Report : 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)
According to our latest market study on “Maritime Real Time Positioning SystemMarket 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.
In 2019, North America led the global maritime real time positioning systemmarket 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, VesselFinder, Vesseltracker, and FleetMon are some of the ship tracking applications developed to track and collect real-time information on maritime activities.
In 2019, Europe stood second in the maritime real time positioning system market with a decent market share and it is anticipated to witness a steady CAGR from 2020 to 2027.Europe comprises developed economies, such as Germany, France, the UK, Italy, Norway, Finland, Sweden, the Netherlands, Denmark, and Switzerland. These economies have done a vital contribution to the region's tech strength. They are anticipated to nurture the growth of the maritime real-time positioning systems market. The use of maritime real-time positioning systems is gaining high momentum across Europe. To enhance Maritime Situational Awareness, the use of maritime data fusion and tracking, automatic anomaly detection, and situation prediction is observed in Europe to ensure high-end marine security and safety—including irregular migration, border surveillance, and countering illegal activities at sea, such as unregulated fishing and smuggling. In terms of value, Europe is among the leading traders of fisheries & aquaculture products worldwide. The region is a net importer of fisheries & aquaculture products, majorly fresh, frozen, and chilled. Denmark, Sweden, Spain, and the Netherlands are the major countries in importing aforesaid fisheries. Exports to non-EU countries in 2018 have fostered to EUR 5.75 billion. The US, China, Switzerland, Norway, Japan, and South Korea are some of Europe's prominent customers for exporting fisheries and other aquaculture products. Due to the massive export value of fisheries and aquaculture products to non-European countries and international waters, the number of fishing and cargo vessels is increasing enormously. The greater the use of mentioned vessels, the more the adoption of maritime real-time positioning systems in vessels to collect real-time information about the vessels' activities. Moreover, companies offering solutions for gathering real-time data about marine vessels are further contributing to the market growth. Guidance Marine Limited is engaged in developing and providing Dynamic Positioning position measurement technologies to address high value offshore marine markets for the real-time vessel positioning with more excellent reliability, safety, and ease of use.
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 impactthe 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.
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:
By Vessel Type