The maritime real-time positioning system market size is projected to reach US$ 4537.19 million by 2031 from US$ 469.81 million in 2023. The market is expected to register a CAGR of 32.8% in 2023–2031. The need to minimize illegal activities in waters and growth in the global maritime trade is likely to remain key to maritime real-time positioning system market trends.
The use of advanced technologies such as RFID, GPS, Wi-Fi, and Bluetooth for navigation and monitoring allows vessel owners and marine agencies to prevent illegal activities in the waters. The use of advanced solutions helps large vessel owners obtain real-time information about their vessels, which drives the demand for maritime real-time positioning systems. The rise in the global trade and digitalization of the marine industry further contributes to the maritime real-time positioning system market growth.
With the rise in digitalization across the maritime industry, real-time positioning systems are widely adopted to track and monitor the positions of ships, vessels, and containers. It uses technologies such as GPS and RFID to get real-time information on ships and containers. With the rise in global trade, the government is focused on strengthening its maritime industry, which includes the adoption of technologically advanced solutions that further drive the maritime real-time positioning system market.
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Maritime Real-Time Positioning System Market: Strategic Insights
RFID positioning uses radio waves to determine the position or location of RFID tags attached to the shipping containers. RFID tracking is carried out using RFID container tags, which are made up of a microchip and an antenna. RFID tags attached to shipping containers emit radio frequency signals that are detectable by RFID readers. The readers extract the unique identifier from the tags to process and analyze. RFID fixed readers and antennas are installed at various points along the supply chain to track containers, including ports, warehouses, and distribution centers. As containers pass through these checkpoints, RFID tags are scanned, and the data is updated in real-time, allowing businesses to track the location and condition of their containers.
Maritime transportation is the foundation of international trade and the global economy. According to the United Nations Conference on Trade and Development (UNCTAD’s) review of Maritime Transport 2023, maritime trade is expected to grow more than 2% between 2024 and 2028. In addition, according to the OECD, with the demand for global freight increases, maritime trade volumes are expected to triple by 2050. The rise in maritime trade will generate the demand for efficient navigation and tracking systems for vessels and ships to enhance the overall maritime trade operations. Thus, the rise in trade activities via marine will generate huge growth opportunities for the maritime real-time positioning system market.
Key segments that contributed to the derivation of the maritime real-time positioning system market analysis are component, technology, application, and vessel type.
The geographic scope of the maritime real-time positioning system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest maritime real-time positioning system market share in 2023, followed by Europe and Asia Pacific. Asia Pacific region is expected to grow with the highest CAGR. The presence of a large number of market players in the North American region leads to the region’s market growth. The region is an early adopter of technologically advanced solutions which contributes to the maritime real-time positioning system market growth in North America.
The regional trends and factors influencing the Maritime Real-Time Positioning System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Maritime Real-Time Positioning System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 469.81 Million |
| Market Size by 2031 | US$ 4537.19 Million |
| Global CAGR (2023 - 2031) | 32.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Maritime Real-Time Positioning System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Maritime Real-Time Positioning System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Maritime Real-Time Positioning System Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Maritime Real-Time Positioning System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global maritime real-time positioning system market was estimated to be US$ 469.81 million in 2023 and is expected to grow at a CAGR of 32.8% during the forecast period 2023 - 2031.
The need to minimize illegal activities in waters and the growth in the global maritime trade are the major factors that propel the global maritime real-time positioning system market.
AI-based real time positioning system is anticipated to play a significant role in the global maritime real-time positioning system market in the coming years.
The key players holding majority shares in the global maritime real-time positioning system market are DIMEQ AS, Envision Enterprise Solutions America Inc., Favendo GmbH, Martek Marine, and Orbcomm Inc.
The global maritime real-time positioning system market is expected to reach US$ 4537.19 million by 2031.
The incremental growth expected to be recorded for the global maritime real-time positioning system market during the forecast period is US$ 4067.38 million.