Dublin, Nov. 19, 2020 (GLOBE NEWSWIRE) -- The "Maritime Real-Time Positioning System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component, Technology, Application, and Vessel Type" report has been added to ResearchAndMarkets.com's offering.
The market was valued at US$ 158 million in 2019 and is projected to reach US$ 1,395. 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 system market 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.
Impact of COVID-19 on Maritime Real Time Positioning System market
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 impact the 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 a 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%.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Maritime Real-Positioning System Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Expert Opinion
4.4 Premium Insights
4.4.1 Porter's Five Forces Analysis
4.4.2 Detailed Value Chain Analysis
4.4.3 Pricing Analysis & Customer Preferences
5. Maritime Real-Positioning System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Use of RFID in Global Shipping Industry
5.1.2 Rise in the Number of Cargo Vessels
5.2 Market Restraint
5.2.1 Technical Complexities and Lack of Skilled Workforce
5.3 Market Opportunity
5.3.1 Rising Growth Potential in Asia-Pacific
5.4 Market Trend
5.4.1 Emergence of advanced technologies
5.5 Impact Analysis of Drivers and Restraints
6. Maritime Real-time Positioning System - Global Market Analysis
6.1 Maritime Real-Positioning System Market Global Overview
6.2 Maritime Real-Positioning System Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Global Market Players Ranking
7. Maritime Real-Positioning System Market Analysis - By Component
7.2 Maritime Real-Positioning System Market, By Component (2019 and 2027)
7.3.2 Hardware: Maritime Real-Positioning System Market - Revenue and Forecast to 2027 (US$ Million)
220.127.116.11 Readers and Trackers
8. Maritime Real-Positioning System Market - By Application
8.2 Maritime Real-Positioning System Market, by Application (2019 and 2027)
8.3 Fleet Management
8.3.2 Fleet Management: Maritime Real-Positioning System Market - Revenue and Forecast to 2027 (US$ Million)
8.4 Inventory and Asset Management
8.5 Crew Tracking
9. Maritime Real-Positioning System Market Analysis - By Technology
9.2 Maritime Real-Positioning System Market, By Technology (2019 and 2027)
9.3.2 RFID: Maritime Real-Positioning System Market - Revenue and Forecast to 2027 (US$ Million)
10. Maritime Real-Positioning System Market Analysis - By Vessel Type
10.2 Maritime Real-Positioning System Market, By Vessel Type (2019 and 2027)
10.3 Fishing Vessels
10.3.2 Fishing Vessels: Maritime Real-Positioning System Market - Revenue and Forecast to 2027 (US$ Million)
10.4 Cargo Vessels
10.5 Service Vessels
10.6 Passenger Ships and Ferries
11. Maritime Real-Time Positioning System Market - Geographic Analysis
12. Impact of COVID-19 Outbreak
12.1 Impact of COVID-19 Pandemic on Global Maritime Real-time Positioning System Market
13. Industry Landscape
13.2 Market Initiative
13.3 Merger and Acquisition
14. Company Profiles
14.1 Key Facts
14.2 Business Description
14.3 Products and Services
14.4 Financial Overview
14.5 SWOT Analysis
14.6 Key Developments
Envision Enterprise Solutions America Inc.
Intrasys (Pte.) Ltd.
Shipcom Wireless Inc
Vector Infotech Pte Ltd.
Zebra Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/4dy0o0
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