The global vessel tracking systems market is expected to grow at a significant CAGR during the forecast period 2024-2031. The vessel tracking system is widespread and highly applicable in marine and coastal regions. This system enables to track and trace over marine vehicle operation to inhibit the rising threats in marine routes. The vessel tracking system provides time, location and identification description of the vessel to the naval force and commercial marine port authorities to monitor the activities over the vessel with the help of tracking systems.
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The rising vessel security and safety concern across the globe is projected to drive the market growth of the global vessel tracking system market to ensure secure navigation, rescue and marine research. The global vessel tracking systems market sequentially boosted due to an increase in vessel traffic, demand for safe navigation and piracy threats in international water bodies. The gradual increase in partnership among marine forces and private organizations will enable a robust vessel tracking system to inhibit the threats via marine routes and secure the vessel with an advanced solution to track their operation. This factor is expected to boost the market shares and register a trajectory growth in the global vessel tracking systems market.
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Market Coverage
- Segment Covered-
o By System
o By Type
o By Application
- Competitive Landscape- ORBCOMM Inc., Raytheon Company, L-3 Technologies Inc., Harris Corporation, Echol Tech Pte Ltd.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Vessel Tracking Systems Market by Segment
By System
- Long Range Identification & Tracking
- Automated Identification Systems
- Synthetic-Aperture Radar
- Others
By Type
- Passenger carrier
- Cargo ship
- Navy
By Application
- Government
- Defence
- Commercial
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