The Future Market Insights in 2023, the market for automatic identification systems is anticipated to be worth US$264.5 million, and by 2033, it will be worth US$534.9 million. Market growth is anticipated to average 7.3% over the course of the projected period.
In order to protect the safety of the ship, there is a growing demand for automatic identification systems. As global trade activity, the number of ships, and fleet size increase, market potential also grows. The marine department's implementation of an automatic identification system to handle traffic control and reduce the risk of collision as a result hastens market growth.
Sales of autonomous identification systems are anticipated to increase as a result of the creation of better navigational systems, more globalisation, and international connectivity. Market expansion is being driven by the rising need for automatic identification systems to transmit information from coastal authorities to crew members and vice versa. During the forecast period, the market size will expand as a result of the government's increased investment in and support of the marine industry.
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Marine Industry Drives Automated Identification System Market Opportunities
The marine industry is massive and spreads all over the world. Cruises, fleets, and ships facilitate almost 90% of international commerce activity. As a result, in order to maintain any circumstance or natural calamity, marine management is implementing an automatic identification system to follow the vessel, control it, and assist it in sailing smoothly.
Shipping businesses struggle to manage huge ships and fleets, such as communicating information, location, and other updates. The development of an advanced technical automatic identification system makes it easier for mariners to keep track of their daily records. Weather forecasts, fuel use, and job data are all monitored by the system. These opportunities in the marine sector propel market growth.
- The automatic identification system market is expected to have a valuation of US$ 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
A Few Prominent Players in the Market are:
- Wartsila Corporation
- Japan Radio Corporation
- L3 technologies
- Orbcomm Inc.
- True Heading AB
- Jotron AS
- C.N.S. Systems AB
- ACR Electronics Inc.
- ONWA Marine Electronics Co. Ltd
Automatic Identification System Market by Category
- Vessel Based- Class A, Class B
- Shore Based- AIS Base Station
- AIS AtoN
- Fleet Management
- Vessel Tracking
- Maritime Security
- North America
- Latin America
- South Asia Pacific
- East Asia
- Middle East Africa (MEA)