Vessel Tracking System Market Growth Driven by Rapid Tech Advances
The new report by Expert Market Research titled, ‘Global Vessel Tracking System Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global vessel tracking system market, assessing the market based on its segments like types, end users, and 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 indicators and 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 (2016-2026)
- Historical Market Size (2020): USD 740.2 Million
- Forecast CAGR (2021-2026): 11.35%
- Forecast Market Size (2026): USD 1410.9 Million
The vessel tracking system market is being driven by the growing demand for improved vessel tracking systems to provide efficient tracking of ships and vessels that have been deployed. This can be attributed to the increasing trade activities via the water routes and the rapidly increasing fishing activities. Moreover, the heightened demand for transparency in trading activities and monitoring of illegal fishing activities is also projected to lead to the increased deployment of vessel tracking systems in the coming years. These factors are expected to drive the market growth in the forecast period.
Industry Definition and Major Segments
Vessel tracking systems are devices that help to track, monitor, and detect a ship, across water bodies. These systems are used by marine regulatory bodies and other ships to keep a track on the activities of a deployed vessel. In addition, the vessel tracking systems are important to provide quick aid to a vessel in distress.
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The vessel tracking system market, on the basis of type, can be segmented into:
- Automatic Identification System (AIS)
- Vessel Monitoring System (VMS)
- Long Range Identification and Tracking
- Others
Based on end user, the industry can be segregated into:
- Fisheries Authorities
- Coastguards
- Navy and Marines
- Defence
The regional markets for vessel tracking system include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The global vessel tracking system industry is being driven by the rapid technological advancements. The leading market players are rapidly integrating emerging innovations such as artificial intelligence (AI) and machine learning (ML) for the improvement of the vessel tracking systems with enhanced connectivity. Furthermore, the heightened capital expenditure in the research and development of the vessel tracking systems by the leading market players is also predicted to aid the market growth in the forecast period. The factors are anticipated to provide aid the market growth in the coming years.
Key Market Players
The major players in the market are BigOceanData, ORBCOMM Inc., Wärtsilä Oyj Abp, CNS Systems AB, and Harris Geospatial Solutions, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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