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Global Vessel Tracking System Market to Grow at a CAGR of 11.35% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Vessel Tracking System Market Report and Forecast 2022-2027’, the market attained a value of around USD 740.2 million in 2022. The industry is further expected to grow at a CAGR of 11.35% between 2022 and 2027 to reach a value of nearly USD 1410.9 million by 2027.

The global vessel tracking system industry is being driven by the increased integration of technological innovations such as 5G connectivity and machine learning (ML) for the development of vessel tracking systems. This can be attributed to the growing demand for efficient vessel tracking systems worldwide to enhance the safety and security of fishermen and seafarers. In addition, the increasing fishery operations are also projected to aid the market growth, as vessel tracking systems would help in making fishing activities more transparent to avoid any instances of overfishing and also to keep track of the number of fish caught. Hence, these factors are estimated to positively impact the industry growth in the forecast period.

The growing focus of the leading players in the development of efficient vessel tracking system to provide advanced tracking and monitoring services is estimated to significantly catalyse the industry growth in the forecast period. For instance, in June 2017, L3Harris Technologies (NYSE: HRS) announced the launch of its first four maritime vessel tracking receivers, providing the only global real-time Automatic Identification System (AIS) ship tracking solution. Furthermore, another leading vessel tracking system vendor, Garmin Ltd. (NYSE: GRMN), in September 2020, announced its new remote monitoring and management solution, OnDeck™ System that provides boaters 24/7 information regarding critical information pertaining to their vessels. It also provides information regarding boat’s battery level, door/hatch sensors, and GPS location, among others. These developments are expected to positively impact the growth of the vessel tracking system industry in the forecast period.

Market Breakup by Type, End User, and Region:

  • The market is divided based on type into automatic identification system (AIS), vessel monitoring system (VMS), and long range identification and tracking, among others.
  • On the basis of end user, the market can be categorised into fisheries authorities, coastguards, navy, and marines and defence.
  • Region-wise, the global market for vessel tracking system can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for vessel tracking system is being driven by the rapid technological advancements.
  • The rising demand for advanced vessel tracking systems to improve safety and security of maritime vessels and ships has significantly contributed to the market expansion.
  • The increased capital expenditure by governments in the development of maritime industry is also aiding the industry growth.
  • The growing focus of the international maritime organisation in the development of efficient vessel tracking systems to enhance the safety of the maritime environment is further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for vessel tracking system for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, end users, and major regions of vessel tracking system.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global vessel tracking system market are BigOceanData, ORBCOMM Inc., Wärtsilä Oyj Abp, CNS Systems AB, and Harris Geospatial Solutions, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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