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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights

Automatic Identification System Market Overview

Automatic identification system refers to an automatic tracking technology which provides the information about the traffic of the marines. Automatic identification system helps in better traffic management and prevention of possible maritime collision. It has been observed that automatic identification systems are mainly used for providing safety to the vessels.

Market Size and Forecast

Global automatic identification system market is expected to flourish at a CAGR of 4.8% during the forecast period. Further, the market of automatic identification system is expected to garner USD 272 Million by the end of 2024. In recent years, marine industry has witnessed huge growth all over the globe. Increasing demand for better maritime traffic management and advancement in marine transportation is expected to drive the growth of the global automatic identification system market.

Automatic Identification System

In the terms of regional platform, North America dominated the overall automatic identification system market in 2016. Further, North America region is expected to continue its dominance over the forecast period. This can be attributed to the high maritime security in the region. Further, rising government participation in the adoption of automatic identification system is expected to foster the growth of the automatic identification system market. In North America region, U.S. accounted for the largest market share of automatic identification system market. Additionally, rising adoption of automatic identification system by the U.S. Coast Guard is anticipated to garner the growth of the market in the nation. Further, Canada is also expected to contribute significantly to the growth of automatic system identification market due to the stringent government rules and regulations. Further, Canadian government has made it mandatory to install automatic identification system in the vessels. This factor is expected to fuel the growth of automatic identification system in the nation.

Asia Pacific is projected to witness significant growth over the forecast period. Increasing number of waterborne transportation and trade in the region is anticipated to swell the demand for automatic identification system during the forecast period. Additionally, China and India are expected to be the major contributor to the growth of the automatic identification system market over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE

Market Segmentation

Our in-depth analysis has segmented global automatic identification system market into the following segments:

By Platform

Vessel Based Platform
On-Shore Based Platform

By Class

Class A automatic identification system
Class B automatic identification system
Automatic identification base stations

By Region

Global automatic identification system market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers & Challenges

The growth of global automatic identification system market can be attributed to rising volume of seaborne trade. Further, this rising growth of overseas trade is resulting in augmented demand for effective marine traffic management which is likely to boost the growth of the automatic identification system market. More importantly, huge growth in the GDP of the growing economies is anticipated to fuel the growth of the international trade. According to the Society of Maritime Industries, global economic expansion is projected to double the seaborne trade by 2030. This factor is expected to upscale the growth of the automatic identification system globally.

Stringent rules & regulations to minimize the marine accidents are expected to propel the growth of the automatic identification system market. Specifically, strict directive of the International Maritime Organization to install automatic identification system in the vessels is uplifting the growth of the automatic identification system market globally.

On the contrary, high cost of the automatic identification system technology is likely to hamper the growth of the global automatic identification market. That aside, technological limitations such as range limitation and lack of reporting facilities between marines and on shore authorities is anticipated to hinder the growth of the global automatic identification market.