is a daunting task and it comprises numerous processes that are to be carried out before, during, and after the ship operation. One of the most important processes
to be followed by a ship management company is that it needs to get the ship approved and many approvals are to be taken from various classification societies. Services offered by the ship management companies include the supervision of the maintenance of machinery on the ship, which also includes the different surveys and repair work of the ship.
Efficacy of ship management services
It is highly imperative to place the greatest possible emphasis on selecting, training, and retraining high-caliber seafarers as the best ship management services depend on the finest crews. Therefore, it is important to monitor training requirements and educate crews in a modern, sophisticated ship management environment.
Intending to create a skilled workforce for the shipping and maritime sector, the government of India is planning to offer dedicated training modules and their effective implementation. This is projected to cater to the requirements of the shipping and maritime sector.
To create a robust framework that will help in addressing the need for a skilled workforce in the ports and maritime sector, the ministry of skill development and entrepreneurship has signed an MoU with the ministry of shipping.
“Maritime transport is a critical segment that propels the economic development of the country. This strategic partnership with the Ministry of Shipping is also derived from the same motto. It is aimed in the direction in which our initiatives support our workforce by skilling them and builds their competencies up to global standards. It is my belief, that with the right assistance, training, and exposure, our youth will reach newer heights and will contribute to the growth of the shipping sector,” according to Minister for Skill Development and Entrepreneurship, Mahendra Nath Pandey.
