Real-Time Location Systems Market is expected to reach US$ 40.70 Billion by 2031


PRESS RELEASE BY The Insight Partners 25 Oct 2024

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Growing Use of RTLS in Healthcare Sector to Fuel Real-Time Location Systems Market Growth During Forecast Period 

According to our latest study, “Real-Time Location Systems Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering, Technology, Industry Vertical, Application, and Geography," the market was valued at US$ 6.16 billion in 2023 and is expected to reach US$ 40.70 billion by 2031; it is estimated to record a CAGR of 26.6% from 2023 to 2031. The report includes growth prospects owing to the current real-time location systems market trends and their foreseeable impact during the forecast period.  

The real-time location systems market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The region is witnessing significant investments in its oil & gas sector. The North Sea continues to be one of the prime sources for the oil & gas sector in Europe. Currently, there are several projects in the pipeline in the region. In May 2023, Neptune Energy announced that it had started production from its Adorf Z17 natural gas well in Germany. It is expected that the Adorf license will increase Neptune's production by 1,800 BOE/D (barrels of oil equivalent per day) to ~6,300 BOE/D. Thus, due to the growing oil and gas exploration in the region, the need to monitor overall operation at the plant has become necessary to provide alerts at the time of any disaster. Here, RTLS can help track the location of personnel and assets on the floating platforms, refineries, tools and equipment warehouses, and drilling rigs. Also, using sensors, the system helps gather critical data, such as the temperature of LNG pipelines and H2S gas leak detection. Additionally, integrating SLAM technology can help in platform inspection by enabling autonomous underwater vehicles to map and inspect offshore platforms. Thus, due to the above benefits, the demand for RTLS and SLAM technologies in the oil & gas industry in Europe is expected to rise during the forecast period, which further drives the real-time location systems market growth in the region.  

Real-Time Location Systems Market Analysis — by Geography

Real-Time Location Systems Market Analysis — by Geography


Real-Time Location Systems Market Forecast (2024-2031)

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Real-Time Location Systems Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offering (Hardware, Software, and Services), Technology (RFID, UWB, BLE, Ultrasound, Infrared, GPS, Wi-Fi, and ZIGBEE), Industry Vertical (Retail, Government and Defense, Manufacturing, Healthcare, Logistics, Heavy Industries, Construction, Oil and Gas, Automotive, and Others), Application (Personnel or Staff Locating and Monitoring, Environmental Monitoring, Access Control and Security, Warehouse Management and Monitoring, Supply Chain Management and Operation Automation or Visibility, and Others), and Geography

Source: The Insight Partners Analysis

Aruba Networks, AiRISTA Flow Inc, Qorvo Inc, Impinj Inc, Siemens AG, Zebra Technologies Corp, Sonitor Technologies AS, Stanley Black & Decker Inc, TeleTracking Technologies Inc, Ubisense Ltd, Slamcore Ltd, Kudan Inc, Microsoft Corp, Sevensense Robotics AG, and NavVis GmbH are among the key players profiled in the real-time location systems market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.

The report includes the real-time location systems market forecast by offering, technology, industry vertical, and application. Based on offering, the real-time location systems market is categorized into hardware, software, and services. real-time location systems marketBy technology, the market is divided into radio frequency identification (RFID), ultra-wideband (UWB), Bluetooth low energy (BLE), ultrasound, infrared (IR), global positioning systems (GPS), Wi-Fi, and ZigBee. In terms of industry vertical, the market is divided into retail, government and defense, manufacturing, healthcare, logistics, heavy industries, construction, oil and gas, automotive, and others. Based on application, the market is divided into personnel/staff locating and monitoring, access control and security, environmental monitoring, warehouse management and monitoring, supply chain management and operational automation/visibility, and others.

The scope of the real-time location systems market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.

The Asia Pacific real-time location systems market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest real-time location systems market share in APAC. According to the International Air Transport Association (IATA), APAC leads the growth of the e-commerce market globally, with China accounting for a significant percentage of the growth. As per the International Trade Administration, the e-commerce market of China is the largest in the world and generates almost 50% of the world's transactions. Similarly, the e-commerce market in other countries in APAC is also witnessing significant growth. For instance, according to the International Trade Administration, Australia—the 11th-largest e-commerce market in the world—is expected to reach US$ 32.3 billion by 2024. According to the India Brand Equity Foundation (IBEF), the e-commerce market in India is expected to reach US$ 188 billion by 2025. In addition, the governments of various countries in APAC are taking various initiatives to boost the growth of the e-commerce industry. For instance, to promote e-commerce usage and increase the trade of domestic products, the Indonesian government organizes a National Online Shopping Day (Harbolnas) every year. According to the International Trade Administration, the e-commerce industry in Indonesia accounted for a revenue of US$ 52.93 billion in 2023 and is expected to record a revenue of US$ 86.81 by 2028. The increasing competitive landscape and rising penetration of digital technology and smartphones are anticipated to bolster the growth of online retail in the coming years. Thus, the growth of the e-commerce market in the region propels the demand for RTLS and SLAM technologies to keep track of orders, which is boosting real-time location systems market growth in Asia Pacific.  

 

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