In terms of revenue, the global maritime real-time positioning system market was valued at US$ 158.2 million in 2019 and is projected to reach US$ 1,395.6 million by 2027; it is expected to grow at a CAGR of 31.8% during the forecast period.
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 the countries that ensure the safety of vessels from different unseen threats. By using advanced technologies—such as RFID, GPS, WiFi, 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, use GPS technology to accurately track fish migrations, fishing locations, and ensure complete adherence of regulations set for using real-time tracking solutions.
The advent of the newer and advanced technologies in the maritime industry is creating new growth avenues for the market. Integration of AIS, weather, and cargo data; and digital twins which create a twin of the vessel and help in simulating all the performance indications are some of the upcoming developments.In addition, the next-generation voyage management systems are some other factors projected to develop new growth avenues in the industry.
The maritime real-time positioning system market has been segmented based on component, technology, application, vessel type, and geography. Based on application, the maritime real-time positioning system market is segmented into fleet management, inventory and asset management, and crew tracking. In terms of vessel type, the maritime real-time positioning system market is segmented into fishing vessels, cargo vessels, service vessels, passenger ships and ferries, and others.Based on component, the maritime real-time positioning system market is segmented into hardware, software, and services.In terms of technology, the market is categorized intoRFID, GPS, and others. In terms of geography, the maritime real-time positioning system market is segmented into North America, Europe, AsiaPacific, the Middle East &Africa, and South America.
The well-established maritime real-time positioning system market players include DIMEQ AS, Envision Enterprise Solutions America Inc., Favendo GmbH, Intrasys (Pte.) Ltd., Martek Marine, MER Group, Orbcomm Inc., Shipcom Wireless Inc., Vector Infotech Pte Ltd., and Zebra Technologies Corporation.
Impact of COVID-19 Pandemic on Maritime Real-Time Positioning System Market
The COVID-19 outbreak began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace around the globe. The tremendous growth in the spread of the virus has urged governments across the globe to impose strict restrictions on the movement of humans and vehicles. The COVID-19 has spread significantly across APAC and North America. Europe and SAM regions are also hit hard. The regions have significant numbers of market players. The ICT and transportation industries are adversely affected due to COVID-19, and since the start of 2020, these industries have been reflecting declining trend. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing declining trend. The fisheries industry requires a significant number of human labor.Since the COVID-19 virus is spreading through human involvement, the sector is unable to function properly. Compared to that of 2017, the vessel activities were reduced by over 69% during the lockdown, the fishing activities were reduced by 84%, and the passenger traffic by 78%.
The global maritime real-time positioning system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the maritime real-time positioning system market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the maritime real-time positioning system market.