Global Long Range Identification and Tracking Market - Segmented by Platform (On-Shore, Vessel), Components (CSPs, ASPs, Data Center Providers), End-users, and Region - Growth, Trends, and Forecast (2018 - 2023)
The long-range identification and tracking market is expected to register a CAGR of 14.51%, during the forecast period 2018 - 2023.
The marine industry has been on a prosperous path over the recent five year period registering considerable growth across the various sectors within the industry, with ocean shipping in particular being the most prominent contributor towards this growth. The maritime industry has been on the cusp of evolution in response to constant changes in the economic, political, and technological trends governing the growth of the industry. Information exchange forms the basis for different segments within the maritime industry to coordinate with each other, in order to enable smooth functioning. Effective communication between the governing authorities and the vessel out on sea is crucial in ensuring the operation is performed without any major challenge capable of disrupting the entire process.
LRIT has been formally incorporated in 2006 and is actively being used by 46 international flags across the globe for maritime communication and tracking. The system has been designed through the recommendations of the Maritime Security Committee, and has been mandated to be used by passenger and cargo ships alike.
LRIT Emerging as a Key Enabler to Improve Maritime Domain Awareness
The long range identification and tracking systems has been designated to be the standardized tracking system to be adopted by vessels subject to operating on the sea. The system has been authorized by the International Maritime Organization to collect and disseminate information received from the ships subject to the different compliances and regulations. LRIT provides an enhanced level of marine domain awareness that allows unique visibility to report the accurate positions of the vessels and is being actively incorporated in the military and defense sectors, by helping the defense authorities recognize potential threats through the LRIT platforms, which is imminent for coast surrounded economies, such as the US and China among others.
Americas Leading the Race to Incorporate the Technology in the Maritime DivisionMajor countries have integrated the technology and infrastructure required for incorporating LRIT in the maritime sector, to maintain a track of the vessels and collect data that can be used to gain insights on safety and productivity related to the different routes on the sea. Panama leads the LRIT market, with over 8000 vessels adopting the technology, while other South American countries, such as Brazil, Venezuela, Chile and Ecuador emerging as front runners in the market, and have adopted the technology as early as 2010. Canada was the first SOLAS nation to adopt the technology in 2009, with the US following suit in the very same year. The robust nature of the technology and the standardization capability has propelled its adoption by governments across the globe.
Key Developments In The Market
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