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The global vessel tracking system market stood at a value of USD 1,021.93 million in 2023. The market is further expected to grow at a CAGR of 11.4% in the forecast period of 2024-2032 to attain a value of USD 2,689.29 million by 2032.
Based on type, the long range identification and tracking segment is predicted to hold a significant market share in the vessel tracking system industry. This growth can be attributed to the increased deployment of the long range identification and tracking system worldwide to identify and track ships and vessels to ensure their safety and security in the marine environment. Moreover, this system can help improve transparency in the marine transportation industry and maritime trade. These factors are expected to contribute to the overall market growth in the forecast period.
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The Asia Pacific is estimated to hold a significant share of the vessel tracking system industry in the forecast period. This growth can be attributed to the growing presence of the leading market players in the region, which are driving increased investments in the development of vessel tracking systems. In addition, the steadily increasing investments in the maritime industry by the governments are also predicted to propel the market growth. For instance, in March 2021, India launched a real-time vessel tracking system named Sagar-Manthan: Mercantile Marine Domain Awareness Centre (MMDAC) to aid fishermen and seafarers in emergencies. Moreover, the heightened demand for vessel safety and security is anticipated to drive the market growth in the forecast period.
A vessel tracking system refers to equipment and devices that enable marine and naval vessels to track, locate, identify, and monitor a ship. It also provides details to help understand the shipping route. Through these devices, ships deployed across the ocean can remain connected with one another and the bay, which helps to quickly locate a ship in a situation of distress.
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By type, the market is divided into:
Based on end user, the market can be categorised into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The growing demand for vessel tracking systems to maintain connectivity between ships mid-journey and the coast guards of different countries is anticipated to aid the market growth in the forecast period. The rising trade activities and the evolution of international trade routes are contributing to this growing demand. In addition, rising capital expenditures in the maritime industry by the governments across the countries are anticipated to propel the market growth in the forecast period. Moreover, the growing focus of international organisations on improving maritime safety is also leading to the development of efficient tracking mechanisms. Furthermore, the rapid technological advancements, such as the advent of 5G technology and the internet of things (IoT), along with artificial intelligence (AI) and machine learning (ML), are projected to propel the industry growth in the forecast period. These factors are estimated to positively impact the market growth in the forecast period.
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The report gives a detailed analysis of the following key players in the global vessel tracking system market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global vessel tracking system market attained a value of nearly USD 1,021.93 million.
The market is projected to grow at a CAGR of 11.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 2,689.29 million by 2032.
The major market drivers include the increasing trade activities, the surging demand for efficient vessel tracking systems, and the growing investments by governments and international organisations to enhance maritime safety.
Technological advancements and innovations and rising investments in research and development of vessel tracking systems by leading companies are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant vessel tracking system types include automatic identification system (AIS), vessel monitoring system (VMS), and long range identification and tracking, among others.
Fisheries authorities, coastguards, navy and marines, and defence are the various end users of vessel tracking system.
The major players in the market are BigOceanData, ORBCOMM Inc., Wärtsilä Oyj Abp, CNS Systems AB, and Harris Geospatial Solutions, Inc., among others.
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Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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