According to our latest market study on “Maritime Real Time Positioning System Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services), Technology (RFID, GPS, and Others), Application (Fleet Management, Inventory and Asset Management, and Crew Tracking), and Vessel Type (Fishing Vessels, Cargo Vessels, Service Vessels, Passenger Ships and Ferries, and Others),” the 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% from 2020 to 2027.
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In 2019, North America led the global maritime real time positioning system market with 36.81% revenue share, followed by Europe. The US, Canada, and Mexico are major economies contributing to the maritime real-time positioning system market in North America. Continuous technological advancements, led by notable investments by tech giants in R&D activities, have created a stir in the competitive market across the region. The constant technological developments in the last few years have notably enhanced tracking and monitoring of ships and other vessels. The developing satellite services have the task of tracking the ships worldwide and ensuring high-end safety of the ships from numerous threats. Using satellite-based monitoring systems, a large number of vessels are monitored efficiently by vessel owners and marine agencies for an extended period. Besides, an automatic identification system also assists in tracking giant vessels crossing waters globally by providing real-time information about vessels' movement. Marine-Traffic, Vessel Finder, Vessel tracker, and Fleet Mon are some of the ship tracking applications developed to track and collect real-time information on maritime activities.
Impact of COVID-19 on Maritime Real Time Positioning System market
Coronavirus or COVID-19 outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global electronics &semiconductor industry is one of the primary sectors suffering severe disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns. China is the global hub of manufacturing and the largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of different plants and factories in China has affected the global supply chains and negatively impacted the manufacturing of various electronic goods.
The international travel bans imposed by countries in Europe, Asia, and North America have affected business collaborations and partnerships opportunities. All these factors are anticipated to impact the electronic &semiconductor industry negatively, and thus, act as a restraining factor for the growth of various markets related to this industry in the coming months, such as the maritime real time positioning systems market.. Adding to this, the prices of raw materials required for maritime real time positioning system have been fluctuating at a high pace due to lockdown and travel restrictions. This has also anticipated to negatively impact the growth of the maritime real time positioning systems market during the forecast period.
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List of the Top Key Players of Maritime Real-Time Positioning System Market:
- 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.
- Zebra Technologies Corporation
COVID-19 has spread significantly across APAC and North America. Europe and SAM regions are also hit hard. These regions have significant number 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 labors, and 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 report segments the global maritime real-time positioning system market as follows:
- Fleet Management
- Inventory and Asset Management
- Crew Tracking
By Vessel Type
- Fishing Vessel
- Cargo Vessel
- Service Vessel
- Passenger Ships and Ferries
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East &Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America (SAM)
- Rest of SAM
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The Insight Partners
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.