North America Maritime Real-time Positioning System Market Forecast to 2027 - COVID-19 Impact and Regional 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 continuous technological advancements across North America have drastically improved the ways of tracking and monitoring the vessels in the last few years. The developing satellite services have facilitated ship tracking in the countries across North America that ensure the safety of vessels from different unseen threats. By using advanced technologies such as radio-frequency identification (RFID), global positioning system (GPS), Wi-Fi, and Bluetooth for navigating and monitoring, the vessel owners and marine agencies can prevent illegal activities from taking place in waters. The use of advanced solutions assists large vessel owners to get real-time information about vessels. The oceanographers and mariners are using GPS data for conducting an underwater survey, navigational hazard location & mapping, and buoy placement. The vessels such as fishing, cargo, passenger ships & ferries, and service uses GPS technology to locate accurate track fish migrations, fishing locations, and ensure complete adherence of regulations set for using real-time tracking solutions. With rising demand for fisheries and government regulations to install tracking solutions in fishing vessels to prevent illegal activities, the demand to integrate real-time positioning system for collecting data about the vessels will help the market to grow in the North America. Factors such as growing use of RFID in shipping industry and increase in the number of cargo vessels are expected to drive the North America maritime real-time positioning system market.
Furthermore, North America is highly affected specially the US. The North America region is a crucial region for the demand of maritime solutions owing to the presence of developed countries such as the US and Canada in this region. Logistics and transportation is an essential element for the smooth operations of any industry including FMCG, healthcare, retail, automotive and others, where shipping contributes a substantial share in the global logistics and transportation sector. The continuous growth in the number of infected individuals has led the North American government to impose lockdown across the nation’s borders which has affected the North America maritime real-time positioning system market badly. The majority of the manufacturing plants are either temporarily shut or operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American countries which has also affected the maritime real-time positioning system market negatively in the region.
Market Overview and Dynamics
The North America maritime real-time positioning system market is expected to grow from US$ 64.28 million in 2019 to US$ 521.95 million by 2027; it is estimated to grow at a CAGR of 30.4 % from 2020 to 2027. Development of advanced technologies is expected to accelerate the North America maritime real-time positioning system market. The development of the newer and advanced technologies in the maritime industry is creating new growth avenues for the North America maritime real-time positioning system market. Some of upcoming developments include digital twins that create a twin of the vessel and help in simulating all the performance indications, integration of other data sources including AIS, weather, cargo data, etc. Similarly, the development of e-navigation and route planning is expected to influence many of the aspects of the industry covering emission efficiency and autonomous shipping. Lastly, next-generation voyage management systems are projected to develop new growth avenues in the industry. Some of the feature of these systems include provide voyage estimates, integrated system for mails, fully hosted cloud solutions etc. So the development of advanced technologies is expected to drive the North America maritime real-time positioning system market.
Key Market Segments
In terms of component, the hardware segment accounted for the largest share of the North America maritime real-time positioning system market in 2019. In terms of technology, the RFID segment held a larger market share of the North America maritime real-time positioning system market in 2019. Similarly, in terms of application, the fleet management segment held a larger market share of the North America maritime real-time positioning system market in 2019. Further, the cargo vessels segment held a larger share of the North America maritime real-time positioning system market based on vessel type in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America maritime real-time positioning system market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Envision Enterprise Solutions America Inc., MER Group, ORBCOMM Inc., SHIPCOM WIRELESS Inc., Zebra Technologies Corporation.
North America Maritime Real-time Positioning System Market Segmentation
North America Maritime Real-time Positioning System Market - By Component
Readers and Trackers
North America Maritime Real-time Positioning System Market - By Technology
North America Maritime Real-time Positioning System Market – By Application
Inventory and Asset Management
North America Maritime Real-time Positioning System Market - By Vessel Type
Passenger Ships and Ferries
North America Maritime Real-time Positioning System Market - By Country
North America Maritime Real-time Positioning System Market - Company Profiles
Envision Enterprise Solutions America Inc.
SHIPCOM WIRELESS Inc.
Zebra Technologies Corporation
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