The global maritime real-time positioning system market was valued at approximately US$ 158.2 million in 2019 and is anticipated to grow to around US$ 1,395.6 million by 2027, reflecting a remarkable compound annual growth rate (CAGR) of 31.8% throughout the forecast period.
Recent advancements in technology have significantly transformed the methods used for tracking and monitoring vessels. The evolution of satellite services has enabled comprehensive ship tracking across various nations, enhancing the safety of vessels against numerous unseen threats. By leveraging cutting-edge technologies such as RFID, GPS, WiFi, and Bluetooth, vessel owners and maritime agencies can effectively deter illegal activities in marine environments. These sophisticated solutions provide large vessel operators with real-time data regarding their fleets. Oceanographers and mariners utilize GPS information for conducting underwater surveys, identifying navigational hazards, mapping, and placing buoys. Various types of vessels, including fishing boats, cargo ships, passenger vessels, and ferries, employ GPS technology to accurately monitor fish migrations, pinpoint fishing locations, and ensure compliance with regulations governing real-time tracking solutions.
The introduction of innovative technologies within the maritime sector is paving the way for new growth opportunities in the market. The integration of Automatic Identification Systems (AIS), weather data, cargo information, and the development of digital twins?virtual replicas of vessels that simulate performance metrics?are among the promising advancements. Furthermore, next-generation voyage management systems are expected to contribute to the expansion of the industry.
The maritime real-time positioning system market is categorized based on various factors, including component, technology, application, vessel type, and geographical region. In terms of application, the market is divided into fleet management, inventory and asset management, and crew tracking. Regarding vessel type, it encompasses fishing vessels, cargo vessels, service vessels, passenger ships, ferries, and others. The market is also segmented by component into hardware, software, and services. From a technological perspective, it includes RFID, GPS, and other technologies. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Key players in the maritime real-time positioning system market 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 the COVID-19 Pandemic on the Maritime Real-Time Positioning System Market
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide. The swift escalation of the virus has compelled governments to enforce stringent restrictions on the movement of people and vehicles. The pandemic has notably affected regions such as Asia Pacific and North America, with Europe and South America also experiencing significant impacts. These areas host a considerable number of market participants. The information and communication technology (ICT) and transportation sectors have faced severe challenges due to COVID-19, with a noticeable decline in activity since early 2020. Lockdowns implemented across North America, Europe, and Asia have led to a downturn in these industries. The fisheries sector, which relies heavily on human labor, has been particularly affected, as the virus spreads through human contact, hindering operational capabilities. During the lockdown, vessel activities plummeted by over 69% compared to 2017, with fishing activities decreasing by 84% and passenger traffic dropping by 78%.
The size of the global maritime real-time positioning system market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide an overview and forecast for the maritime real-time positioning system market across all segments. Additionally, it offers insights and forecasts based on the segmentation across five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Furthermore, numerous primary interviews have been conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights. Participants in this process typically include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the maritime real-time positioning system market.