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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
Looking for Regional Analysis or Competitive Landscape in Vessel Tracking System Market, ask for a customized report
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
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.