Global Vessel Tracking Systems Market - Segmented By Platform (On-Shore, Vessel), Tracking Technology (AIS, SAR, LRIT), End-users and Region - Growth, Trends, and Forecast (2018 - 2023)
The vessel tracking systems market is expected to register a CAGR of 11.40%, during the forecast period (2018 - 2023).
The marine industry has been on a prosperous path in 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 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.
Asia-Pacific Poised to Witness the Highest Growth in the Vessel Tracking Systems Market
The marine industry has been witnessing a rapid growth in the fast developing APAC region. The market for vessel tracking has gained prominence owing to the evolving technology in the region, coupled with the need for enhanced management of ever-growing marine traffic has spurred the growth of such systems in the region. The Indian marine industry has emerged as a major contributor towards the growth of the market. The presence of a vast coastline and the strategic location of the country along the most frequently used shipping highway has pushed the Indian marine industry on the trade map, thus directly leading to a huge growth in the number of vessels on the sea, thus, creating a demand for effective tracking mechanisms.
Key Developments In The Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook