Market Size of Boat and Ship Telematics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 20.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Boat & Ship Telematics Market Analysis
The boat and ship telematics market is expected to exhibit a growth rate of over 20% during the forecast period 2020-2025.
With the rapid increase in international sea trade, new opportunities are not only arising for ship and vessel operators but also brings new challenges such as maintaining return on investment. Therefore, fleet management and logistic management is becoming really necessary to develop cost-effective supply chains. Telematics helps in collecting, analyzing and visualizing the data that is generated from various marine operations and owing to this factor, the boat and ship telematics market is on the rise.
Safety and security concerns are on the rise due to an increase in valuable goods shipment, rise in ocean traffic, VIP transport, piracy activities, etc. as these can lead to a conscious and probabilistic hazard. The telematics systems have the ability to identify and mitigate the oncoming hazard and this factor is propelling the market growth.
In order to curb the increase in cargo and human life losses, collision and other mishaps at sea caused by human error, companies such as Rolls Royce, etc. are working on remotely controlled autonomous ships that are expected to be in waters by 2025 and fully autonomous ships are expected to arrive by 2035. However, fully autonomous cargo and passenger ships are many years away, companies have started implementing telematics technology in ships for short travel applications. In December 2018, Rolls Royce and Finferries of Finland demonstrated the use of fully autonomous ferry ship Falco which performed automatic berthing using newly developed autonomous navigation system. This factor is expected to fuel the market growth for marine telematics Industry.
