Long Range Identification and Tracking Market Company Share, Major Competitors, Regional Segments, Strategies, And Forecast Until 2031 | Pole Star Space Applications, Fulcrum Maritime

Market Overview:

Long Range Identification and Tracking (LRIT) is an international agreement which enables countries to track LRIT fitted ships sailing in international waters. LRIT fitted ships automatically transmit their identity, location and timestamp to satellite receivers.

Market Dynamics:

Growing maritime trade volumes across the globe has propelled the growth of international seaborne trade. According to United Nations Conference on Trade and Development (UNCTAD), the total seaborne trade volumes increased from 10.7 billion tons in 2013 to 11.1 billion tons in 2020. Long range identification and tracking systems provide real-time tracking of LRIT fitted ships and help maritime authorities monitor vessel movements. Moreover, the International Maritime Organization (IMO) made it mandatory for certain categories of ships to install LRIT systems, which is anticipated to propel the market growth over the forecast period. The IMO regulations require passenger ships, including high-speed craft; cargo ships, including high-speed craft of 300 gross tonnage and above; and mobile offshore drilling units to install LRIT systems.

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Driver: Implementation of LRIT regulations has increased demand for LRIT systems globally :

The International Maritime Organization (IMO) adopted the Long Range Identification and Tracking (LRIT) regulation which mandates all ships over 300 gross tonnage engaged in international voyages to transmit their identity, location and timing to the flag and coastal states. This implementation of LRIT regulations to monitor vessel movements for maritime security and search and rescue purposes has increased the demand for LRIT systems significantly across nations. Shipping companies are compelled to install LRIT equipment on ships to comply with the international mandate which has boosted the sales of LRIT systems. The equipment manufacturers have witnessed substantial growth in orders and revenues due to the global deployment of LRIT infrastructure as per IMO specifications.

Restrain: High initial costs of LRIT infrastructure deter investments in developing nations :

One of the key challengesrestraining widespread adoption of LRIT is the high capital expenditure required to set up the necessary infrastructure by individual nations. Developing countries with limited maritime surveillance budgets find it difficult to invest in procuring and deploying the complex network of terrestrial and satellite based communication equipment, data processing centers and monitoring applications for national LRIT networks. The substantial costs associated with acquiring LRIT terminals, installing communication gateways and maintaining 24/7 monitoring centers pose significant financial burden, especially on small island nations and port states with constrained maritime administrations. This cost barrier prevents full implementation of global LRIT compliance in the developing world.

Opportunity: Growth in maritime trade and emerging economies driving demand in Asia Pacific :

The Asia Pacific region presents promising growth opportunities for the LRIT market driven by increasing maritime trade activities and economic development of emerging countries. Majority of world's container ships and dry bulk carriers are concentrated in Asia due to proximity to manufacturing hubs and busier trade routes. Rise of China, India and ASEAN nations as global economic powers has amplified ship movement in the Indo Pacific region. This is boosting the need for enhanced monitoring of coastal waters and EEZs for security assurances. Additionally, the regulatory push from IMO and domestic requirements and the subsequent compliance deadlines present a massive replacement and retrofitting market potential in the Asia Pacific shipping sector. Leveraging high-growth prospects, LRIT solution providers can tap expanding maritime and surveillance infrastructure investments across Asian ports and economies.

Trend: Adoption of integrated vessel management platforms and data analytics :

A major trend gaining prominence is the integration of LRIT with advanced digital solutions for comprehensive vessel management. Shipping companies and managers are increasingly adopting next-generation integrated platforms and applications which amalgamate real-time LRIT data with other onboard sensor information, fleet schedules, crew details, maintenance records, document management, chartering and more. Cloud-based centralized databases powered by big data analytics are enabling predictive reporting and visualization of aggregated insights. This helps optimize operations, ensure regulatory conformance, improve safety and efficiency. Vendors are enhancing their offerings with value-added functionalities beyond basic LRIT. Development of intelligent decision support tools incorporating LRIT, real-time weather data and AI/ML is the future to revolutionize maritime domain awareness, voyage monitoring and naval command & control centers.

Key Players Includes:

✦ Pole Star Space Applications
✦ Fulcrum Maritime
✦ BlueTraker
✦ Kemilinks International
✦ Fupe Systems
✦ Iridium Communications

By Types:

✦ Onshore-based Platform
✦ Vessel-based Platform

By Application:

✦ Government
✦ Defense
✦ Others

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Major highlights from Table of Contents:

☛ It includes major manufacturers, emerging player's growth story, and major business segments of keyword Market Opportunities & Growth Trend to 2031 market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
☛ Opportunities & Growth Trend to 2031 Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
☛ Production by Region Long Range Identification and Tracking Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.

Market Report Answers the Following Questions:

1. At what growth rate will the market be projected to grow during the forecast period of 2024 to 2031?
2. What will be the market value in the future?
3. What are the key opportunities of the market?
4. Who are the major players operating in the market?
5. How feasible is Market for long-term investment?
6. What are the market's opportunities, risks, and general structure?
7. What does a business area's assessment of agreements, income, and value implicate?

Reasons to Purchase Report:

• Evaluation of market share for regional and country-level segments.
• Market analysis of top industry players.
• Strategic recommendations for new entrants.
• All mentioned segments, and regional market forecasts for the next 10 years.
• Market Trends (Drivers, Difficulties, Opportunities, Threats, Challenges, Investment Opportunities and Recommendations)
• The report offers a detailed analysis of prime factors that impact the market growth such as key market players, current market developments, and pivotal trends
• The report includes an in-depth study of key determinants of the global market including drivers, challenges, restraints, and upcoming opportunities.
• The report helps existing manufacturers and entry-level companies devise strategies to battle challenges and leverage lucrative opportunities to gain a foothold in the global market.

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