Automatic Identification System Market Growth Analysis, Segmentation, Future Demand

The automatic identification system market size was USD 242.2 million in 2020. The market size is expected to rise from USD 250.3 million in 2021 to USD 374.8 million in 2028 at a CAGR of 5.94% during the forecast period of 2021-2028. The global market is expected to rise during the projected period, owing to increasing adoption of IoT to enhance system performance. Fortune Business Insights™ publishes this information in a report titled, ""Automatic Identification System Market, 2021-2028"".

An Automatic Identification System (AIS) is an automated tracking system used to display the location of other vessels in the vicinity. AIS is a broadcast transponder system that operates in the VHF mobile maritime band. Furthermore, the system is used in different applications to transmit critical environmental conditions information. These factors are expected to drive the market during the forecast period.

COVID-19 Impact:

Halt on Naval and Shipbuilding Industry to Hamper Market Development

The outbreak of COVID-19 virus has affected various industries, including the shipbuilding industry. Halt on production, disturbances in the supply chain, and social distancing norms restricted employees from working effectively. A decline in production in shipbuilding has affected the market growth amid COVID-19 pandemic. The United Nations Conference on Trade and Development Review of Maritime Transport 2020 report states that the COVID-19 pandemic has sent shockwaves, leading to plummeting cargo volumes, shipping networks and ports, and foiling growth prospects.

Segments:

Shipborne Segment to Witness Prominent Growth During Forecast Period

By class, the market is trifurcated into class A AIS, class B AIS, and AIS-based stations.

Based on platform, the market is segmented into shipborne, airborne, and offshore-based platform.

On the basis of application, the market is divided into fleet management, vessel tracking, maritime security, search and rescue, and other application.

According to component, the market is segregated into transmitter, receivers, central processing unit, display, and others.

By geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Report Coverage:

The report provides statistical data regarding market developments trends and recent advancements in the industry. Various business growth strategies are highlighted, along with the impact of COVID-19 pandemic globally. Furthermore, drivers and restraints that affect market growth are elaborated along with the scope of potential market expansion. Key players in the industry are discussed as per the segmented regions. Also, the report sheds light on competitive strategies adopted by the key players to acquire global market share.

Drivers & Restraints:

Rising International Seaborne Trade to Propel Market Growth

The market is anticipated to witness significant growth in the coming years due to vessel tracking and monitoring technology evolution. Increasing ocean trade and supply chain with well-equipped technical support will likely boost the market. Furthermore, rising international seaborne trade is expected to bolster market expansion and increase industrial revenue generation. UNCTAD's Maritime Transport Report 2020 projected that maritime trade growth would expand by 4.8% in 2021. The merchant ships are majorly used for seaborne trade. These factors will likely ensure the automatic identification system market growth during the forecast period.

However, cyber security threats associated with AIS will likely hamper the market growth of automatic identification system.

Browse Complete Report Summary:

https://www.fortunebusinessinsights.com/automatic-identification-system-market-106598

Regional Insights:

Asia Pacific Dominates Market Share Due to Economic Development

Asia Pacific holds the highest automatic identification system market share during the projected period. Asia Pacific dominated the market and was valued at USD 72.9 million in 2020. The growth is attributed to the rapid economic development and growing maritime trade across the region. According to the UNCTAD Review of Maritime Transport 2020, Asia contributed nearly 65% of global container port traffic and remained the leading container port cargo handling position.

Europe holds the second-largest global market share due to increasing investments in autonomous development of advanced ship projects. An increasing number of ships in the region is anticipated to witness prominent growth.

Competitive Landscape:

Product Innovation Allows Key Players to Maintain Their Market Position

The major key players in market focus on developing and designing advanced maritime traffic solutions to drive the market. Also, the companies focus on implementing various business development strategies such as mergers, acquisitions, and partnerships to expand their global reach. These strategies allow key players to gain a competitive advantage.

Industry Developments:

May 2021: Unseenlabs announced that it partnered with ORBCOMM to provide maritime surveillance services for government and commercial AIS customers. Leveraging a dedicated, state-of-the-art satellite constellation, Unseenlabs' RF emissions detection services enable maritime surveillance of ""dark"" vessels at sea, which turn off their AIS transponders or cooperative beacons to engage in illegal activities and evade authorities.

February 2021: L3Harris Technologies (NYSE:LHX) was awarded a contract by Fincantieri Marinette Marine for the shipboard integration and production of major subsystems onboard the U.S. Navy's guided-missile frigate FFG 62. L3Harris is prepared to support the Navy's building at least 10 ships.

List of Key Players Profiled in the Report:

Furuno Electric Co. Ltd (Japan)

Japan Radio Co. Ltd. (Japan)

Saab AB (Sweden)

ExactEarth Ltd (Canada)

Orbcomm Inc. (U.S.)

Garmin Ltd (U.S.)

Kongsberg Gruppen ASA (Norway)

True Heading AB (Sweden)

N.S. Systems AB (Sweden)

Wartsila OYJ Abp (Finland)

ComNav Marine Ltd (Canada)

L3Hariss Technologies Inc. (U.S.)