Factors Driving the Market Growth:
– Expansion of the maritime industry
The maritime industry’s expansion is significantly growing marine traffic. To guarantee smooth trade and other services facilitation, adequate maritime communication is crucial for all ships and vessels on the water. Vessel-based AIS enables users to monitor marine traffic in actual time, decreasing the likelihood of transit accidents. Due to the growing amount of travelling vessels, there is more concern for the safety of the vessel’s individuals and products, and this has allowed the market to be adopted.
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– Increasing government spending in Asia Pacific
The market for automatic identification systems in the Asia-Pacific region is anticipated to have a substantial growth rate. In the Asia-Pacific region, due to the growing amount of vessels, there are high chances of encountering enormous port traffic. Control of port traffic is therefore crucial if appropriate measures are to be implemented. The primary reasons for witnessing development in this region are government spending on marine products and services, rising safety threats, increasing the amount of waterborne transportation and trade, and other monitoring.
Factors Restraining the Market Growth:
– High cost of technology
The high cost of technology has restricted the integration of AIS in vehicles including small fishing vessels, which is expected to hamper the growth of the market to a certain extent.
Market Segmentation 2019-2029:
The Automatic Identification System Market is segmented on Class, Platform, Application, and Regional basis.
– Class A
– Class B
– AIS Base Stations
– Vessel Based
– Onshore Based
– Fleet Management
– Vessels Tracking
– Maritime Security
– Other Applications
Focused regional forecasts and analysis explore the future opportunities:
– North America
– Global automatic identification system competitive environment is expected to be moderate over the period ranging 2019 – 2029 by virtue of limited manufacturers operating in this industry
– The market competition is expected to be on the basis of new product development and product pricing.
Major Market Players:
Orbcomm Inc., Furuno Electric Co. Ltd., Exactearth Ltd., Kongsberg Inc., SAAB Transponder Tech AB, L-3 Communications Holdings Inc., Garmin International Inc., Honeywell International Inc., Raytheon Ltd., and Thales Group.
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This post was originally published on Food and Beverage Herald