Global Automatic Identification Systems Market to Reach US$310.9 Million by the Year 2026
The global market for Automatic Identification Systems estimated at US$231.3 Million in the year 2020, is projected to reach a revised size of US$310.9 Million by 2026, growing at a CAGR of 5.2% over the analysis period.
With AIS, it is possible to transmit accurate information, quickly and dynamically. All these advantages offered by AIS devices helped in market growth over the past many years. Another primary reason for increase in growth for the market for AIS devices is the expansion of applications. There are now several new maritime applications for which AIS has been made compulsory.
Initially, deployment of AIS on vessels was only for collision prevention and safety but the technology’s flexibility enabled new applications like allowing cost-effective navigation. Oil companies and large shipping operators are the primary end-users of AIS devices. AIS was also employed for identifying how the pandemic impacted fishing activity globally.
Class A, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$160.6 Million by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Class B segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 28.7% share of the global Automatic Identification Systems market.
The Class A segment is gaining from mandatory installation of Class A AIS on Safety of Life at Sea (SOLAS) vessels. These vessels encompass passenger ships of all sizes, vessels exceeding the 500 gross tonnage mark but not intended for international voyages, and vessels that exceed the 300 gross tonnage mark and move on international voyages.
While Class B AIS scores low over Class A options in terms of functionality, they can be used with Class A AIS for communications and operations.
AIS Base Stations Segment to Reach $70.7 Million by 2026