Marine Telematics Market (By Component: Hardware, Software, Services; By Application: Commercial, Passenger, Defense) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
The global marine telematics market is anticipated to grow at a CAGR of around 19.9% during the forecast period 2020 to 2027 and to reach around US$ 34.5 Mn by 2027.
Market Dynamics
Increasing cases of cargo theft across the globe and growing demand from commercial ships owners for advanced solution that provide real-time monitoring, geofencing, and diagnostic features, etc. are major factors expected to drive the growth of global market. In addition, integration of wireless technology and sensors that aid in easy operations and proper monitoring and functioning of ships is resulting in growing demand for telematics solutions.
Major player are investing high for R&D activities and innovative product offerings in order to attract new customer and enhance the profit are among other important factors expected to positively impact the target market growth.
- In 2015, Thermo King, a manufacturer of transport temperature control solutions launched Thermo King TracKing GPRS. This device helps collects marines to collect data that shippers need to ensure cargo safety, 24 hours a day, 7 days a week. This is expected to help the players to expand the customer base and enhance the product portfolio.
In addition, players are focused on increasing the business presence and enhance the customer base which is another factor expected to support the growth of target market.
- In 2015, Caterpillar Marine acquired ESRG Technologies Group that specializes in marine telematics and analytics. This acquisition is expected to help the company to enhance the product portfolio and enhance the revenues share.
- In 2017, Navico a Norway-based marine electronics provider partnered with CalAmp in order to deliver improved LMU-4530 telematics devices for its new Cloud-enabled GoFree Connected Vessel programme.
However, factors such as high cost of devices, technological glitches and concern related to cyber attack in order to tamper certain features are expected to hamper the growth of global market. In addition, lack of technical expertise in order to handle the devices is another factor expected to challenge the growth of target market.
Technological advancements by major players and rising demand for specialized ships and boats in order to ensure efficient offshore operations are factors expected to create new opportunities for players operating in the target market over the forecast period.
Marine Telematics Market Segment Analysis, 2019
The global marine telematics market is segmented into component type and application. The component type segment is hardware, software, and services. The hardware segment is expected to account for major revenue share in the target market. Among application commercial segment is expected to account for significant revenue share in the global market due to rising demand for advanced devices that aid in ship monitoring, fuel management, and better connectivity solutions.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to high import-export activities and demand for reliable ship monitoring and fuel management system. In addition, presence of major players investing high for product development and introduction of new products is expected to support the growth of target market.
Asia Pacific is expected to witness faster growth in the near future owing to increasing number of container ship transportation in the region. In addition, player’s inclination towards emerging economies in order to increase the revenue share is another factor expected to further support the growth of target market in this region.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Marine Telematics Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Component, Application and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Marine Telematics Market (Component: Hardware, Software, and Services; Application: Commercial, Passenger, and Defense) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global marine telematics market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global marine telematics market segment by component, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global marine telematics market size and segment markets by component, application and geography along with the information on companies operating in the market. The marine telematics market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report WirelessCar AB, Cybernetica AS, ki2 Infotech, Market Spectrum, Inc., Navis, Airbiquity Inc., Agero Inc., Connexis LLC, and Verizon Telematics Inc.
Market Segmentation
Market By Component
- Hardware
- Software
- Services
Market By Application
- Commercial
- Passenger
- Defense
Market By Region
North America
- U.S.
- Canada
Europe
- UK.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
Which major factors expected to drive the growth of global marine telematics market?
Increasing cases of cargo theft across the globe and growing demand from commercial ships owners for advanced solution that provide real-time monitoring, geofencing, and diagnostic features, etc. are major factors expected to drive the growth of global market.
What will be the market size on marine telematics market in 2027?
Acumen Research and Consulting predict that the global marine telematics market in 2027 is expected to be wworth above US$ 34.5 Mn.
Which segment is growing faster in application segment?
In application segment the commercial is growing at faster pace.
What is the CAGR of the global marine telematics market?
The CAGR of the global marine telematics market from 2020-2027 is above 19.9%.
What are the players considered in the report scope?
Some of the players considered in the report scope are Connexis LLC, and Verizon Telematics Inc.
Which are the application segments of marine telematics market?
Commercial, Passenger, and Defense are the application segments of marine telematics market.
Which region is expected to account for significant revenue share in marine telematics market?
The market in North America is expected to account for significant revenue share owing to high import-export activities and demand for reliable ship monitoring and fuel management system.
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