In terms of revenue, the global Maritime Real-Time Positioning
System Market was valued at US$ 158.2 million in 2019 and is
projected to reach US$ 1,395.6 million by 2027; it is expected to grow at a
CAGR of 31.8% during the forecast period.

The continuous technological advancements have drastically
improved the ways of tracking and monitoring the vessels in the last few years.
The developing satellite services have facilitated ship tracking in all the
countries that ensure the safety of vessels from different unseen threats. By
using advanced technologies—such as RFID, GPS, WiFi, and Bluetooth—for
navigating and monitoring, the vessel owners and marine agencies can prevent
illegal activities from taking place in waters. The use of advanced solutions
assists large vessel owners to get real-time information about vessels.

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The well-established maritime
real-time positioning system market players include DIMEQ AS, Envision
Enterprise Solutions America Inc., Favendo GmbH, Intrasys (Pte.) Ltd., Martek
Marine, MER Group, Orbcomm Inc., Shipcom Wireless Inc., Vector Infotech Pte
Ltd., and Zebra Technologies Corporation.

Based on component, the maritime
real-time positioning system market is segmented into hardware, software, and
services.In terms of technology, the market is categorized intoRFID, GPS, and
others. In terms of geography, the maritime real-time positioning system market
is segmented into North America, Europe, AsiaPacific, the Middle East
&Africa, and South America.

The oceanographers and mariners are using GPS data for
conducting an underwater survey, navigational hazard location & mapping,
and buoy placement. The vessels, such as fishing, cargo, passenger ships &
ferries, use GPS technology to accurately track fish migrations, fishing locations,
and ensure complete adherence of regulations set for using real-time tracking
solutions.

Impact of COVID-19 Pandemic on Maritime Real-Time
Positioning System Market

The COVID-19 outbreak began in Wuhan, China, in December
2019, and since then, it has spread at a fast pace around the globe. The
tremendous growth in the spread of the virus has urged governments across the
globe to impose strict restrictions on the movement of humans and vehicles. The
COVID-19 has spread significantly across APAC and North America. Europe and SAM
regions are also hit hard. The regions have significant numbers of market
players. The ICT and transportation industries are adversely affected due to
COVID-19, and since the start of 2020, these industries have been reflecting
declining trend. With the imposition of lockdown across countries in North
America, Europe, and Asia, the industries have been witnessing declining trend.
The fisheries industry requires a significant number of human labor.Since the
COVID-19 virus is spreading through human involvement, the sector is unable to
function properly. Compared to that of 2017, the vessel activities were reduced
by over 69% during the lockdown, the fishing activities were reduced by 84%,
and the passenger traffic by 78%.

The global maritime real-time positioning system market size
has been derived using both primary and secondary sources. To begin the
research process, exhaustive secondary research has been conducted using
internal and external sources to obtain qualitative and quantitative
information related to the market. The process also serves the purpose of
obtaining overview and forecast for the maritime real-time positioning system
market with respect to all the segments.

It also provides the overview and forecast for the market
based on all the segmentation provided with respect to five major regions—North
America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Also, multiple primary interviews have been conducted with industry
participants and commentators to validate the data, as well as to gain more
analytical insights into the topic. The participants who typically take part in
such a process include industry experts, such as VPs, business development
managers, market intelligence managers, and national sales managers, along with
external consultants, such as valuation experts, research analysts, and key
opinion leaders specializing in the maritime real-time positioning system
market.

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