Asia Pacific Maritime Real-time Positioning System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Component, Technology, Application, and Vessel Type

Asia Pacific Maritime Real-time Positioning System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Component, Technology, Application, and Vessel Type

  • November 2020 •
  • 140 pages •
  • Report ID: 5999654 •
  • Format: PDF
The APAC maritime real-time positioning system market is expected to grow from US$ 35.19 million in 2019 to US$ 371.22 million by 2027; it is estimated to grow at a CAGR of 34.7% from 2020 to 2027. Soaring growth potential across the APAC region is expected to boost the APAC maritime real-time positioning system market growth. The countries in the APAC region, including China, India, and South Korea, are witnessing notable growth rate in the maritime industry. Stable economies and technological advancements support the growth of a diversified range of industries and markets in the APAC. Rapid developments pertaining to technologies, initiatives from governments, and digitalization of economies are among the factors propelling the APAC overall economic growth and driving it from a developing to a developed phase. All the factors promote globalization and technological growth in APAC. As of April 2020, China’s total fleet value crossed US$ 98 billion and Japan reached US$ 108 billion. Also, the robust sea-trade and logistics arena in the region is steering the growth of the APAC maritime real-time positioning system market to a significant extent. The growth in the maritime industry across the APAC region is expected to increase the demand for maritime real-time positioning systems, which would drive the APAC maritime real-time positioning system market. Advent of advanced technologies is among the other factors driving the APAC maritime real-time positioning system market.
The APAC region, especially China and India, is severely affected due to the COVID-19 outbreak.The APAC region is characterized by the presence of many developing countries with growing industrial sector and rising population.

Growing urbanization and industrialization level in the APAC region makes it a promising market for the growth of maritime trade.Moreover, China is a major consumer and producer for many key industries, including automotive, electronics & semiconductor, commodities, and agricultural products.

The interruptions in movement, flow, and storage of goods due to the COVID-19 outbreak have affected the overall logistics and transportation industry growth in this region, thereby negatively impacting the APAC maritime real-time positioning system market growth.Disruption in supply chain has reduced the number of fishing vessels during the pandemic situation, which would negatively impact the installation of positioning systems in existing fishing vessels, thereby affecting the APAC maritime real-time positioning system market growth.

Also, temporary shutdown of manufacturing units has decreased the procurement of fishing, cargo, and other vessels which has affected the APAC maritime real-time positioning system market negatively.

Based on vessel type, the cargo vessels segment led the APAC maritime real-time positioning system market in 2019.Cargo ships or merchant ships, also known as liner ships, are large vessels designed to transport cargo across countries.

Thousands of cargo vessels ply in ocean in today’s globalization era contributing hugely to the supply chain.Various types of cargo vessels are general cargo vessels, container vessels, tankers, dry bulk carrier, multi-purpose vessels, reefer ships and roll-on/roll-off vessels.

The amount of shipments is rising exponentially due to growing disposable income, stable economic structure, and government support to improve the e-commerce industry across APAC. The use of cargo vessels is expanding, from Jewelry to pharmaceuticals to electronics and more. The use of cargo vessels is expected to increase in comings years, which would increase the need for monitoring and tracking of vessel, thereby driving the APAC maritime real-time positioning system market

The overall APAC maritime real-time positioning system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC maritime real-time positioning system market.

The process also serves the purpose of obtaining overview and forecast for the APAC maritime real-time positioning system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, maritime real-time positioning system market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC maritime real-time positioning system market. Envision Enterprise Solutions America Inc., Intrasys (Pte.) Ltd., Martek Marine, ORBCOMM Inc., VECTOR INFOTECH PTE LTD., and Zebra Technologies Corporation are among a few players operating in the APAC maritime real-time positioning system market.
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