Vessel Tracking System Market Sales Size Share Forecast 2027; COVID-19 Pandemic Set to Drop Sales

March 17, 2021

Vessel Tracking System Market: Introduction

Growing concern about vessel security and safety, globally, is driving the vessel tracking system market
The International Maritime Organization has a setup a regulatory framework to ensure maritime safety globally, which requires vessel to use tracking and monitoring systems
Rise in vessel traffic, piracy threats, and demand for safe navigation in international waters are boosting the vessel tracking system market

Key Drivers and Restraints of Global Vessel Tracking System Market

Shore-based vessel tracking has become a standard practice for maritime authorities across several nations to ensure safe navigation, marine search & rescue, and to protect the environmental.
The International Convention for the Safety of Life at Sea (SOLAS) requires the vessels engaged international voyages to be installed with the Long Range Tracking and Identification (LRIT) type vessel tracking system. Majority of countries across the world have adopted the LRIT since its inception in 2008. Around 8000 ships in the Panama port of registry have adopted the vessel tracking system.
The LRIT vessel tracking system is unable to transmit accurate data when sailing in polar waters, as the geographic coverage it provides is limited to 76° latitude in both hemispheres.

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High Demand for Long Range Tracking and Identification (LRIT)

LRIT is required to be installed in all passenger carriers, cargo carriers, high speed boats, and other vessels that weigh more than 3000 tons. The SOLAS convention. Non-signatory SOLAS countries are expected to adopt vessel tracking to be more transparent in marine operations and be able to participate actively in global maritime trade. The LRIT system transmits the vessel identity, location, time of the location to the port authorities on shore

Demand of Automatic Identification System (AIS) to Increase due to Rise in Number of Vessels

AIS systems works on very high frequency and share varied information such as ship identity, vessel type, speed, course, position, cargo, destination with other ships and shores. AIS enhances safety & security of the vessel. The data derived from AIS is also utilized to assess efficiency, navigational feasibility, and for shipping applications.

Cargo ships to Lead Vessel Tracking System Market

Based on vessel type, the cargo ships segment is expected to lead the global market, owing to their higher numbers. The passenger carrier segment is also estimated to expand at a high growth rate owing to a rise in tourism, thereby driving the use of cruise ships.

Asia Pacific to Lead Global Vessel Tracking System Market

In terms of region, the global vessel tracking system market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries in the Europe Union adopted the vessel tracking system in 2007, while those in North America adopted the LRIT vessel tracking in 2009. An auditing and maintenance check is carried out at frequent intervals to ensure the proper working of the system, thereby boosting the market, in terms of revenue, due to demand for maintenance.
Asia Pacific leads the global market owing to a high number of vessel being registered in China and ASEAN contributing to the vessel tracking system market. The vessel tracking system market in China is projected to further expand due to ‘The China Belt and Road Initiative’ and Pearl River Delta expansion projects undertaken by the government.
The marine logistics sector in ASEAN countries is witnessing significant expansion, and the sub-region is a key contributor to the vessel tracking system market in the region

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Key Manufacturers Operating in Global Market

The global vessel tracking system market was highly fragmented in 2018. Key manufacturers operating in the global market are: