The market for automatic identification systems is expected to be worth US$ 264.5 million in 2023 and US$ 534.9 million by 2033. During the forecast period, the market is expected to grow at a CAGR of 7.3%.
Sales of autonomous identification systems are predicted to increase as navigational systems improve, globalization increases, and worldwide connectivity improves. The growing demand for automatic identification systems to communicate data from coastal authorities to crew members and vice versa is propelling the market growth. During the projection period, the government’s increasing investment in and support of the marine industry will result in a rise in market size.
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Marine Industry Drives Automated Identification System Market Opportunities
The marine industry is massive and spreads all over the world. Cruises, fleets, and ships facilitate almost 90% of international commerce activity. As a result, in order to maintain any circumstance or natural calamity, marine management is implementing an automatic identification system to follow the vessel, control it, and assist it in sailing smoothly.
Shipping businesses struggle to manage huge ships and fleets, such as communicating information, location, and other updates. The development of an advanced technical automatic identification system makes it easier for mariners to keep track of their daily records. Weather forecasts, fuel use, and job data are all monitored by the system. These opportunities in the marine sector propel market growth.
Key Takeaways:
The global automatic identification system market is projected to reach a valuation of US$ 534.9 million by 2033, with an overall CAGR of 8.3% during the forecast period. In regional markets, the United States is expected to grow at a CAGR of 5.7%, while the United Kingdom is anticipated to see a significant uplift with a CAGR of 6.6%. Additionally, China's market is forecasted to expand at a CAGR of 7.6%.
Who is Winning?
The prominent players are essential to uplift the global market. The players focus on research and development activities to dive deeply into the market. These players and top manufacturing companies are developing better products and services using novel technology.
The prominent vendors are making several marketing strategies to drive market growth. The players are adopting marketing tactics such as mergers, acquisitions, partnerships, and agreements.
A Few Prominent Players in the Market are:
The Automatic Identification System (AIS) market is driven by key players such as Wärtsilä Corporation, known for its marine solutions, and Japan Radio Corporation, a leader in radio communication technology. L3 Technologies and Orbcomm Inc. provide advanced AIS solutions with robust connectivity. Garmin is recognized for its navigation and communication devices, while True Heading AB and Raymarine offer innovative AIS products for maritime safety. Jotron AS specializes in emergency communication systems, and C.N.S. Systems AB focuses on integrated communication and navigation solutions. ACR Electronics Inc. delivers reliable safety equipment, and ONWA Marine Electronics Co. Ltd is noted for its affordable and efficient AIS systems.
Recent Development in the Automatic Identification System Market are:
In Oct 2021, ExactEarth announced US$ 1.5 million for a one-year contract for Satellite A.I.S. services with Geospatial Intelligence under an agreement.
In Sep 2021, ExactEarth and Spire Global Inc. agreed to a US$ 161.2 million conclusion to acquire ExactEarth.
