Newark, NJ, June 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global automatic identification system market is expected to grow from USD 247 billion in 2020 and reach USD 390.7 million by 2028, growing at a CAGR of 6% over the forecast period 2021-2028.
The significant increase in the use of sea routes for commercial and travel purposes has also raised concerns about the safety of the sea routes. The use of Class A, especially in large commercial vessels, to help plan the courses for marine traffic management has driven the growth of the AIS market. Class B is also gaining popularity as they mainly support lower RF transmissions and are operated based on simpler protocols. Shipping companies are widely using fleet management solutions to run their fleets efficiently and profitably, thereby driving the growth of the AIS market.
Automatic Identification System is a specialized automated tracking system used to avoid collisions of the vessels by the vessel traffic management services. AIS constantly transmit a vessel's identity, speed and other relevant information to the base station situated along the coastal lines. These systems are entirely automated and therefore do not require any human intervention, which is a primary reason for its vast applications. These systems do not get affected by rain and can provide a longer wavelength, which facilitates an improvement in monitoring the movements of the vessels, especially at night. With an appropriate display to provide dynamic data, the AIS can provide quick and accurate information, which will give an alert about the risk of collision.
The growth of the Automatic Identification System market is primarily influenced by factors such as the development of satellite-based communication; increase in world trade which has increased marine traffic has led to the expanding adoption of AIS. The factors restraining the growth of the market are the errors as a result of faulty equipment settings, which can lead to an emergency and additionally, certain types of vessels such as fishing vessels cannot be fitted with AIS, and these factors pose a challenge for the growth of the market. Despite all the restraining factors, the increasing security concerns regarding vessel monitoring are most likely to be an excellent opportunity for the market's future growth.
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The notable players operating in the automatic identification system market include Japan Radio Co. Ltd. (Japan), Orbcomm Inc., Furuno Electric Co. Ltd., Exactearth Ltd., Kongsberg Inc., ORBCOMM (U.S.), SAAB Transponder Tech AB, L-3 Communications Holdings Inc., Garmin International Inc., Honeywell International Inc., Raytheon Ltd., and Thales Group.
Class A segment dominated the market and held the most significant market share of 45% in the year 2020
The global automatic identification system market is segmented into Class A, Class B, & AIS Base Stations based on class. The Class A segment dominated the market and held the most significant market share of 45% in the year 2020. This growth is primarily due to the benefits offered by Class A, such as the choice of not displaying the AIS base stations of Class B to avoid any confusion because of too many vessels. This factor, along with the mandatory regulations, has stimulated the growth of this market.
Vessel-Based platform dominated the market and held the most significant market share of 67% in the year 2020
Based on the platform, the global automatic identification system market is segmented into Onshore-Based and Vessel-Based. The Vessel-Based platform dominated the market and held the most significant market share of 67% in the year 2020. This growth is primarily due to the increasing demand for vessel traffic management, and navigation monitoring of the vessels, especially in sensitive areas, has a significant impact on the market's growth.
Maritime security segment dominated the market and held the most significant market share of 38% in the year 2020
Based on application, the global automatic identification system market is segmented into vessels tracking, maritime security, fleet management, and other applications. The maritime security segment dominated the market and held the most significant market share of 38% in the year 2020. This growth is largely due to the advancements in technology and the increasing concerns of the government regarding maritime security. The enhancement of its safety solutions has stimulated the growth of the market.
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Regional Segment of Automatic Identification System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global automatic identification system market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America dominated the market and held the largest market share of 42% in the year 2020. This growth is largely due to the extensive freight activities and marine travel in the developed economies of Canada and the U.S. The major shipping and maritime transport companies are keen on implementing advanced security solutions, which have contributed to the growth of the AIS market. The Asia-Pacific market is anticipated to witness a high growth rate mainly due to the dependency on water transport for cross-border trade and avoiding security breaches along the sea borders.
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About the report:
The global automatic identification system market is analyzed based on value (USD million). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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