Global Maritime Information Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Maritime Information Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Maritime Information refers to the solution of collecting, sharing, and analyzing maritime information to deploy ships. The maritime information system helps users collect key information about port and water body activities. By monitoring multiple parameters to help ships adapt to dynamic sea conditions so that users and organizations can make better operational and strategic decisions.

Market Overview:

The latest research study on the global Maritime Information market finds that the global Maritime Information market reached a value of USD 6521.65 million in 2022. It’s expected that the market will achieve USD 8458.81 million by 2028, exhibiting a CAGR of 4.43% during the forecast period.

Influence of COVID-19 Outbreak on Maritime Information Industry Development

The COVID-19 epidemic spread to more than 210 countries and regions around the world in three months, affecting nearly 7 billion people. The coronavirus epidemic has impacted all aspects of human health, economic growth, social development, national security, and international relations. It is a comprehensive challenge. The epidemic has drastically reversed expectations of moderate growth in the world economy in early 2020. After the outbreak, the employment situation in various countries has become more severe. Global investors panic, triggering turmoil in the financial and capital markets. The epidemic has caused huge losses to related industries and international trade. From the perspective of the general background, exports, consumption, and investment are driving the economy. After the outbreak of the epidemic, consumption, exports, and investment have all been affected to some extent. Therefore, the global economic downturn is inevitable.

More than one million lives have been lost to COVID-19 since the start of 2020 and the toll continues to rise. Many more have suffered a serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. Compared with the IMF report released in June, the global economic contraction in 2020 will not be as severe as previously predicted. This revision reflects a better-than-expected economic recovery in the second quarter. Global growth is projected at 5.2 percent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing. This is the worst global recession in decades, despite the huge efforts of governments with the support of fiscal and monetary policies to deal with the economic downturn. But from a long-term perspective, it is expected that the severe recession caused by the pandemic will cause a prolonged economic depression by reducing investment. Should COVID-19 outbreaks persist, should restrictions on movement be extended or reintroduced, or should disruptions to economic activity be prolonged, the recession could be deeper. Businesses might find it hard to service debt, heightened risk aversion could lead to climbing borrowing costs, and bankruptcies and defaults could result in financial crises in many countries. Under such unfavorable circumstances, there will still be a possibility of a global decline in 2021.

Drivers

As maritime information solutions play an important role in ensuring economic protection, management agencies around the world are commonly used. These methods help countries reduce maritime threats, such as human trafficking, terrorist attacks, environmental degradation, and illegal immigration at sea. In addition, due to the liberalization of world trade, the number of ships crossing the ocean has increased significantly, which in turn has increased the demand for these solutions. The International Maritime Organization (IMO) has recently implemented strict regulations to force all ships to use automatic identification systems (Automatic Identification System (AIS)) to track maritime traffic and avoid collisions with other ships. Therefore, manufacturers are funding the accurate signal detection of naval vessels in research and development activities. These factors are further promoting the growth of the global maritime information market.

With the continuous growth of the global economy over the years, the global maritime trade market has been developing rapidly. Shipping has many advantages such as low cost, wide coverage, and large volume. With the growth of global trade, shipping as the main mode of freight is continuously growing driven by market demand, which drives the development of the maritime information industry.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Inmarsat plc is one of the major players operating in the Maritime Information market, holding a share of 8.3% in 2021.

Inmarsat plc is a British satellite communications company that provides global mobile services. With 11 geostationary orbit communication satellites, communication ground stations through portable or mobile terminals provide telephone and data services for users all over the world. Inmarsat's network provides communication services for a series of governments, aid agencies, media and enterprises (especially shipping, aviation, and mining) that need to communicate in remote areas or where there is no reliable ground network. Acquired by Connect Bidco in December 2019.

Furuno is a Japanese electronics company. Its main products are marine electronics, including radar systems, fish finder and navigation equipment. The company also produces global positioning systems, medical equipment, and weather monitoring and analysis systems.

Segmentation Overview:

Among different product types, GMDSS segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Commercial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Maritime Information market covered in Chapter 3:

Kongsberg Gruppen ASA
Thales Group
Garmin Ltd.
Saab AB
Furuno
Maxar Technologies Inc.
Japan Radio Co., Ltd.
L3Harris Technologies Inc.
ORBCOMM Inc.
Inmarsat plc
Iridium Communications
Teledyne FLIR
Raytheon Co.

In Chapter 4 and Chapter 14.2, on the basis of types, the Maritime Information market from 2018 to 2029 is primarily split into:

Automatic Identification System (AIS)
Global Maritime Distress Safety System (GMDSS)
Long Range Tracking and Identification (LRIT) System
Vessel Monitoring System
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Maritime Information market from 2018 to 2029 covers:

Government
Defense
Commercial
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)