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The ongoing advancement in technologies has remarkably improved the approaches of tracking and monitoring the ships, thus safeguarding them from various threats. In the highly revolutionized marine environment, the vessel tracking system is playing a crucial role by bringing long-range connectivity among ships as well as between ship and coast guards. These systems are developed to provide near to real-time vessel monitoring, as well as track and control commercial fishing boats, cargo ships, and passenger carriers. These systems also improve fuel efficiency and maritime security while ensuring regulatory compliance.
Further, the technologies like 5G, internet of things (IoT), marine radiocommunication networks, and radio-frequency identification (RFID) will greatly transform the marine operations in the coming years. 5G in maritime is expected to facilitate the adoption of autonomous vessels for remote operation with low latency connectivity. These technologies will enable operators to monitor and track live audio and 3D or high definition videos onboard. Likewise, the RFID tags in the vessel tracking system will assist in asset management and tracking the status of cargoes.
Currently, even though many ships make use of vessel tracking systems to pinpoint and monitor their courses, the technology has not yet managed to reach far and wide. Distance and bandwidth limit, and satellite transmission problems are some of the constraints preventing the vessel tracking system from functioning optimally. However, once these limitations are eliminated, a vessel tracking system will be able to pioneer naval voyages by aiding widespread connectivity among essential channels.
Key Market Driver -
• Rising concern regarding vessel safety and security to propel the market growth • Need for connected and efficient logistics to fuel the growth of vessel tracking system market
Key Market Restraint -
• Distance and bandwidth constraints may hinder the growth of the market • High cost is limiting the growth of the market
In this ongoing COVID-19 pandemic situation, many ships were miles away from the port when the lockdown was announced by different countries with shut down of national borders, airports, and ports. The companies which already implemented vessel tracking systems like automated identification system and vessel monitoring system were able to track, monitor, and control their ships. These companies are able to make communication needed to mobilize the resources and resume goods delivery or re-route to an alternate nearby distribution and storage centre or ports.
Companies like CNS Systems AB, ORBCOMM, BigOceanData, Wärtsilä Among Others Continuously Strives to Provide Better Tracking Solutions
The companies in this industry aim at offering better monitoring and tracking systems to its clients to provide data analysis and enhanced end-to-end supply chain management. These players also engage in collaboration and partnership activities to strengthen their product portfolio and broaden their customer base. For instance, in March 2018, Wärtsilä acquired Transas, a UK based marine navigation solution provider, to gain momentum in its Smart Marine Ecosystem vision. Smart Marine Ecosystem aims at connecting smart vessels with smart ports which would resolve inefficiencies like sub-optimal fuel consumption, waiting times at ports among others in the shipping sector.
Europe anticipated to lead the market, as the EU has made it compulsory to implement a vessel monitoring system to track all the larger boats in its fleet. Also, long-range identification and tracking is made mandatory by the European Maritime Safety Agency to track European ships around the world. The Asia Pacific is expected to be the fastest-growing region in the coming years owing to the presence of the largest number of ports. Also, growing port development projects and increasing seaway transportation, especially from a country like China will boost the growth of the market.
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