Automatic Identification System Market- Global Industry Analysis By Development, Size, Share And Demand Forecast 2024
Recent report published by research nester 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.
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.
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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.
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.
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:
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 Final
Report will cover the impact analysis of COVID-19 on this industry @https://www.researchnester.com/sample-request-514
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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