South Korea Vessel Tracking System Market Report and Forecast 2024-2032

South Korea Vessel Tracking System Market Size

The South Korea vessel tracking system market is projected to grow at a CAGR of 8.7% between 2024 and 2032. The market is being driven by the rising energy imports in the country and surging investments aimed at enhancing cargo handling capabilities.

South Korea Vessel Tracking System Market Outlook

• Vessel monitoring systems are expected to dominate the market over the forecast period.

• Vessel tracking systems are expected to become increasingly important for its domestic navy and marines.

• Expansion of existing port infrastructure is expected to propel the market growth.

South Korea Vessel Tracking System Market Growth

Energy imports constituted 22.3% of South Korea’s total imports in 2021. South Korea is the world’s 8th largest consumer of energy, nearly 70% of which is sourced from the Middle East and is transported through the South China Sea. The country imports almost 92% of its energy requirements and is more dependent on energy imports than Japan. This is expected to lead to the market expansion as oil and natural gas importers seek to optimise the ship’s travel routes by checking data related to traffic congestion and weather pattern disturbances.

Major shipping companies are planning to enhance their cargo handling capabilities by introducing additional bulk container ships and expanding their existing fleet sizes. The increased supply of large-size container ships existing in the market is expected to bolster the market growth over the forecast period.

Increasing private sector investments in the construction of logistics facilities at major South Korean ports is expected to increase the demand for vessel tracking systems, which provide critical information about a ship’s location and trajectory to onshore port authorities for computing the ship’s estimated arrival time. This can enable them to ensure optimum time and resource allocation for providing maintenance and repair services, while significantly enhancing port operations.

South Korea Vessel Tracking System Industry Segmentation

South Korea Vessel Tracking System Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Automatic identification System (AIS)

• Vessel Monitoring System (VMS)

• Long Range Identification and Tracking

• Others

Market Breakup by End Use

• Fisheries Authorities

• Coastguards

• Navy and Marines

• Defence

South Korea Vessel Tracking System Market Share

Based on end use, the market can be segmented into fisheries authorities, coastguards, navy and marines, and defence. Navy and marines are expected to be one of the significant segments, as the South Korean navy seeks to boost its maritime warfare capabilities to safeguard its interests from neighbours such as China and North Korea. Vessel tracking systems boost operational awareness of personnel during drilling exercises and help in enhancing the overall training process.

Leading Companies in the South Korea Vessel Tracking System Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

• Marine Electronics

• ORBCOMM Inc

• Others

Major market players are boosting the technological capabilities of vessel tracking systems to enhance their defence capabilities.

Key Highlights of the Report