Europe Maritime Information Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Platform (On-Shore and Vessel), Application (Fleet Management, Vessel Tracking, and Maritime Security), and End-User (Commercial and Government)
The Europe maritime information market is expected to grow from US$ 891.59 million in 2022 to US$ 1,292.08 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2022 to 2028.
Need for Efficient Management of Complex Supply Chain Operations is Driving the Europe Maritime Information Market
The marine industry is embracing digitalization in a bid to improve efficiency, build smarter ships and fleets, and attain readiness toward regional trade expansion.Supply networks are expanding and growing more complex with a rise in consumer demand.
Marine businesses need to continuously work out and implement new strategies to maximize efficiencies and streamline supply chains in the fiercely competitive marketplace.The integration of innovative technologies such as AI, blockchain, IoT, and automation into maritime operations enables the easy arrangement of inventory data, tracking and management of ships, tracking of information, and generation of electronic invoices.
Using these technologies, shipping businesses can reduce the amount of time spent shipping, receiving, tracking, and gathering order data.These technologies aid in streamlining existing procedures, developing fresh commercial prospects, and transforming supply networks.
End users can successfully manage supply chain activities by leveraging design and simulation tools, warehouse management, transportation and yard management, and end-to-end logistics network control aided by maritime information. Additionally, stricter environmental regulations continue to influence the maritime transportation industry since transporters must save costs and ensure sustainability in operations. Thus, the increasing need to efficiently manage complex supply chain operations drives the demand for maritime information systems.
Europe Maritime Information Market Overview
Germany, the UK, Russia, and the Rest of Europe are the key contributors to the maritime information market in the Europe.The European marine industry is driven by the recent development of frigates and offshore patrol boats, owing to their lethality, speed, and maneuverability.
Furthermore, incidents such as an increase in illegal immigrant intrusions and drug trafficking in countries such as Italy, Spain, and Albania, have increased the demand for maritime information across the region.Additionally, maritime information has gained importance in the European region due to the growth of maritime trade and rapid globalization.
The industry is also witnessing advances in technology that enable real-time data transmission.Furthermore, the European maritime information market is mainly driven by the growth of trade and tourism, where advanced Vessel traffic services (VTS) technology services are required to ensure optimal safe operation.
In addition, the growing demand for advanced maritime security systems in countries such as Germany, the UK, France, and Italy is also driving the market. Commercial and government sectors widely use maritime intelligence to identify vessels, assist coast guards in search missions, curb human trafficking, and gather data about operations. In addition, maritime information systems analyze and manage various hazardous events, such as earthquakes in the ocean. Hence, increasing marine threats and rising demand for channel intelligence are expected to propel market growth. Several software companies are collaborating with leading shipping companies to offer end-to-end marine solutions, which is fueling the market growth. For instance, in April 2022, the internet of Things (IoT) solutions provider ORBCOMM Inc. collaborated with Hapag-Lloyd, a German-based shipping company, to offer ORBCOMM’s latest telecommunications technology end-to-end visibility to its massive dry container fleet. Hapag-Lloyd is the first in the industry to use ORBCOMM’s purpose-built dry bin IoT technology to increase efficiency. ORBCOMM’s dry container telecommunications solution meets Hapag-Lloyd’s requirements for anti-future technology, enabling compliance with certified marine industry safety standards.
Europe Maritime Information Market Revenue and Forecast to 2028 (US$ Million)
Europe Maritime Information Market Segmentation
The Europe maritime information market is segmented into platform, application, end-user, and country.
Based on platform, the Europe maritime information market is bifurcated into on-shore and vessel. In 2022, the vessel segment registered the larger share in the Europe maritime information market.
Based on application, the Europe maritime information market is segmented into fleet management, vessel tracking, and maritime security. In 2022, the fleet management segment registered the largest share in the Europe maritime information market.
Based on end-user, the Europe maritime information market is segmented into commercial and government. In 2022, the commercial segment registered the larger share in the Europe maritime information market.
Based on country, the Europe maritime information market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. In 2022, the Rest of Europe segment registered the largest share in the Europe maritime information market.
BAE Systems Plc; Fujitsu Limited; Iridium Communications Inc.; L3Harris Technologies Inc.; Lockheed Martin Corp; Northrop Grumman Corp; ONEOCEAN; ORBCOMM Inc.; Polestar; Saab AB; Siemens AG; Spire Global; Thales Group; and Windward Ltd are the leading companies operating in the Europe maritime information market.