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 MEA that ensure the safety of vessels from different unseen threats. By using advanced technologies for navigating and monitoring, the vessel owners and marine agencies can prevent illegal activities from taking place in waters. 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. Factor stimulating the MEA maritime real-time positioning system market growth includes growing e-commerce, which is resulting in an increasing volume of packages for national and international trade. Moreover, the arrival of advanced technologies such as digital twin, next-generation voyage management systems, GNS Solutions; and integration of digitization in MEA economies are some aspects that will contribute towards the MEA maritime real-time positioning system market growth.
Furthermore, in case of COVID-19, Iran, Saudi Arabia, Qatar, South Africa, and UAE are some of the countries with high number of COVID-19 confirmed cases and deaths across MEA region. The disruptions in global supply chains and capital flows have also impacted the domestic production and demand in various countries of MEA region. The COVID-19 outbreak has highly disrupted the supply and demand gap in the adoption of real-time positioning systems which has affected the MEA maritime real-time positioning system market growth. Due to disruptions in the supply chain of transporting fish and other seafood items caused by travel ban has affected the fisheries sector of the region massively hence affecting the maritime real-time positioning system market badly. In addition, limited trade of other products, which are transported through cargo vessels, has also witnessed a downfall because of low demand from end users. Limited use of fishing vessel and cargo vessels will create a negative impact on MEA the maritime real-time positioning system market.
Market Overview and Dynamics
The MEA maritime real-time positioning system market is expected to grow from US$ 10.84 million in 2019 to US$ 83.73 million by 2027; it is estimated to grow at a CAGR of 29.6 % from 2020 to 2027. Escalation in the number of cargo vessels is expected to accelerate the MEA maritime real-time positioning system market. Earlier, when a vessel was sent overseas after leaving the warehouse, the user was not aware of the location and condition of the vessels. This was very risky as not having any current status of the vessel. Therefore, the maritime industry is integrating real-time tracking solutions in every vessel. With a growing e-commerce industry and expanding supply chain backed by strong internet infrastructure, the use of real-time tracking solutions is receiving high traction across all over the countries across MEA region. By using an automatic identification system and asset tracking system, the end-users can get access to real-time data about the vessel’s location and condition. Owing to growing disposable income, stable economic structure, and government support for strengthening the e-commerce industry across MEA region, the volume of shipment is increasing exponentially. From jewelry to pharmaceutical to electronics, and more, the use of cargo vessels is expanding. This aspect is impacting the number of movements of cargo vessels in both national & international waters across MEA region. Therefore, maritime real-time positioning system is needed to locate and track the cargo vessels, which will drive the MEA maritime real-time positioning system market.
Key Market Segments
In terms of component, the hardware segment accounted for the largest share of the MEA maritime real-time positioning system market in 2019. In terms of technology, the RFID segment held a larger market share of the MEA maritime real-time positioning system market in 2019. Similarly, in terms of application, the fleet management segment held a larger market share of the MEA maritime real-time positioning system market in 2019. Further, the cargo vessels segment held a larger share of the MEA 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 MEA 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 Envision Enterprise Solutions America Inc., MER Group, ORBCOMM Inc., SHIPCOM WIRELESS Inc., VECTOR INFOTECH PTE LTD., Zebra Technologies Corporation.
Reasons to buy report
- To understand the MEA 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 MEA maritime real-time positioning system market
- Efficiently plan M&A and partnership deals in MEA 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 MEA maritime real-time positioning system market
- Obtain market revenue forecast for market by various segments from 2020-2027 in MEA region
MEA Maritime Real-time Positioning System Market Segmentation
MEA Maritime Real-time Positioning System Market - By Component
- Hardware
- Readers and Trackers
- Tags/Badges
- Others
- Software
- Services
MEA Maritime Real-time Positioning System Market - By Technology
- RFID
- GPS
- Others
MEA Maritime Real-time Positioning System Market – By Application
- Fleet Management
- Inventory and Asset Management
- Crew Tracking
MEA Maritime Real-time Positioning System Market - By Vessel Type
- Fishing Vessels
- Cargo Vessels
- Service Vessels
- Passenger Ships and Ferries
- Others
MEA Maritime Real-time Positioning System Market - By Country
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
MEA Maritime Real-time Positioning System Market - Company Profiles
- Envision Enterprise Solutions America Inc.
- MER Group
- ORBCOMM Inc.
- SHIPCOM WIRELESS Inc.
- VECTOR INFOTECH PTE LTD.
- Zebra Technologies Corporation