Increasing Maritime Activities in the World Are Driving the Growth of the Global Maritime Analytics Market

Maritime Analytics Market
Maritime Analytics Market

Maritime Analytics Market, By Application (Predictive and Prescriptive Maintenance, Voyage Operations, Fleet Management, and Other Applications), By End User (Government, and Commercial), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030.

The Maritime Analytics Market is anticipated to reach US$ 1,120.1 million in 2022 and grow at a CAGR of 13.91% from 2023 to 2030.

Market Overview:

Maritime analytics refers to the application of advanced data analytics techniques and technologies to extract meaningful insights from the vast amount of data generated in the maritime industry. It involves the collection, integration, and analysis of data from various sources, such as vessel tracking systems, satellite imagery, weather data, port operations, and trade patterns. The objective of maritime analytics is to enhance decision-making, improve operational efficiency, and optimize performance in the maritime sector.

Competitive Landscape:

Major players operating in the global Maritime Analytics Market include ABB Ltd., U-Ming Marine Transport Corporation, Prisma Electronics SA (Laros), Wartsila Oyj Abp, Spark Cognition Inc., ProGen Business Solutions Private Limited, Spire Global, Inc., Amplify Mindware Private Limited, Windward Limited, and Inmarsat GHL (Connect Bidco Limited).

Key Market Drivers:

The maritime industry faces numerous safety and security challenges, including piracy, smuggling, accidents, and environmental risks. Maritime analytics provides solutions for real-time monitoring, risk assessment, anomaly detection, and incident response. This is expected to augment the growth of the global maritime analytics for market. For instance, in January 2022, NAVTOR acquired Ingenium Marine, which enable the integration of Ingenium's digital logbooks within NAVTOR's e-Navigation and performance suite.

Maritime companies are increasingly adopting analytics solutions to optimize their operations and reduce costs. Analytics helps in areas such as fuel consumption optimization, predictive maintenance, route planning, and cargo management, resulting in improved efficiency and profitability.

The proliferation of the Internet of Things (IoT) devices, along with the availability of vast amounts of data, has created opportunities for data analytics in the maritime sector. IoT sensors, satellite systems, and vessel monitoring technologies generate real-time data that can be analyzed to enhance decision-making and performance. This is estimated to enhance the growth of the global Maritime Analytics Market.

The maritime industry is under pressure to reduce its environmental impact and comply with stringent regulations. Maritime analytics enables the monitoring of emissions, fuel efficiency, and environmental risks, facilitating the adoption of sustainable practices and compliance with environmental standards.

Covid-19 Impact Analysis:

During the COVID-19 pandemic, there was a heightened focus on risk management and operational efficiency in the maritime industry. Maritime analytics solutions provided valuable insights into changing demand patterns, port congestion, supply chain disruptions, and health and safety protocols. This led to increased adoption of analytics tools for better decision-making and resilience in the face of uncertainties. This drove the growth of the global Maritime Analytics Market.

Key Takeaways:

· North America is expected to dominate the growth of the global maritime analytics for market. The region is driven by the presence of major ports, advanced technological infrastructure, and the adoption of analytics solutions in the maritime industry. The United States and Canada are key contributors to the market in this region. For instance, in April 2022, Spire Global added Weather Insights and Weather by Route solutions, to enhance its portfolio related to maritime industries.

· The Asia Pacific is estimated to witness high growth in the global Maritime Analytics Market. The region has a large shipping industry, significant port activities, and increasing investments in smart port infrastructure. Countries such as China, Japan, and Singapore are at the forefront of maritime analytics adoption. For instance, in March 2022, Oshima Shipbuilding Co. got a contract from Japan's Sumitomo Marine Co. Ltd. and U-Ming Marine Transport Corporation in order to build the 99 990 DWT post-Panamax bulk carrier M.V. Cemtex Excellence.

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