Press release
Advanced Sensor-Based Tracking Enhances Vessel Monitoring Industry Trends Gaining Momentum in the Global Vessel Tracking System Market
Vessel Tracking System
Vessel Tracking System Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of the vessel tracking system has seen significant growth in the past few years. The market which is worth $2.07 billion in 2024 is projected to hit $2.24 billion in 2025, marking a compound annual growth rate (CAGR) of 8.1%. The growth during the historic period is owed to the enlarging global shipping and logistics networks, the escalating integration of smart sensors and internet of things (IoT) in marine vessels, the surge in investments aimed at modernizing port infrastructure, an increased focus on monitoring the environment and controlling emissions, and the rising adoption of autonomous and automated shipping systems.
Vessel Tracking System Market Size Forecast: What's the Projected Valuation by 2029?
In the near future, substantial growth is anticipated in the vessel tracking system market, which is set to expand to $3.02 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 7.8%. This expected growth is largely due to rising concerns about maritime security and safety, an increasing demand for constant vessel monitoring and tracking, stringent regulatory compliance in the shipping industry, and growing fears regarding piracy and maritime theft. Key trends predicted for the forecast period include the advancement of automatic identification system (AIS) technology, the combination of global positioning system (GPS) with vessel tracking solutions, the evolution of satellite-based communication technologies, improvements in real-time data analysis and processing, and the emergence of cloud-based vessel tracking platforms.
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What Are the Drivers Transforming the Vessel Tracking System Market?
The growth of the vessel tracking system market is poised to be fueled by the upswing in maritime trade and commerce. Maritime trade and commerce denote the transport of goods and services between different countries and regions via sea routes. The surge in maritime trade and commerce is attributed to the expansion of global supply chains, necessitated by the growing demand for efficient transfer of goods across borders. Vessel tracking systems contribute to the enhancement of maritime trade and commerce by offering live vessel monitoring, optimizing route efficiency, and ensuring safe navigation. These systems help mitigate operational risks and delays, enhancing transparency and dependability in global shipping logistics. For example, according to the Switzerland-based intergovernmental organization, United Nations Conference on Trade and Development, in 2024, global maritime trade rebounded from its 2022 slump by 2.4%, reaching 12.3 billion tons in 2023. Furthermore, it is anticipated to witness a growth of 2% in 2024 and is projected to sustain an average yearly growth rate of 2.4% through to 2029. Hence, the burgeoning maritime trade and commerce are key drivers propelling the growth of the vessel tracking system market.
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What Long-Term Trends Will Define the Future of the Vessel Tracking System Market?
Major firms in the vessel tracking system industry are prioritizing the creation of advanced technological solutions like sensor-based tracking solutions. These leverage multiple technologies for enhanced precision and live vessel surveillance. These sensor-based tracking solutions consist of technologies that use various sensors to gather up-to-the-minute data to accurately detect, monitor, and track the movement and status of vessels. For example, in August 2022, Spire Global Inc., a data and analytics company based in the US, introduced a new solution for detecting dark shipping. The solution employs sensor-based tracking that harnesses satellite data and sophisticated analytics to spot vessels that switch off or alter their automatic identification system (AIS) transponders to mask illicit activities, offering almost instant, worldwide tracking of vessels even if they attempt to shirk detection. This bolsters maritime security by aiding authorities in fighting illegal fishing, evasion of sanctions, and trafficking. Simultaneously, it enhances transparency and situational awareness in maritime operations.
Which Segments in the Vessel Tracking System Market Offer the Most Profit Potential?
The vessel tracking system market covered in this report is segmented -
1) By Type: Automatic Identification System (AIS), Vessel Monitoring System (VMS), Long Range Identification And Tracking, Vessel Traffic Management System, Other Types
2) By Component: Hardware, Software, Service, Communication Infrastructure, Data Analytics
3) By Application: Navigation, Fleet Management, Regulatory Compliance, Search And Rescue Operations, Cargo Monitoring
4) By End Use: Commercial Shipping, Fishing Vessels, Defense And Coast Guard, Yachting, Research Vessels
Subsegments:
1) By Automatic Identification System: Class A Automatic Identification System, Automatic Identification System Base Stations, Class B Automatic Identification System
2) By Vessel Monitoring System: Satellite-Based Vessel Monitoring System, Terrestrial-Based Vessel Monitoring System
3) By Long Range Identification And Tracking: Shipborne Long Range Identification And Tracking Equipment, Shore-Based Long Range Identification And Tracking Systems
4) By Vessel Traffic Management System: Radar-Based Vessel Traffic Management System, Closed-Circuit Television (CCTV)-Based Vessel Traffic Management System, Radio Communication Vessel Traffic Management System
5) By Other Types: Satellite Tracking Systems, Hybrid Tracking Systems, Radar Tracking Systems
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Which Firms Dominate the Vessel Tracking System Market by Market Share and Revenue in 2025?
Major companies operating in the vessel tracking system market are Raytheon Company, Thales Group, Harris Corporation, Fleet Management Limited, Wärtsilä Corporation, SAAB Group, Kongsberg Gruppen ASA, Inmarsat Global Limited, Kpler S.A., Spire Global Inc., SRT Marine Systems plc, MarineTraffic, Big Ocean Data Ltd, vesseltracker.com GmbH, CNS Systems AB, Maritime Data Systems, Echol Tech Pte Ltd., Shipfinder.co, VesselFinder Ltd., VT Explorer, exactEarth Ltd.
Which Regions Offer the Highest Growth Potential in the Vessel Tracking System Market?
North America was the largest region in the vessel tracking system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vessel tracking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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