23 September 2019
Automatic Identification System Market Report 2019-2029: Forecasts by Class (Class A, Class B, & AIS Base Stations), Platform (Vessel-Based, and Onshore-Based), Application (Fleet Management, Vessels Tracking, Maritime Security, Other Applications), by Region and Analysis of Leading Companies indicates that the Global Automatic Identification System Market was valued at $389 million by 2029.
The continuing trend observed, which is anticipated to promote market growth, is the growing adoption of automatic identification system in the maritime industry around the globe. AIS class-A band is capable of tracking big business ships and planning traffic management paths. Similar to air traffic services, this vessel traffic service is used by AIS to provide navigational guidance to ships traveling across open seas. AIS is therefore vital to ensure precise monitoring of ships and efficient management of maritime traffic.
It is anticipated that the requirement for effective marine traffic management will increase the market for automatic identification systems over the forecast period. The International Maritime Organization (IMO) has issued mandates that ships be required to incorporate automatic identification systems in order to decrease marine accidents and improve the management of marine traffic. Increased international trade and ship traffic is anticipated to serve as a main driver for the market for automatic system identification.
It is also anticipated that growing demands for vessel identification and monitoring, safety and security issues, and the need for effective traffic control will drive market growth over the forecast period. High technology costs, however, may restrict market development. The rapid pace of globalization is anticipated to provide the automatic identification system market with important growth opportunities.
Due to strict security protocols and mandates in the region, North America is anticipated to dominate the global market for automatic identification systems. For example, the Canadian federal Navigation Safety Regulations mandates the integrating vessel tracking systems with an automatic identification system, which automatically updates the vessel's position and provides appropriate information to marine traffic operators.
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