In a recent published report, Kenneth Research has updated the market report for Automatic Identification System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Automatic Identification System Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Automatic identification system refers to an automatic tracking technology which provides the information about the traffic of the marines. Automatic identification system helps in better traffic management and prevention of possible maritime collision. It has been observed that automatic identification systems are mainly used for providing safety to the vessels.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Size and Forecast
Global automatic identification system market is expected to flourish at a CAGR of 4.8% during the forecast period. Further, the market of automatic identification system is expected to garner USD 272 Million by the end of 2024. In recent years, marine industry has witnessed huge growth all over the globe. Increasing demand for better maritime traffic management and advancement in marine transportation is expected to drive the growth of the global automatic identification system market.
In the terms of regional platform, North America dominated the overall automatic identification system market in 2016. Further, North America region is expected to continue its dominance over the forecast period. This can be attributed to the high maritime security in the region. Further, rising government participation in the adoption of automatic identification system is expected to foster the growth of the automatic identification system market. In North America region, U.S. accounted for the largest market share of automatic identification system market. Additionally, rising adoption of automatic identification system by the U.S. Coast Guard is anticipated to garner the growth of the market in the nation. Further, Canada is also expected to contribute significantly to the growth of automatic system identification market due to the stringent government rules and regulations. Further, Canadian government has made it mandatory to install automatic identification system in the vessels. This factor is expected to fuel the growth of automatic identification system in the nation.
Asia Pacific is projected to witness significant growth over the forecast period. Increasing number of waterborne transportation and trade in the region is anticipated to swell the demand for automatic identification system during the forecast period. Additionally, China and India are expected to be the major contributor to the growth of the automatic identification system market over the forecast period.
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Our in-depth analysis has segmented global automatic identification system market into the following segments:
Vessel Based Platform
On-Shore Based Platform
Class A automatic identification system
Class B automatic identification system
Automatic identification base stations
Global automatic identification system market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers & Challenges
The growth of global automatic identification system market can be attributed to rising volume of seaborne trade. Further, this rising growth of overseas trade is resulting in augmented demand for effective marine traffic management which is likely to boost the growth of the automatic identification system market. More importantly, huge growth in the GDP of the growing economies is anticipated to fuel the growth of the international trade. According to the Society of Maritime Industries, global economic expansion is projected to double the seaborne trade by 2030. This factor is expected to upscale the growth of the automatic identification system globally.
Stringent rules & regulations to minimize the marine accidents are expected to propel the growth of the automatic identification system market. Specifically, strict directive of the International Maritime Organization to install automatic identification system in the vessels is uplifting the growth of the automatic identification system market globally.
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On the contrary, high cost of the automatic identification system technology is likely to hamper the growth of the global automatic identification market. That aside, technological limitations such as range limitation and lack of reporting facilities between marines and on shore authorities is anticipated to hinder the growth of the global automatic identification market.
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