Vessel Tracking System Market: Introduction
- Growing concern about vessel security and safety, globally, is driving the vessel tracking system market
- The International Maritime Organization has a setup a regulatory framework to ensure maritime safety globally, which requires vessel to use tracking and monitoring systems
- Rise in vessel traffic, piracy threats, and demand for safe navigation in international waters are boosting the vessel tracking system market
Key Drivers and Restraints of Global Vessel Tracking System Market
- Shore-based vessel tracking has become a standard practice for maritime authorities across several nations to ensure safe navigation, marine search & rescue, and to protect the environmental.
- The International Convention for the Safety of Life at Sea (SOLAS) requires the vessels engaged international voyages to be installed with the Long Range Tracking and Identification (LRIT) type vessel tracking system. Majority of countries across the world have adopted the LRIT since its inception in 2008. Around 8000 ships in the Panama port of registry have adopted the vessel tracking system.
- The LRIT vessel tracking system is unable to transmit accurate data when sailing in polar waters, as the geographic coverage it provides is limited to 76° latitude in both hemispheres.
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High Demand for Long Range Tracking and Identification (LRIT)
- LRIT is required to be installed in all passenger carriers, cargo carriers, high speed boats, and other vessels that weigh more than 3000 tons. The SOLAS convention. Non-signatory SOLAS countries are expected to adopt vessel tracking to be more transparent in marine operations and be able to participate actively in global maritime trade. The LRIT system transmits the vessel identity, location, time of the location to the port authorities on shore
Demand of Automatic Identification System (AIS) to Increase due to Rise in Number of Vessels
- AIS systems works on very high frequency and share varied information such as ship identity, vessel type, speed, course, position, cargo, destination with other ships and shores. AIS enhances safety & security of the vessel. The data derived from AIS is also utilized to assess efficiency, navigational feasibility, and for shipping applications.
Cargo ships to Lead Vessel Tracking System Market
- Based on vessel type, the cargo ships segment is expected to lead the global market, owing to their higher numbers. The passenger carrier segment is also estimated to expand at a high growth rate owing to a rise in tourism, thereby driving the use of cruise ships.
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Asia Pacific to Lead Global Vessel Tracking System Market
- In terms of region, the global vessel tracking system market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Countries in the Europe Union adopted the vessel tracking system in 2007, while those in North America adopted the LRIT vessel tracking in 2009. An auditing and maintenance check is carried out at frequent intervals to ensure the proper working of the system, thereby boosting the market, in terms of revenue, due to demand for maintenance.
- Asia Pacific leads the global market owing to a high number of vessel being registered in China and ASEAN contributing to the vessel tracking system market. The vessel tracking system market in China is projected to further expand due to ‘The China Belt and Road Initiative’ and Pearl River Delta expansion projects undertaken by the government.
- The marine logistics sector in ASEAN countries is witnessing significant expansion, and the sub-region is a key contributor to the vessel tracking system market in the region
Key Manufacturers Operating in Global Market
The global vessel tracking system market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- CNS Systems AB
- Harris Corporation
- Big Ocean Data
- Garmin International
- CNS Systems AB
- Echol Tech Pte Ltd.
Global Vessel Tracking System Market, by System
- Automated Identification System
- Long Range Identification & Tracking
- Synthetic-Aperture Radar
Global Vessel Tracking System Market, by Vessel Type
- Passenger Carrier
- Cargo Ship
Global Vessel Tracking System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.