Global Maritime Information Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Maritime Information Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Maritime Information Market is expected to register a CAGR of 6.65% during the forecast period. The users of maritime information gather data to ensure safety at sea, efficiency in marine operations, and productivity. Maritime information offers regulatory compliance, enhances awareness, provides scientific and survey data, and monitors the environment for suspicious or illegal actions.

Key Highlights

• With ship traffic increasing, it has become essential to improve the safety and security of ships and safeguard their environment. In 2020, the cargo traffic at the major ports of India was reported to be 414.20 million metric tons, per India’s Ministry of Port. In 2021, this traffic increased by 12.9% compared to the previous year's first quarter.
• Additionally, information exchange forms the basis for different segments within the maritime industry to coordinate with each other to enable smooth functioning. Systems integrated with maritime traffic monitoring capabilities and effective tracking systems, such as automatic identification systems (AIS), synthetic aperture radar (SAR), etc., have emerged as fundamental needs for vessels.
• The rise in trade activities has also given rise to maritime threats, such as terrorist attacks, environmental destruction, and illegal seaborne immigration. Moreover, owing to the liberalization of world trade, there has been an increase in the number of ships that traverse the oceans, which, in turn, is impacting the demand for such solutions.
• Safety at sea is gaining importance, and the governments of various countries are investing in tracking technologies. The governments of countries like China and the United States play a vital role in promoting maritime security since the maritime industry adds to the economic growth of these regions.
• Maritime information plays a vital role in economic development, as most of the global trade is conducted by sea and is estimated to reach 180 billion metric tons in volume by 2030, per the OECD. As this continuous business growth has driven up the number of illegal activities, governments worldwide are increasing their maritime budget, likely to provide market growth opportunities.
• For instance, in August 2021, United States port authorities received almost USD 30 million in funding from the Port Security Grant Program of the United States Department of Homeland Security’s Federal Emergency Management Agency, which was a part of the total USD 100 million awarded. The funds went to 44 port authorities, along with numerous terminal operators, municipalities, and policing entities, to further enhance the protection of critical port infrastructure.
• The outbreak of COVID-19 has caused the shipping and maritime industry to be heavily impacted as the workforces in these sectors had been shut down to curb the spread of the virus. This setback was caused due to the standstill of all kinds of cargo via water or air during this quarantine period (period of isolation) as the transportation of such shipments in ships or via air can carry the virus from one port to another.

Key Market TrendsAutomated Identification Systems to Dominate the Market

• The concerned government authorities across the world have made considerable investments to integrate the AIS (Automatic Identification Systems) into the ships to reduce marine accidents and enhance marine traffic management. The global maritime sector is witnessing an increasing adoption of Automatic Identification Systems (AIS). Maritime activities such as vessel traffic management employ AIS by helping fleet staff make well-informed decisions pertaining to vessel navigation, collision avoidance, grounding of ships, and vessel rescue.
• Orbcomm will provide data from its satellite automatic identification systems used for ship tracking and other maritime navigational and safety efforts to the government of Canada for monitoring Canadian and global marine traffic. The United Nations shipping agency, the International Maritime Organization, adopted a convention that required vessels to be fitted with AIS (Automated Identification Systems) transponders to ensure greater safety at sea. The adoption was made over a decade ago.
• The International Maritime Organization's International Convention for the Safety of Life at Sea requires automatic identification systems to be fitted in international voyaging ships with 300 or more GT ( Gross Tonnage) and passenger ships, regardless of size. This is leading to a rapid increase in the installation of automatic identification systems, thereby boosting the market's growth. The rise in global trade routes through the sea is increasing ship traffic in the oceans. According to the study, there are four times as many ships at sea now than 20 years ago. Factors like these are helping in AIS demand.
• The monitoring of sea freight and oceanic vessels is expected to witness huge growth, owing to strict environmental regulations, such as Marine Protected Areas (MPA), that require more comprehensive monitoring to mitigate risks to limiting traffic and ascertaining illegal traffic. The increasing spending on marine products and services by various governments worldwide, increasing security threats, and the growing number of waterborne transportation and trade are the main factors driving the market's growth.

Asia Pacific to Witness the Significant Growth

• According to a survey conducted by Allianz Global Corporate & Specialty (AGCS), a unit of the Allianz Group, the number of reported shipping incidents overall in Asia increased by 22% in the past four years. This calls for increased use of maritime information systems.
• Many ports, mainly Indian ports, are now deploying new technologies where automatic identification systems play a significant role, thereby driving the market’s growth. This is expected to solve the inefficiency of Indian ports in cargo handling, owing to constraints such as long dwell time.
• Maritime information plays a vital role in economic development, as most of the global trade is conducted by sea and is estimated to reach 180 billion metric tons in volume by 2030, per the OECD. As this continuous business growth has driven up the number of illegal activities, governments of counties including China, Japan, and India are increasing the maritime budget, which is likely to provide opportunities for market growth.
• In many cases, port infrastructure in Asia is new, and there are many new or expanding ports in China, Korea, Japan, and Malaysia. This calls for an improved maritime information system to address future challenges.
• Safety at sea is gaining importance, and the governments of various countries are investing in tracking technologies. The governments of countries like China play a vital role in promoting maritime security since the maritime industry adds to the economic growth of these regions.
• Further, countries like India, China, Japan, and South Korea continuously increase their defense budgets yearly to strengthen their national security. The government of India is planning to handle threats by implementing a national automatic identification system to ensure the safety and security of its coastline.

Competitive Landscape

The Global Maritime Information Market is very competitive. The market is highly concentrated due to various small and large players. All the major players account for a large market share and focus on expanding their consumer base worldwide. Some of the significant players in the market are Windward Limited, SAAB Group, Thales Group, ORBCOMM Inc., Spire Global, Iridium Communications Inc., and many more. The companies are increasing the market share by forming multiple partnerships and introducing new solutions to earn a competitive edge during the forecast period.

• June 2022 - Inmarsat collaborated with Fameline Holding Group (FHG), along with the subsidiaries. The collaboration expresses the intent of the organizations to explore joint initiatives across the maritime and energy sectors to benefit both parties. Both companies aspire to add value and develop and deliver innovative solutions for the marine sector. Inmarsat is powering the digitalization of the maritime industry, making operations more efficient and safer than ever before.
• February 2021 - Spire Global partnered with ZeroNorth, that powers up ZeroNorth's vessel optimization software Optimise with Spire's world-leading maritime AIS and weather data. Weather and sea conditions have a huge impact on vessel efficiency. A precise idea of the open ocean is, therefore, vital for better safety outcomes and improving the performance of the commercial shipping fleet. Spire Global captures exact temperature, humidity, and pressure information across the entire planet, including vast oceans. These results in weather prediction are beneficial to the global maritime industry and global forecast models.

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