Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The "Marine Telematics Market by Component, Application, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global marine telematics market, which recorded a size of US$ 13.71 million in 2022, is poised for remarkable growth, with expectations to reach US$ 41.76 million by 2028. This forecasted growth reflects a Compound Annual Growth Rate (CAGR) of 20.60% during the period from 2023 to 2028.
Several key factors are driving this market expansion, including the increasing international sea trade activities, stringent marine safety regulations, and a growing demand for fleet safety and security in commercial vessel transportation.
Marine Telematics: Enhancing Vessel Operations and Safety
Marine telematics involves advanced systems designed to gather and process information from water vessels. These systems utilize telecommunication devices to transmit data, enabling streamlined vessel operations. Marine telematics encompass various software solutions and hardware devices installed on ships, facilitating vessel control and tracking. Key functionalities include vessel tracking, emergency aid notification, system monitoring, stolen vehicle recovery, and more.
These systems provide real-time data such as GPS position, speed, and fuel consumption, as well as other ship-related information like water temperature, pollutants, and equipment status. This data can be accessed via mobile applications or internet tracking software, enabling real-time vessel monitoring. Marine telematics are widely applied across industries, including boating, shipping, recreational fishing, and commercial fishing.
Market Trends and Drivers
Several trends and drivers are contributing to the growth of the marine telematics market:
- Rising International Sea Trade: The increasing number of container ship transportations and growing international sea trade activities necessitate tracking features to ensure operational safety.
- Stringent Marine Safety Norms: Governing authorities in various nations are implementing strict marine safety regulations, which drive the demand for marine telematics solutions to ensure compliance.
- Vessel Monitoring and Fuel Management: There is a surging need for vessel monitoring, fuel management, and vehicle diagnostics, which has accelerated the adoption of marine telematics.
- Automation in Maritime Transportation: The maritime transportation sector is witnessing a trend towards automation, leading to an increased demand for marine telematics systems.
- Fleet Safety and Security: With the growing demand for secure transportation of goods via commercial vessels and a rising number of accidents, fleet safety and security solutions are in high demand.
- Integration of Innovative Technologies: Leading players are integrating technologies like artificial intelligence (AI), the Internet of Things (IoT), advanced navigation systems, and GPS into marine telematics systems to enhance vessel operations.
- Diverse Applications: Marine telematics systems are increasingly being used for entertainment, automatic crash notification, and navigation purposes.
Market Segmentation
The global marine telematics market is segmented based on components and applications:
Component Insights:
- Hardware
- Software
- Service (Safety and Security, Information and Navigation, Entertainment, Diagnostics)
Among these components, hardware currently represents the largest segment.
Application Insights:
- Commercial
- Passenger Ships
- Defense
The commercial segment holds the largest market share, with applications spanning various industries.
Regional Insights
Regional analysis of the marine telematics market reveals that North America leads the market, driven by factors such as increased sea trade, maritime defense focus, growing shipping traffic, and the emphasis on vessel and driver safety. The Asia-Pacific region is expected to witness the highest CAGR, attributed to a large population base, rising healthcare expenditure, and the demand for outsourcing services by pharmaceutical and biotechnology companies.
Competitive Landscape
Key players in the global marine telematics market include Applied Satellite Technology Ltd, Cybernetica AS, Ki2 Infotech, Metocean Telematics, Navis (Accel-KKR), Sentinel Marine, Technoton, Traxens, Verizon, Viatrax Automation Corporation, among others. These companies are investing in research and development, expanding their facilities, and collaborating to offer innovative solutions and expand their service portfolios.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $13.71 Million |
| Forecasted Market Value (USD) by 2028 | $41.76 Million |
| Compound Annual Growth Rate | 20.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/b0wlfm
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