Marine Telematics Market Size will Observe Substantial Growth by 2024

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Marine Telematics Market

Telematics technology is an integration of wireless telecommunication technologies with computers. Such technology is used to obtain and convey information over vast networks to improve the functionality of running businesses with governments. Telematic systems are equipped with the components such as global positioning satellite (GPS) systems and sensors for a variety of applications. These components accesses and communicates the updated facts such as water temperature, pollutants, level of fuel in the tanker, equipment functioning and several ship related information to the concerned authorities. Hence, such telematic systems not only ensure safety of the marine operators but also guarantee proper functioning of the marine equipment.

The data about the status and location of voyaging boats and ships is very vital for agencies, tourists, and merchants to track such boats and ships in real time. Such requirements have led to emergence of marine telematics market. The marine based telematics technology help such merchants, tourists, and agencies to track and monitor the location of the voyaging ships by providing real time information.

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Marine Telematics Market: Drivers and Restraints

The drivers of marine telematics market development are the benefits attached with using of such technology in marine industry. The marine transport owners can retrieve location related information about their transport offshore and monitor their movement suitably. The telematics technology provides onboard data access to the helmsman about the status of the ship or boat offshore. The knowledge about the functional aspect of nautical equipment obtained using telematic systems can be used by the original equipment manufacturers (OEM) and dealers to provide improved services to the boat and ship owners. The intervening factor to such technology market development is the vulnerability of the telematic devices to virus attacks causing tampering of certain features.

The growing demand for specialized ships and boats to ensure efficient offshore operations has resulted in increasing utilization of telematic technology in marine industry. Hence, the marine telematics market is expected to experience a significant development in the coming future

Marine Telematics Market: Regional Insight

The North American market for such marine based technology is projected a high growth in the forecasted period. Especially, in Gulf of Mexico, the increasing offshore oil and gas exploration and production activities may tend to contribute to such market development. The continued economic depression in Europe is likely to cause gradual progress of marine telematics market over there. Such market is assumed a rapid evolution in Asia Pacific as it is the largest commodity trading hub in the world. In particular, China and India, being the rapidly expanding economies, are estimated to offer future growth to the marine industry.

Thus, the marine telematics market is also anticipated a boost in the years to come. In rest of the world, Middle East is growing as a dynamic marine hub for shipping, shipbuilding and repairing, and offshore activities. The marine telematics market is likely to benefit as a result of such developments in the marine industry of Middle East.

The marine telematics market is segmented based upon the end-users of marine sector. The passenger ships and boats require telematic systems to track and monitor their location in the middle of the sea. The marine transports meant for offshore oil and gas exploration activities need highly sophisticated marine based telematic devices to obtain information of the water temperature, water pollution, air pollution, location of offshore drilling sites among many others. Such technology is also used in ships meant for military department.

The key players in the marine telematics market include Airbiquity Inc., Agero Inc., Connexis LLC, Verizon Telematics Inc., WirelessCar AB, Cybernetica AS, ki2 Infotech, Market Spectrum, Inc., and Navis, among others.

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