Report : Middle East and Africa 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)
Fleet Management Segment to Dominate MEA Maritime Real-time Positioning System Market during 2019–2027
According to The Insight Partners market research study on “MEA Maritime Real-time Positioning System Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Technology, Application, and Vessel Type,” is expected to reach US$ 83.73 million by 2027 from US$ 10.84 million in 2019. The market is estimated to grow at a CAGR of 29.6 % from 2020 to 2027. The report provides trends prevailing in the MEA maritime real-time positioning system market along with the drivers and restraints pertaining to the market growth. Mounting growth potential and arrival of advanced technologies are the major factor driving the growth of the MEA maritime real-time positioning system market. However, dearth of skilled workers and technical problems hinder the growth of MEA maritime real-time positioning system market.
Further, in case of COVID-19, Iran, Saudi Arabia, Qatar, South Africa, and UAE are some of the countries with high number of COVID-19 confirmed cases and deaths across MEA region. The disruptions in global supply chains and capital flows have also impacted the domestic production and demand in various countries of MEA region. The COVID-19 outbreak has highly disrupted the supply and demand gap in the adoption of real-time positioning systems which has affected the MEA maritime real-time positioning system market growth. Due to disruptions in the supply chain of transporting fish and other seafood items caused by travel ban has affected the fisheries sector of the region massively hence affecting the maritime real-time positioning system market badly. In addition, limited trade of other products, which are transported through cargo vessels, has also witnessed a downfall because of low demand from end users. Limited use of fishing vessel and cargo vessels will create a negative impact on MEA the maritime real-time positioning system market.
The MEA maritime real-time positioning system market is broadly segmented into component, technology, application, vessel type, and country. Based on component type, the market is segmented into the hardware, software, and services. The hardware segment dominated the market in 2019 owing to growing use of readers, trackers, tags, sensors, and more for the manufacturing of system. Based on application, the market is segmented into fleet management, inventory and asset management, and crew tracking. The fleet management segment held the largest market share in 2019 pertaining to increase demand for tracking large vessels. Based on vessel type, the market is segmented into fishing vessels, cargo vessels, service vessels, passenger ships and ferries, and others. The cargo vessels segment held the highest share in 2019 due to growing e-commerce industry. Similarly, based on technology, market is segmented into RFID, GPS, and others. The RFID segment held the largest share of market in 2019.
Envision Enterprise Solutions America Inc., MER Group, ORBCOMM Inc., SHIPCOM WIRELESS Inc., VECTOR INFOTECH PTE LTD., Zebra Technologies Corporation are among the leading companies in the MEA maritime real-time positioning system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Zebra Technologies Corporation acquired Temptime Corporation.Ginancial terms are still not disclosed.
The report segments the MEA Maritime Real-time Positioning System Market as follows:
MEA Maritime Real-time Positioning System Market – By Component
MEA Maritime Real-time Positioning System Market – By Technology
MEA Maritime Real-time Positioning System Market – By Application
MEA Maritime Real-time Positioning System Market – By Vessel Type
MEA Maritime Real-time Positioning System Market – By Country