Market Trends of Global Maritime Analytics Industry
This section covers the major market trends shaping the Maritime Analytics Market according to our research experts:
Government Segment is Expected to Drive the Market
- The concerned government authorities worldwide have made considerable investments to enhance the ships' onboard safety and compliance conditions to reduce marine accidents and improve marine traffic management.
- Previously, the Government of Canada extended its pilot project to develop a maritime information system for coastal communities. The Government of Canada launched the enhanced maritime situational awareness pilot project to support the need for more user-friendly local data on coastal marine traffic.
- In November 2021, the UK government released a commissioned study on opportunities in the maritime technology sector, focusing on areas such as big data analytics, intelligent ships, and autonomous systems.
- Maritime Research conducted this research and Innovation, funded by the Department for Transport (DoT) and conducted by the London School of Economics and NLA International. The study considers all the benefits of research, development, and commercialization of new innovative delivery technologies in the UK.
- Moreover, the UK government recently launched a clean maritime plan to achieve zero-emission shipping and clean growth for the marine sector by 2025. All the new vessels being ordered for use in the UK waters are designed with zero-emission propulsion capability. The plan includes a EUR 1 million competition for innovative approaches to reduce emissions from maritime sources.
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Asia Pacific is Expected to Witness Fastest Growth
- Due to the rising use of waterways for transportation, the increasing popularity of digitization, and the expanding use of marine analytics in business operations, the Asia-Pacific region (predominantly in India, China, Japan, Malaysia, Singapore, etc.) is anticipated to have the fastest growing segment in the global maritime analytics market between 2022 and 2027. Additionally, the region's abundance of significant manufacturers and technological giants will foster market progress in the APAC region.
- China has risen from second to first, according to VesselsValue statistics as of November 2021, having a total of USD 191 billion in assets. Hence, China has the most container ships in its fleet, and as a result of the recent increase in rates and values, they have risen to the top position in terms of fleet value. Japan is ranked second, as per the same study. As owners' trust in the market soared in response to the rate hike, the container shipping industry went on an ordering spree. Since January 2021, 516 box ships have been ordered, with Chinese firms like OOCL, SITC, and COSCO Shipping placing 46% of those orders.
- As per the Ministry of Transport of China, in 2021, the container throughput of Shanghai port was about 47 million TEUs, the highest among China's seaports. In that year, the container throughput of China's seaports reached 249 million TEUs, with eight seaports having a throughput of more than 10 million TEUs.
- The growing use of digitalization in the shipping industry and incrementing need for enhanced maritime operations through data analytics are the key factors driving the growth of the Asia Pacific maritime analytics market.
- As per MLIT (Japan), in the fiscal year 2021, around 324.66 million tons of cargo were transported via coastwise shipping in Japan, increasing by 6.1 percent compared to the previous fiscal year. Commercial shipping accounted for roughly 323.76 million tons of domestic maritime freight, private shipping for the rest.
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