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.
Maritime Real-Time Positioning System Market Analysis
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.
Maritime Real-Time Positioning System Market Overview
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 Drivers and Opportunities
Growing use of RFID technology in the shipping industry to Favor Market
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.
Rise in Maritime Trade
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.
Maritime Real-Time Positioning System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the maritime real-time positioning system market analysis are component, technology, application, and vessel type.
- By component, the market is segmented into hardware, software, and services. The hardware segment held a larger market share in 2023.
- Based on the technology, the market is segmented into RFID, GPS, and others. The GPS segment held a larger market share in 2023.
- By application, the market is segmented into fleet management, inventory and asset management, and crew tracking. The inventory and asset management is expected to grow with the highest CAGR.
- Based on the vessel type, the market is segmented into fishing vessels, cargo vessels, service vessels, passenger ships and ferries, and others. The cargo vessels segment is expected to grow with the highest CAGR.
Maritime Real-Time Positioning System Market Share Analysis by Geography
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.
Maritime Real-Time Positioning System Market Regional Insights
Maritime Real-Time Positioning System Market Regional Insights
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.
- Get the Regional Specific Data for Maritime Real-Time Positioning System Market
Maritime Real-Time Positioning System Market Market Report Scope
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 |
Market Players Density: Understanding Its Impact on Business Dynamics
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:
- DIMEQ AS
- Envision Enterprise Solutions America Inc.
- Favendo GmbH
- Intrasys (Pte.) Ltd.
- Martek Marine
- MER Group
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Maritime Real-Time Positioning System Market top key players overview
Maritime Real-Time Positioning System Market News and Recent Developments
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:
- According to UNCTAD’s Review of Maritime Transport 2022, Asia remained the world’s leading maritime cargo handling center in 2021, accounting for 42% of exports and 64% of imports. In 2021, around 40% of total containerized trade was on the main East-West routes – between Asia, Europe, and the US. Non-mainlane East-West routes such as South Asia-Mediterranean accounted for 12.9%. (Source: UNCTAD, Press Release, 2022)
- According to Year End Review-Ministry of Ports, Shipping and Waterways 2023, the Prime Minister launched the 'Maritime Amrit Kaal Vision 2047' encompassing aspirations in Logistics, Infrastructure, and Shipping supporting India's 'Blue Economy.' India's maritime sector is set to transform with a comprehensive roadmap launched during the Global Maritime India Summit, involving an investment of INR 80,000 lakh crores. (Source: Ministry of Ports, Shipping and Waterways, Press Release, 2024)
Maritime Real-Time Positioning System Market Report Coverage and Deliverables
The “Maritime Real-Time Positioning System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Technology , Application , and Vessel Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.