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Boat and Ship Telematics Market Size

Report ID: GMI11687
Published Date: Oct 2024
Report Format: PDF

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Boat and Ship Telematics Market Size

The global boat and ship telematics market size was valued at USD 5.5 billion in 2023 and is projected to grow at a CAGR of 9.1% between 2024 and 2032. The increasing emphasis on maritime safety and compliance is propelling the adoption of telematics solutions. Strict regulations require real-time monitoring of vessel operations, including emissions and navigational safety. As shipping companies strive to meet these regulatory standards, they turn to advanced telematics systems to enhance operational visibility, ensure regulatory compliance, and minimize risks associated with safety and environmental concerns.

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For instance, in July 2024, Cobham Satcom introduced a new Sea Tel antenna tailored specifically for the maritime market. This innovative product is designed to improve connectivity for vessels operating in challenging environments. Featuring advanced technology, the antenna ensures reliable satellite communication at sea. Its compact form factor facilitates easy installation on a variety of vessels, ranging from commercial ships to luxury yachts.

Boat and Ship Telematics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Boat and Ship Telematics Market Size in 2023:	USD 5.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9.1%
2032 Value Projection:	USD 12.1 Billion
Historical Data for:	2021 – 2023
No. of Pages:	252
Tables, Charts & Figures:	180
Segments covered:	Component, Technology, Function, End-User
Growth Drivers:	Increasing demand for real-time vessel monitoring systems Adoption of IoT for enhanced maritime safety Rising global maritime trade and fleet expansion Advancements in satellite and hybrid communication technologies
Pitfalls & Challenges:	High initial installation costs limiting adoption Complex integration with legacy vessel systems

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Moreover, the rising need for operational efficiency and cost reduction in the maritime industry is further driving the adoption of telematics solutions. Companies are increasingly focusing on fuel management, predictive maintenance, and route optimization to lower operational costs and improve overall productivity. By leveraging real-time data analytics from telematics systems, operators can make informed decisions, ultimately enhancing fleet performance and profitability.

For instance, in June 2024, ABB launched its Optimal Speed Routing service, designed to enhance the efficiency of maritime operations. This innovative service utilizes advanced algorithms and real-time data to optimize ship speeds, thereby reducing fuel consumption and emissions. The service aims to lower operational costs by addressing fuel consumption, which represents a significant expense for shipping companies.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of boat and ship telematics reached USD 5.5 billion in 2023 and is set to grow at a CAGR of 9.1% between 2024 and 2032, driven by the rising global maritime trade and fleet expansion.

The hardware segment accounted for over 65% of the market share in 2023.

The satellite telematics segment held over 46% of the market share in 2023.

North America accounted for over 33% of the market share in 2023.

Key players dominating the industry: Garmin Ltd., ORBCOMM Inc., Navico, Wartsila, Kongsberg Maritime, Inmarsat Global Limited, KVH Industries, Inc., Flir Systems, Inc., Iridium Communications Inc., Weatherdock AG.