According to estimates, the market for automatic identification systems will be worth US$ 264.5 million in 2023 and US$ 534.9 million in 2033, respectively. Over the course of the projection period, it is anticipated that the market will grow at a CAGR of 7.3%.
Automatic identification systems are becoming more and more popular as a way to keep ships secure. The market potential is growing along with global trade activity, as well as the number of ships and fleets. As a result, market growth is accelerated by the marine department’s use of an automatic identification system to manage traffic control and reduce collision risk.
Sales of autonomous identification systems are anticipated to increase as a result of the creation of better navigational systems, more globalization, and international connectivity. Market expansion is being driven by the rising need for automatic identification systems to transmit information from coastal authorities to crew members and vice versa. During the forecast period, the market size will expand as a result of the government’s increased investment in and support of the marine industry.
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Marine Industry Drives Automated Identification System Market Opportunities
The marine industry is massive and spreads all over the world. Cruises, fleets, and ships facilitate almost 90% of international commerce activity. As a result, in order to maintain any circumstance or natural calamity, marine management is implementing an automatic identification system to follow the vessel, control it, and assist it in sailing smoothly.
Shipping businesses struggle to manage huge ships and fleets, such as communicating information, location, and other updates. The development of an advanced technical automatic identification system makes it easier for mariners to keep track of their daily records. Weather forecasts, fuel use, and job data are all monitored by the system. These opportunities in the marine sector propel market growth.
Key Takeaways:
- The automatic identification system market is expected to have a valuation of US$ 534.9 million by 2033.
- With a CAGR of 8.3%, the global market is expected to grow during the forecast period.
- The United States automatic identification system market is anticipated to grow at a CAGR of 5.7% through 2033.
- With a CAGR of 6.6%, the United Kingdom market is anticipated to significantly uplift during the forecast period.
- The China market is expected to grow at a CAGR of 7.6% over the forecast period.
Who is Winning?
The prominent players are essential to uplift the global market. The players focus on research and development activities to dive deeply into the market. These players and top manufacturing companies are developing better products and services using novel technology.
The prominent vendors are making several marketing strategies to drive market growth. The players are adopting marketing tactics such as mergers, acquisitions, partnerships, and agreements.
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A Few Prominent Players in the Market are:
- Wartsila Corporation
- Japan Radio Corporation
- L3 technologies
- Orbcomm Inc.
- Garmin
- True Heading AB
- Raymarine
- Jotron AS
- C.N.S. Systems AB
- ACR Electronics Inc.
- ONWA Marine Electronics Co. Ltd
Recent Development in the Automatic Identification System Market are:
- In Oct 2021, ExactEarth announced US$ 1.5 million for a one-year contract for Satellite A.I.S. services with Geospatial Intelligence under an agreement.
- In Sep 2021, ExactEarth and Spire Global Inc. agreed to a US$ 161.2 million conclusion to acquire ExactEarth.
Automatic Identification System Market by Category
By Category:
- Vessel Based- Class A, Class B
- Shore Based- AIS Base Station
- AIS AtoN
- Others
By Application:
- Fleet Management
- Vessel Tracking
- Maritime Security
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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