Europe Maritime Real-time Positioning System Market is expected to reach US$ 383.78 Mn by 2027

Hardware Segment to Dominate Europe Maritime Real-time Positioning System Market during 2019–2027

According to a new market research study on “Europe Maritime Real-time Positioning System Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Technology, Application, and Vessel Type,” is expected to reach US$ 383.78 million by 2027 from US$ 42.91 million in 2019. The market is estimated to grow at a CAGR of 32.0 % from 2020 to 2027. The report provides trends prevailing in the Europe maritime real-time positioning system market along with the drivers and restraints pertaining to the market growth. Upsurge in the number of cargo vessels and increase in use of RFID in shipping industry are the major factor driving the growth of the Europe maritime real-time positioning system market. However, technical issues and deficiency of skilled workforce hinder the growth of Europe maritime real-time positioning system market.    

Further, in case of COVID-19, Europe is highly affected specially the Russia and UK. Europe is a major manufacturing and industrial hub for several industrial sectors such as automotive, aerospace & defense, energy & power, pharmaceuticals, and food & beverages. Hence, logistics and transportation plays a crucial role in ensuring the development and growth of these industries in the region. The sea freight is an essential part of region’s economy. The UK’s logistics and transportation sector is widely spread and handles significantly higher volumes of food & beverage, pharmaceuticals & chemicals. Attributing to the rise in the number of COVID-19 infected patients, the British government imposed lockdown measure which has affected the maritime real-time positioning system market badly in the country. The Association of “European Freight Forwarders” and “Polish Chamber of Forwarding and Logistics” have already raised warnings regarding the limited export loads and well as delays in port operations, owing to non-availability operators and manpower which is expected to affect the Europe maritime real-time positioning system market badly.

The Europe maritime real-time positioning system market is broadly segmented into component, technology, application, vessel type, and country. Based on component type, the market is segmented into the hardware, software, and services. The hardware segment dominated the market in 2019 owing to growing use of readers, trackers, tags, sensors, and more for the manufacturing of system. Based on application, the market is segmented into fleet management, inventory and asset management, and crew tracking. The fleet management segment held the largest market share in 2019 pertaining to increase demand for tracking large vessels. Based on vessel type, the market is segmented into fishing vessels, cargo vessels, service vessels, passenger ships and ferries, and others. The cargo vessels segment held the highest share in 2019 due to growing e-commerce industry. Similarly, based on technology, market is segmented into RFID, GPS, and others. The RFID segment held the largest share of market in 2019.

DIMEQ AS, FAVENDO GMBH, Martek Marine, MER Group, ORBCOMM Inc., Zebra Technologies Corporation are among the leading companies in the Europe maritime real-time positioning system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, DeCurtis Corporation Partnered with Favendo which aimed to pursue worldwide market opportunities in vertical sectors as well as the offering to current clients in cruise.

The report segments the Europe Maritime Real-time Positioning System Market as follows:

Europe Maritime Real-time Positioning System Market – By Component   

• Hardware
  • Readers and Trackers
  • Tags/Badges
  • Others
• Software
• Services

Europe Maritime Real-time Positioning System Market – By Technology

• RFID
• GPS
• Others

Europe Maritime Real-time Positioning System Market – By Application

• Fleet Management
• Inventory and Asset Management
• Crew Tracking

Europe Maritime Real-time Positioning System Market – By Vessel Type

• Fishing Vessels
• Cargo Vessels
• Service Vessels
• Passenger Ships and Ferries
• Others

Europe Maritime Real-time Positioning System Market – By Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe