The global naval tracking systems market size is expected to gain traction from the increasing incorporation of inbuilt internet connectivity and similar other novel features. In February 2021, for instance, one of the Royal Navy’s attack submarines named HMS Talent was seen with a unique sensor technology that will be used to track Russian submarines present in the Mediterranean. It can detect tiny radiation signatures and would not require easy-to-detect sonar. Fortune Business Insights™ published this information is an upcoming report, titled, “Naval Tracking Systems Market, 2022-2029.”
The COVID-19 pandemic is projected to affect the naval tracking systems industry negatively. This is attributable to lockdown measures and travel restrictions implemented by regulatory bodies across the globe to prevent transmission. Also, developing countries have started prioritizing their spending, which, in turn, may severely impact upcoming investments in this market. Our reports will help you come out of this grave situation by adopting the right strategy.
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Our analysts have segregated the market for naval tracking systems on the basis of type, communication technology, systems, vessel types, applications, and geography. By type, it is bifurcated into wireless and wired. In terms of communication technology, it is divided into dual mode, GPS/satellite, and cellular. Based on systems, it is categorized into synthetic-aperture radar, long range identification & tracking, automated identification system, and others. In terms of vessel types, it is segmented into heavy commercial vehicle, light commercial vehicle, and passenger vehicle. Lastly, by applications, it is classified into emergency services, mining, oil & gas, construction, and transportation & logistics.
The research report provides a detailed assessment of multiple customers’ journeys pertinent to segments and the market. It helps our clients to get a complete picture of their fears and pain points across several customer touchpoints. At the same time, it offers projections and estimations. It equips businesses to frame excellent strategic frameworks. Lastly, it sheds light on numerous answers and aspects associated with the market.
Drivers & Restraints-
Increasing Demand to Enhance Safety of Vehicles will Favor Growth
The rising demand for state-of-the-art naval tracking systems to enhance the safety of vehicles is likely to propel growth. Besides, developing economies, such as India and China are showcasing high demand for these systems because of the rising investment by governments to strengthen their naval forces. In addition to this, naval tracking systems are being integrated in advanced solutions, such as electro-optical tracking systems, which, in turn, would open doors to new opportunities. However, complexities associated with the operation of these systems may hinder the naval tracking systems market growth in the near future.
Expansion of Shipbuilding Industry to Bolster Growth in Asia Pacific
- Asia Pacific: The region is anticipated to earn the largest naval tracking systems market share in the upcoming years. The expansion of the shipbuilding industry in China and South Korea is set to augment regional growth. The United Nations Conference on Trade and Development (UNCTAD), for instance, mentioned in its 2018 report that both countries account for around 78% of the global shipbuilding industry. Also, the surging demand for naval vessels will spur growth of the market for naval tracking systems.
- Europe: It would showcase considerable growth throughout the forthcoming years because of the presence of numerous naval tracking system providers in France and the U.K.
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Key Players Aim to Intensify Competition by Signing New Contracts with Other Firms
The market for naval tracking systems is fragmented with the presence of a large number of big, small, and medium-sized companies. Most of them are focusing on signing new contracts with government organizations to deliver their in-house products. Below are the two latest industry developments:
- January 2021: General Atomics Aeronautical Systems successfully conducted a demo of its MQ-9 SeaGuardian unmanned air vehicle (UAV). It tracked a small submersible target by utilizing 3 sonobuoys. This demo will help the company to develop anti-submarine warfare capabilities.
- February 2020: Ultra and the U.K. Ministry of Defense signed a new contract to support the electro-optical tracking system. It will be used in the U.K. Royal Navy’s type 45 Destroyer for delivering advanced sensor technology.
A list of renowned naval tracking system manufacturers operating in the global market:
- ATrack Technology Inc. (Taiwan)
- CalAmp Corporation (The U.S.)
- Cartrack Pty Ltd. ( South Africa)
- Garmin Ltd. (The U.S.)
- Geotab Inc. (Canada)
- Laird PLC (The U.K.)
- ORBCOMM Inc. (The U.S.)
- Starcom Systems Ltd. (The U.S.)
- TomTom International B.V. (Netherland)
- Verizon Communications (The U.S.)
- Other key market players
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