According to our latest market study on “Maritime Real-Time Positioning SystemMarket Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services), Technology (RFID, GPS, and Others), Application (Fleet Management, Inventory and Asset Management, and Crew Tracking), and Vessel Type (Fishing Vessels, Cargo Vessels, Service Vessels, Passenger Ships and Ferries, and Others),” the market was valued at US$ 158.2 million in 2019 and is projected to reach US$ 1,395.6 million by 2027; it is expected to grow at a CAGR of 31.8% from 2020 to 2027.
In 2019, North America led the global maritime real-time positioning system market with a 36.81% revenue share, followed by Europe. The US, Canada, and Mexico are major economies contributing to the maritime real-time positioning system market in North America. Continuous technological advancements, led by notable investments by tech giants in R&D activities, have created a stir in the competitive market across the region. The constant technological developments in the last few years have notably enhanced the tracking and monitoring of ships and other vessels. The developing satellite services have the task of tracking the ships worldwide and ensuring the high-end safety of the ships from numerous threats. Using satellite-based monitoring systems, a large number of vessels are monitored efficiently by vessel owners and marine agencies for an extended period. Besides, an automatic identification system also assists in tracking giant vessels crossing waters globally by providing real-time information about vessels’ movement. Marine-Traffic, VesselFinder, Vesseltracker, and FleetMon are some of the ship tracking applications developed to track and collect real-time information on maritime activities.
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In 2019, Europe stood second in the maritime real-time positioning system market with a decent market share and it is anticipated to witness a steady CAGR from 2020 to 2027. Europe comprises developed economies, such as Germany, France, the UK, Italy, Norway, Finland, Sweden, the Netherlands, Denmark, and Switzerland. These economies have done a vital contribution to the region’s tech strength. They are anticipated to nurture the growth of the maritime real-time positioning systems market. The use of maritime real-time positioning systems is gaining high momentum across Europe. To enhance Maritime Situational Awareness, the use of maritime data fusion and tracking, automatic anomaly detection, and situation prediction is observed in Europe to ensure high-end marine security and safety—including irregular migration, border surveillance, and countering illegal activities at sea, such as unregulated fishing and smuggling. In terms of value, Europe is among the leading traders of fisheries & aquaculture products worldwide. The region is a net importer of fisheries & aquaculture products, majorly fresh, frozen, and chilled.
Denmark, Sweden, Spain, and the Netherlands are the major countries in importing aforesaid fisheries. Exports to non-EU countries in 2018 have fostered to EUR 5.75 billion. The US, China, Switzerland, Norway, Japan, and South Korea are some of Europe’s prominent customers for exporting fisheries and other aquaculture products. Due to the massive export value of fisheries and aquaculture products to non-European countries and international waters, the number of fishing and cargo vessels is increasing enormously. The greater the use of mentioned vessels, the more the adoption of maritime real-time positioning systems in vessels to collect real-time information about the vessels’ activities. Moreover, companies offering solutions for gathering real-time data about marine vessels are further contributing to the market growth. Guidance Marine Limited is engaged in developing and providing Dynamic Positioning position measurement technologies to address high value offshore marine markets for real-time vessel positioning with more excellent reliability, safety, and ease of use.
Some of The Key Players in This Market Include
- DIMEQ AS
- Envision Enterprise Solutions America Inc.
- Favendo GmbH
- Intrasys (Pte.) Ltd.
- Martek Marine
- MER Group
- Orbcomm Inc.
- Shipcom Wireless Inc
- Vector Infotech Pte Ltd.
- Zebra Technologies Corporation
The segmentation in this research study has been finalized post-in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of technology offered by the leading participants in the industry in order to understand widely used market-specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.
Rise in Number of Cargo Vessels
Earlier, when a vessel was sent overseas after leaving the warehouse, the user was not aware of the location and condition of the vessel. Not knowing the current status of the vessel was very risky. Therefore, the maritime industry is integrating real-time tracking solutions in every vessel. With a growing e-commerce industry and expanding supply chain backed by strong internet infrastructure, the use of real-time tracking solutions is receiving high traction across the countries. By using an automatic identification system and asset tracking system, the end-users can get access to real-time data about the vessel’s location and condition. Using an RFID or GPS-enabled asset tracking system gives greater visibility by showing the current and exact status of the entire shipment. An increasing number of cargo vessels globally would influence the market growth.
The Insight Partners Maritime Real-Time Positioning System Market Research Report Scenario includes:
- The report provides qualitative and quantitative trends of the global Maritime Real-Time Positioning System Market across type, type of products, service, and geography.
- The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Maritime Real-Time Positioning System Market.
- Chapter Three provides the research methodology of the study.
- Chapter Four further provides PEST analysis for each region.
- Chapter Five highlights the key industry dynamics in the Maritime Real-Time Positioning System Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
- Chapter Six discusses the global Maritime Real-Time Positioning System Market scenario, in terms of historical market revenues, and forecast till the year 2027.
- Chapter Seven to ten discusses Maritime Real-Time Positioning System Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East, and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
- Chapter Eleven describes industry landscape analysis. It provides a detailed description of various business activities such as market initiatives, new developments, mergers, and joint ventures globally along with a competitive landscape.
- Chapter Twelve provides the detailed profiles of the key companies operating in the global Maritime Real-Time Positioning System Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
- Chapter Thirteen, i.e., the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.
The study will include the overall analysis of the Maritime Real-Time Positioning System Market and is segmented by –
- Fleet Management
- Inventory and Asset Management
- Crew Tracking
By Vessel Type
- Fishing Vessel
- Cargo Vessel
- Service Vessel
- Passenger Ships and Ferries
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The report also covers a detailed chapter of the analysis on COVID-19 impact on this market at the global and regional level in our final reports.
This research provides detailed information regarding the major factors influencing the growth of the Maritime Real-Time Positioning System Market at the Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths, and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.
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