Global Vessel Tracking System Market to be Driven by Rapid Technological Advancements During the Forecast Period 2021-2026

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Expert Market Research’s new report titled ‘Global Vessel Tracking System Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global Vessel Tracking System market, assessing the market based on its segments such as types, end users, and regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators and analyzing the market based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2016-2026)

  • Historical market size (2020): USD 740.2 million
  • Forecast CAGR (2021-2026): 11.35%
  • Forecasted Market Size (2026): USD 1410.9 Million

The ship tracking systems market is driven by the growing demand for improved ship tracking systems to provide effective tracking of ships and ships that have been deployed. This can be attributed to the increase in commercial activities via the waterways and the rapid increase in fishing activities. Furthermore, the increased demand for transparency in commercial activities and monitoring of illegal fishing activities is also expected to lead to the increased deployment of vessel tracking systems in the coming years. These factors are expected to drive the growth of the market over the forecast period.

Industry definition and major segments

Vessel tracking systems are devices that help track, monitor and detect a vessel, across bodies of water. These systems are used by maritime regulators and other vessels to track the activities of a deployed vessel. Additionally, vessel tracking systems are important in providing prompt assistance to a vessel in distress.

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The Vessel Tracking System Market, on the basis of Type, can be segmented into:

  • Automatic Identification System (AIS)
  • Vessel Monitoring System (VMS)
  • Long-range identification and tracking
  • Others

Depending on the end user, the industry can be divided into:

  • Fisheries authorities
  • coast guard
  • Navy and Marines
  • Defense

Regional vessel tracking system markets include:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Market trends

The global ship tracking system industry is driven by rapid technological advancements. Major market players are rapidly integrating emerging innovations such as artificial intelligence (AI) and machine learning (ML) for the enhancement of vessel tracking systems with improved connectivity. In addition, increasing capital expenditure in research and development of vessel tracking systems by major market players is also expected to contribute to the growth of the market over the forecast period. The factors are expected to contribute to the growth of the market in the coming years.

Main market players

Major market players include BigOceanData, ORBCOMM Inc., Wärtsilä Oyj Abp, CNS Systems AB, and Harris Geospatial Solutions, Inc., among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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