Market Introduction
The continuous technological advancements have drastically improved the ways of tracking and monitoring the vessels in the last few years. The developing satellite services have facilitated ship tracking in all over the countries across Europe that ensure the safety of vessels from different unseen threats. By using advanced technologies such as radio-frequency identification (RFID), global positioning system (GPS), Wi-Fi, and Bluetooth for navigating and monitoring, the vessel owners and marine agencies can prevent illegal activities from taking place in waters. The use of advanced solutions assists large vessel owners to get real-time information about vessels. The oceanographers and mariners are using GPS data for conducting an underwater survey, navigational hazard location & mapping, and buoy placement. The vessels such as fishing, cargo, passenger ships & ferries, and service uses GPS technology to locate accurate track fish migrations, fishing locations, and ensure complete adherence of regulations set for using real-time tracking solutions. In Europe, the maritime real-time positioning system market is growing at a modest pace owing to import of fisheries and other seafood products in Europe through national waters is anticipated to promote the scope of maritime real-time positioning system. Greater the demand for fisheries, more will be the use of fishing vessels which will influence the adoption of new tracking solutions, which will drive the Europe maritime real-time positioning system market growth. Other factors such as upsurge in the number of cargo vessels and increase in use of RFID in shipping industry is expected to drive the Europe maritime real-time positioning system market growth.
Furthermore, in case of COVID-19, Europe is highly affected specially the Russia and UK. Europe is a major manufacturing and industrial hub for several industrial sectors such as automotive, aerospace & defense, energy & power, pharmaceuticals, and food & beverages. Hence, logistics and transportation plays a crucial role in ensuring the development and growth of these industries in the region. The sea freight is an essential part of region’s economy. The UK’s logistics and transportation sector is widely spread and handles significantly higher volumes of food & beverage, pharmaceuticals & chemicals. Attributing to the rise in the number of COVID-19 infected patients, the British government imposed lockdown measure which has affected the maritime real-time positioning system market badly in the country. The Association of “European Freight Forwarders” and “Polish Chamber of Forwarding and Logistics” have already raised warnings regarding the limited export loads as well as delays in port operations, owing to non-availability operators and manpower which is expected to affect the Europe maritime real-time positioning system market negatively.
Market Overview and Dynamics
The Europe maritime real-time positioning system market is expected to grow from US$ 42.91 million in 2019 to US$ 383.78 million by 2027; it is estimated to grow at a CAGR of 32.0 % from 2020 to 2027. Escalating growth potential specially across developing countries across Europe is expected to accelerate the Europe maritime real-time positioning system market. The developing countries in Europe region are witnessing notable growth rate in the maritime industry. Stable economies and technological advancements support the growth of a diversified range of industries and markets in the developing countries across Europe. Rapid developments pertaining to technologies, initiatives from governments, and digitalization of economies are among the factors propelling the overall economic growth of Europe across developing countries. All the factors promote globalization and technological growth in developing countries across Europe. Also, the robust sea-trade and logistics arena in the region is steering the growth of the maritime real-time positioning system market at a significant extent across countries in Europe. So the growth in the marine industry across Europe is expected to drive the Europe maritime real-time positioning system market
Key Market Segments
In terms of component, the hardware segment accounted for the largest share of the Europe maritime real-time positioning system market in 2019. In terms of technology, the RFID segment held a larger market share of the Europe maritime real-time positioning system market in 2019. Similarly, in terms of application, the fleet management segment held a larger market share of the Europe maritime real-time positioning system market in 2019. Further, the cargo vessels segment held a larger share of the Europe maritime real-time positioning system market based on vessel type in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Europe maritime real-time positioning system market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are DIMEQ AS, FAVENDO GMBH, Martek Marine, MER Group, ORBCOMM Inc., Zebra Technologies Corporation.
Reasons to buy report
- To understand the Europe maritime real-time positioning system market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for Europe maritime real-time positioning system market
- Efficiently plan M&A and partnership deals in Europe maritime real-time positioning system market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe maritime real-time positioning system market
- Obtain market revenue forecast for market by various segments from 2020-2027 in Europe region.
Europe Maritime Real-time Positioning System Market Segmentation
Europe Maritime Real-time Positioning System Market - By Component
- Hardware
- Readers and Trackers
- Tags/Badges
- Others
- Software
- Services
Europe Maritime Real-time Positioning System Market - By Technology
- RFID
- GPS
- Others
Europe Maritime Real-time Positioning System Market – By Application
- Fleet Management
- Inventory and Asset Management
- Crew Tracking
Europe Maritime Real-time Positioning System Market - By Vessel Type
- Fishing Vessels
- Cargo Vessels
- Service Vessels
- Passenger Ships and Ferries
- Others
Europe Maritime Real-time Positioning System Market - By Country
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Europe Maritime Real-time Positioning System Market - Company Profiles
- DIMEQ AS
- FAVENDO GMBH
- Martek Marine
- MER Group
- ORBCOMM Inc.
- Zebra Technologies Corporation