Global Vessel Tracking System Market Report and Forecast 2024-2032

Global Vessel Tracking System Market Outlook

The global vessel tracking system market stood at a value of USD 1,021.93 million in 2023. The market is further expected to grow at a CAGR of 11.4% in the forecast period of 2024-2032 to attain a value of USD 2,689.29 million by 2032.

Heightened Demand for Long Range Identification and Tracking to Bolster the Market Growth of the Global Vessel Tracking System Industry

Based on type, the long range identification and tracking segment is predicted to hold a significant market share in the vessel tracking system industry. This growth can be attributed to the increased deployment of the long range identification and tracking system worldwide to identify and track ships and vessels to ensure their safety and security in the marine environment. Moreover, this system can help improve transparency in the marine transportation industry and maritime trade. These factors are expected to contribute to the overall market growth in the forecast period.

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The Asia Pacific to Occupy a Significant Market Share in the Global Vessel Tracking System Industry

The Asia Pacific is estimated to hold a significant share of the vessel tracking system industry in the forecast period. This growth can be attributed to the growing presence of the leading market players in the region, which are driving increased investments in the development of vessel tracking systems. In addition, the steadily increasing investments in the maritime industry by the governments are also predicted to propel the market growth. For instance, in March 2021, India launched a real-time vessel tracking system named Sagar-Manthan: Mercantile Marine Domain Awareness Centre (MMDAC) to aid fishermen and seafarers in emergencies. Moreover, the heightened demand for vessel safety and security is anticipated to drive the market growth in the forecast period.

Vessel Tracking System: Market Segmentation

A vessel tracking system refers to equipment and devices that enable marine and naval vessels to track, locate, identify, and monitor a ship. It also provides details to help understand the shipping route. Through these devices, ships deployed across the ocean can remain connected with one another and the bay, which helps to quickly locate a ship in a situation of distress.

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By type, the market is divided into:

• Automatic Identification System (AIS)
• Vessel Monitoring System (VMS)
• Long Range Identification and Tracking
• Others

Based on end user, the market can be categorised into:

• Fisheries Authorities
• Coastguards
• Navy and Marines
• Defence

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rapid Technological Advancements to Bolster the Growth of the Global Vessel Tracking System Industry

The growing demand for vessel tracking systems to maintain connectivity between ships mid-journey and the coast guards of different countries is anticipated to aid the market growth in the forecast period. The rising trade activities and the evolution of international trade routes are contributing to this growing demand. In addition, rising capital expenditures in the maritime industry by the governments across the countries are anticipated to propel the market growth in the forecast period. Moreover, the growing focus of international organisations on improving maritime safety is also leading to the development of efficient tracking mechanisms. Furthermore, the rapid technological advancements, such as the advent of 5G technology and the internet of things (IoT), along with artificial intelligence (AI) and machine learning (ML), are projected to propel the industry growth in the forecast period. These factors are estimated to positively impact the market growth in the forecast period.

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Key Industry Players in the Global Vessel Tracking System Market

The report gives a detailed analysis of the following key players in the global vessel tracking system market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• BigOceanData
• ORBCOMM Inc.
• Wärtsilä Oyj Abp
• CNS Systems AB
• Harris Geospatial Solutions, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report