Global Marine Telematics Market Size study & Forecast, by Component [Hardware, Software), by Service (Safety & security, Information & navigation, Entertainment, and Diagnostics) and by Application (Commercial, Passenger, and Defense) and Regional Analysi

Global Marine Telematics Market Size study & Forecast, by Component [Hardware, Software), by Service (Safety & security, Information & navigation, Entertainment, and Diagnostics) and by Application (Commercial, Passenger, and Defense) and Regional Analysis, 2022-2029

Global Marine Telematics Market is valued at approximately USD 11.40 million in 2021 and is anticipated to grow with a healthy growth rate of more than 21.3 % over the forecast period 2022-2029. The primary purpose of marine telematics systems is to record data about vessels and transmit, process, and store the information using telecommunications equipment to enhance operations. Ships can be monitored and controlled with this technology. The boating, shipping, recreational, and commercial fishing industries all make use of marine telematics solutions. Utilizing wireless voice and data communication systems, which offer capabilities such as vessel tracking, emergency help warning notification, system monitoring, stolen vehicle recovery, and others, is a key component of this process. The increasing demand for specialized ships and boats and the growing expansion of cross-border trade in post-pandemic era are key factors driving the market growth.

The increasing demand for specialized ships and boats is contributing towards the growth of the Global Marine Telematics Market, as these telematics devices are being used in marine transportation for gathering information on a vessel's position, real fuel consumption, and engine operation hours in different work modes. For instance – as per the United Nations Conference on Trade and Development (UNCTAD)’s Review of Maritime Transport 2021 report – in 2020, the worldwide vessel fleet carrying capacity was estimated at 2071638 thousand dead-weight tons, which further reached to 2134640 thousand dead-weight tons in 2021, witnessing the change of over 3.04 percentage. Additionally, the global fleet's carrying capacity increased by 63 million dwt to 2.2 billion dwt in January 2022. Also, growing automation in marine transportation and stringent maritime safety norms would create a lucrative growth prospectus for the market over the forecast period. However, high deployment cost and lack of uninterrupted & seamless internet connectivity hinder the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Marine Telematics Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of the shipbuilding industry as well as the increasing number of container ship transportation in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising expansion of inland waterways as well as the growing number of cross-border free trade agreements being signed between countries in the region.

Major market player included in this report are:
Technoton
AST Marine Sciences Limited
Boat Command
Sentinel Marine Solutions
Navis
Cybernetica
ki2 Infotech
Navis Technologies
Traxens
Metocean

Recent Developments in the Market:
In September 2020, Ericsson received a contract from Taiwan-based bulk carrier, U-Ming Marine Transport Corporation (U-MING), for the digitalization of the latter’s marine transportation fleet through intelligent Internet of Things (IoT) connectivity. Moreover, Professionals at the U-MING Activities Center will be able to keep an eye on the fleet's operations while it is at sea in almost real-time due to the new fleet performance management platform (FPM). This will make it possible to move more quickly to increase fleet efficiency and hit key performance indicator goals, such as lowering carbon footprints.

In September 2021, At the International Boat Builders Exhibition & Conference (IBEX), Honda Marine unveils HondaLink® Marine. HondaLink® Marine is a new, integrated smartphone application that uses long-term evolution (LTE) and satellite data to give owners full, remote monitoring capability and ownership information for boats whenever and wherever they are.

Global Marine Telematics Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Component, Service, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Component
Hardware
Software
By Service
Safety & security
information & navigation
Entertainment
Diagnostics
By Application
Commercial
Passenger
Defense

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Companies Mentioned

Technoton
AST Marine Sciences Limited
Boat Command
Sentinel Marine Solutions
Navis
Cybernetica
ki2 Infotech
Navis Technologies
Traxens
Metocean

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