Report : South America Maritime Information Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Platform (On-Shore and Vessel), Application (Fleet Management, Vessel Tracking, and Maritime Security), and End-User (Commercial and Government)
At 3.5% CAGR, the South America Maritime Information Market is speculated to be worth US$ 53.37 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the South America maritime information market was valued at US$ 43.33 million in 2022 and is expected to reach US$ 53.37 million by 2028, registering a CAGR of 3.5% from 2022 to 2028. Growing adoption of automatic identification systems and adoption of cloud-based marine information solutions are the critical factors attributed to the South America maritime information market expansion.
Ship traffic in oceans is rising due to the expansion of international maritime commerce routes. The number of ships at sea has increased four times in the last 20 years. Several Government authorities invest high amounts in the integration of automatic identification systems (AIS) into ships to decrease maritime accidents and improve marine traffic management. AIS assist fleet staff in making well-informed decisions about ship navigation, collision avoidance, ship grounding, and vessel rescue, thereby aiding in vessel traffic management. To increase maritime safety, the International Maritime Organization (IMO), the UN’s shipping agency, adopted a convention, requiring ships to be equipped with AIS transponders. According to the International Convention for the Safety of Life at Sea, automatic identification systems must be installed in all passenger ships and international voyaging ships with a gross tonnage of 300 or more. Further developments in the sea freight and oceanic boat monitoring systems are expected in the coming years due to stringent regulatory restrictions focused on the environment. Thus, the growing adoption of automatic identification systems boosts the South America maritime information market growth.
On the contrary, interoperability issues and cyber threats hurdles the growth of South America maritime information market.
Based on platform, the South America maritime information market is bifurcated into on-shore and vessel. The vessel segment held 70.4% share of the South America maritime information market in 2022, amassing US$ 30.50 million. It is projected to garner US$ 38.10 million by 2028 to expand at 3.8% CAGR during 2022–2028.
Based on application, the South America maritime information market is segmented into fleet management, vessel tracking, and maritime security. The fleet management segment held 44.9% share of the South America maritime information market in 2022, amassing US$ 19.47 million. It is projected to garner US$ 25.34 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on end user, the South America maritime information market is bifurcated into commercial and government. The commercial segment held 87.7% share of the South America maritime information market in 2022, amassing US$ 37.99 million. It is projected to garner US$ 47.63 million by 2028 to expand at 3.8% CAGR during 2022–2028
Based on country, the South America maritime information market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 80.9% share of the South America maritime information market in 2022. It was assessed at US$ 35.04 million in 2022 and is likely to hit US$ 43.87 million by 2028, exhibiting a CAGR of 3.8% during the forecast period.
Key players profiles in the South America maritime information market report are BAE Systems Plc; Fujitsu Limited; Iridium Communications Inc.; L3Harris Technologies Inc.; Lockheed Martin Corp; Northrop Grumman Corp; ONEOCEAN; ORBCOMM Inc.; Polestar; Saab AB; Siemens AG; Spire Global; Thales Group; and Windward Ltd., among others.
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