Long Range Tracking and Identification System Market Growth, Industry Size, Share, Market Status Analysis and Demand
A long range tracking and identification system is a security and surveillance system that is used for the identification and tracking of ships. The system contains ship borne long range tracking and identification system information transmitting equipment, application service providers (ASPs), communications service providers (CSPs), LRIT data centers, LRIT data distribution plans, vessel monitoring systems, and international LRIT data exchange. The integration of a long range tracking and identification system in ships provides information related to the ship’s identity and current location to the government, which helps government bodies reduce security risks. In addition, advantages of long range tracking and identification systems such as maritime search and rescue, marine environment protection, and maritime safety are anticipated to drive the long range tracking and identification system market.
A rise in seaborne trade is a major factor driving the global long range tracking and identification system market. According to the United Nations conference on trade and development, in 2017, the global seaborne trade volume rose 4% as compared to 2016. This is due to global economic recovery and improving global merchandising trade. The global seaborne trade reached 10.7 billion tons in 2017. Moreover, the dry bulk commodity raised by 4% in 2017 as compare to previous year A rise in global seaborne trade has boosted demand for ships, which is driving demand for long range tracking and identification systems. In addition, a rise in government investment for purchasing ships has propelled the long range tracking and identification system market
Moreover, an increase in security concerns related to ships plays a major role in the growth of the long range tracking and identification market. To overcome security concerns related to ships, most governments are taking initiatives to invest in ship security. For instance, in March 2019, the 13th Governing Council Meeting of the ReCAAP ISC was held in Singapore. The council discussed maritime challenges such as terrorism and armed robbery against ships in Asia. According to the ReCAAP ISC presentation, in 2018, there were 76 incidents of armed robbery against ships in Asia. To overcome these challenges, major countries such as Australia, India, China, Japan, South Korea, the Netherlands, Norway, and Singapore have released funds for to address ship security and terrorism. This is projected to boost demand for security equipment, and, in turn, the long range tracking and identification system market.
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The global long range tracking and identification system market can be segmented based on component and region. Based on component, the market can be classified into devices and services. The services segment can be further divided into installation and managed services. In terms of application, the long range tracking and identification system market can be categorized into cargo ships, high-speed craft, mobile offshore drilling units, and passenger ships.
In terms of region, the global long range tracking and identification system market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific held a dominant position in the global long range tracking and identification system market in 2018. It is anticipated to retain its dominance throughout the forecast period. India, China, and Japan are some of the major countries driving the market in the region. an increase in seaborne trade plays a key role in the growth of the market in the region. According to the United Nations Conference on Trade and Development, in 2017, Asia Pacific accounted for 42% of the global loading seaborne trade and 61% of unloading.
Key players operating in the global long range tracking and identification system market include Furuno Danmark, Master Systems LLC, Radio Holand, Mackay Communications, Seven Seas Marine International, Inc., and Blue Tracker.
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