The market for automatic identification systems is expected to be worth US$ 264.5 million in 2023 and US$ 534.9 million by 2033. Throughout the forecast period, the market is expected to grow at a CAGR of 7.3%.
The demand for automatic identification systems is increasing in order to ensure the safety of the vessel. Market potential are expanding as international commerce activity and the number of ships and fleets increase. As a result, the marine department’s adoption of an automatic identification system to handle traffic control and lower the danger of collision accelerates market expansion.
The development of improved navigation systems, growing globalisation, and connections across countries are expected to boost sales of autonomous identification systems. The increased demand for automatic identification systems to communicate data from coastal authorities to crew members and vice versa is propelling market expansion. The government is increasing investment and support for the marine sector, which will increase market size during the projection period.
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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.
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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
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
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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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