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Stringent Regulations and Mandates to Enhance Maritime Safety is Envisioned To Foster the Growth of Global Automatic Identification System Market in Future, According to Research Nester
The global automatic identification system market is segmented into platform such as vessel based platform and on-shore based platform. Among these segments, vessel based platform segment is expected to occupy the top position in global automatic identification system market. Further, increasing demand for commercial fleet is anticipated to drive the growth of the vessel based automatic identification system market. Moreover, stringent government regulations are expected to increase the adoption of vessel based automatic identification system in the upcoming years. However, on-shore based platform market is expected to grow at a higher CAGR as compared to vessel based platform market.
Global automatic identification system market is expected to flourish at a significant CAGR of 4.8% over the forecast period. Moreover, the global automatic identification system market is expected to garner USD 272 Million by the end of 2024. Factors such as increasing seaborne trade activities and growing demand for advanced maritime traffic controls are expected to fuel the growth of the Global Automatic Identification System Market. Moreover, stringent rules & regulations associated with the implementation of automatic identification system us expected to drive the growth of the market.
North America captured the largest market share in overall automatic identification system market in 2016. Further, North America is expected to continue its dominance over the forecast period. Stringent safety mandates and regulations in the region are escalating the demand for automatic identification system. Moreover, increasing government participation to encourage the adoption of the automatic identification system is expected to garner the growth of the market in North America region. U.S. is the major contributor to the growth of global automatic identification system market. Asia Pacific is also expected to showcase significant growth in the automatic identification system market. Rising number of commercial fleet ownership in the region is expected to escalate the demand for the automatic identification system.
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Stringent Rules & Regulations
Strict rules and regulations regarding the implementation of automatic identification system are rapidly increasing the market size of the global automatic identification system market. As per the U.S. Code of federal regulations, AIS requirement is must for the fleet destined or departing from the port of U.S. Similarly, International Convention for the Safety of Life at Sea (SOLAS) convention of International Maritime Organization mandated the carriage of automatic ship identification system in fleets.
Rising Demand for Effective Marine Traffic Management
Increasing volume of seaborne trade has augmented the demand for effective maritime traffic systems. Moreover, increasing number of commercial fleets and rising international seaborne trade activities in developing nations is envisioned to bolster the growth of the automatic identification system market. However, high cost of automatic identification system and technological limits of the system such as limited range are some of the factors which are expected to hamper the growth of the global automatic identification system market.
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The report titled “Global Automatic Identification System Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automatic identification system market in terms of market segmentation by platform, by class and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global automatic identification system market which includes company profiling of Honeywell International Inc., Orbcomm Inc., Furuno Electric Co. Ltd., Garmin International Inc., Kongsberg Maritime, SAAB Transponder Tech AB, L-3 Communications Holdings Inc., Raytheon Ltd., Exactearth Ltd. and Thales Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global automatic identification system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a leading service provider for strategic market research and consulting, serving clients from 120+ countries across the globe. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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