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RFID Segment to Dominate North America Maritime Real-time Positioning System Market during 2019–2027
According to The Insight Partners market research study on “North America 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$ 521.95 million by 2027 from US$ 64.28 million in 2019. The market is estimated to grow at a CAGR of 30.4 % from 2020 to 2027. The report provides trends prevailing in the North America maritime real-time positioning system market along with the drivers and restraints pertaining to the market growth. Growing use of RFID in shipping industry and increase in the number of cargo vessels are the major factor driving the growth of the North America maritime real-time positioning system market. However, technical complexities and scarcity of skilled workforce hinder the growth of North America maritime real-time positioning system market.
Further, in case of COVID-19, 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
The North America 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., Zebra Technologies Corporation are among the leading companies in the North America 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 2020, Saab, ORBCOMM and AAC Clyde Space declared introduced space-based communication for the maritime sector through the new automatic tracking standard, VHF Data Exchange System (VDES).
The report segments the North America Maritime Real-time Positioning System Market as follows:
North America Maritime Real-time Positioning System Market – By Application
North America Maritime Real-time Positioning System Market – By Country