Market Size of Long Range Identification and Tracking Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Long Range Identification & Tracking Market Analysis
The long-range identification and tracking market registered a CAGR of 5.4% over the forecast period 2021 - 2026. Long-range tracking and identification systems are security and surveillance systems used to identify and track vessels. This system includes ship-mounted long-range tracking and identification systems, information transmitters, application service providers (ASPs), LRIT data centers, communications service providers (CSPs), LRIT data distribution plans, ship monitoring systems, and international LRIT data exchanges.
- Integrating a long-range tracking and identification system into a ship provides governments with information related to the ship's identity and location, helping government agencies mitigate security risks.
- In addition, the benefits of long-range tracking and identification systems such as sea search and rescue, marine environmental protection, and maritime safety are expected to drive the extended-range tracking and identification system market.
- Major countries use it to integrate the technology and infrastructure needed to integrate LRIT into the maritime sector to maintain vessel tracking and gain insights into safety and productivity associated with various routes at sea.
- Panama is a leader in the LRIT market, with more than 8,000 vessels using this technology. Meanwhile, other South American countries have emerged as the leading candidates for the market and have adopted this technology as early as 2010.
