The new report by Expert Market Research titled, ‘Global Vessel Tracking System Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Vessel Tracking system market assessing the market based on type, end user and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price intelligence, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 35%
The market for vessel monitoring systems is growing due to increased vessel traffic, pirate risks, and need for secure passage in international seas. Different nations’ defense organizations use vessel tracking systems for security and other objectives. These are the major elements driving the global vessel tracking market forward.
Industry Definition and Major Segments
The technology and instruments that allow marine and naval vessels to track, find, identify, and monitor a ship are referred to as vessel tracking systems. It also includes information to aid in the understanding of the shipping route. Ships deployed across the ocean may communicate with one another and with the bay using these devices, making it easier to detect a ship in danger.
By type, the market is divided into:
Automatic Identification System (AIS)
Vessel Monitoring System (VMS)
Long Range Identification and Tracking
Others
Based on end user, the market can be categorised into:
Fisheries Authorities
Coastguards
Navy and Marines
Defence
On the basis of region, the market can be divided into:
North America
Europe
The Asia Pacific
Latin America
The Middle East and Africa
Market Trends
During the projected period, the market is expected to benefit from rising demand for vessel tracking systems to ensure communication between ships and coast guards from various countries. This expanding demand is fueled by increased trade activity and the expansion of international trade routes. Furthermore, increased capital expenditures in the maritime industry by governments throughout the globe are expected to drive market growth over the forecast period. Furthermore, international organisations’ increasing attention on enhancing maritime safety has led to the creation of effective tracking tools. In addition, significant technical breakthroughs, such as the introduction of 5G technology and the internet of things (IoT), as well as artificial intelligence (AI) and machine learning (ML), are expected to drive market growth over the projection period. These factors are expected to fuel market expansion in the forecast period.
In the projected year, Asia Pacific is expected to have a substantial share of the vessel tracking system market. The increased presence of major market players in the area, which is pushing higher expenditures in the development of vessel monitoring systems, might be linked to this expansion. Furthermore, governments’ constantly rising investments in the marine industry are expected to boost market expansion.
Key Market Players
The major players in the market are BigOceanData, ORBCOMM Inc., Wärtsilä Oyj Abp, CNS Systems AB, Harris Geospatial Solutions, Inc., among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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