DUBLIN--(BUSINESS WIRE)--The "Boat Monitoring Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

Boat monitoring systems track and monitor a boat's speed, position, and direction of travel. The monitoring system is segregated into position and tracking, control system, security system, and others. The demand and adoption of boating activities are high in the US due to numerous reasons such as increased urbanization and a rise in living standards, an increase in socializing sports, building family memories and experiences, and unplugging from work.

The importance and widening acceptance of boat monitoring systems have increased market growth in the years to come. Manufacturers are trying to spur the demand for boat monitoring devices by adding the latest technology, such as involvement IoT solutions, to simplify and enhance the boating experience.

Adding joysticks to control the boat is also a move toward offering a game-like experience. Sending alerts, security and theft prevention, remote boat control, maintenance, reduced insurance costs and fleet managers are the significant advantages that drive the market growth.

Technological Advancements

In 2021, the boat monitoring market witnessed a surge in the launch of technologically advanced boat monitoring systems. Technology is increasingly being used as a tool to monitor and control boats.

It has become a lot simpler to keep track and monitor boats with advancements in technology.

Some of the boat monitoring technologies used in the industry are as follows:

Automatic Positioning Systems: This system acts as a virtual anchor for the boat. This boat technology uses GPS satellites to maintain the current position of a boat. This system helps boaters explore the surrounding areas without worrying much about leaving their boat unattended.

Boats with Inbuilt Tracking Devices: This technology uses GPS to track a boat. This is beneficial in emergency cases, where emergency services can reach the desired spot in less time as the exact location is known through GPS.

Beacons: These devices can send messages to smartphones within their connectivity range. Boats with beacons send detailed information about the boat to the user's smartphone. For instance, BoatGod from Boatpilot receives data from the vessel's onboard devices and allows users to control the vital functions of the boat, literally turning the boat into a smart home.

Self-sailing boats are seen as the future of sailing where boaters can enjoy their time with family while the boat drives itself on a pre-defined route. For instance, MIT and the Amsterdam Institute for Advanced Metropolitan Solutions have demonstrated Robot's self-sailing boat.

Key Questions Answered

1. How Big is the Global Boat Monitoring Market?

2. What is the Growth Rate of the Global Boat Monitoring Market?

3. What Are the Growth Factors in the Global Boat Monitoring Market?

4. Who Are the Leading Players in the Global Boat Monitoring Market?

5. Which Region is Expected to Hold the Largest Share in the Global Boat Monitoring Market by 2028?

Market Dynamics

Opportunities & Trends

• Technological Advances in Marine Industry
• Increasing Opportunities in Electric Boat Industry
• Growth of Marine Tourism Industry

Growth Enablers

• Increasing Participation in Leisure-Boating Activities in Europe
• Increasing Focus on Avoiding Bad Weather Conditions
• Security and Theft Prevention
• Growing Boat Market

Restraints

• Volatility in Raw Material Prices Affecting Vendor Margins
• Lack of Awareness

Market Segmentation

by Monitoring System

• Position and Tracking
• Control System
• Security System
• Others

by Application

• Boats
• Yachts
• Others

by Regions

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• APAC
• China
• Japan
• Australia
• India
• South Korea
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• South Africa
• UAE

Competitive Landscape

The global boat monitoring market is fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There is a significant number of global and domestic vendors across the geographies. The adoption rate of boat monitoring systems among end-users worldwide has been impressive.

Due to the higher demand for yachts and different outboard boats, the industry has witnessed the entry of several new vendors. The competition among these companies has intensified, leading to several innovative and advanced solutions. These players compete on various factors such as price, quality, availability, brand, and variety. However, the price is set to become a significant base for competition among players to gain an edge over other vendors in the market.

The market concentration in developed countries such as the US and other Western European countries is high, while the industry is growing in developing economies such as China and India because of the entry of several international brands in these countries. The competition among vendors is based on product offerings and pricing. Vendors are using new business models and focusing on developing the portfolio of their established products to drive growth.

Key Vendors

• Azimut-Benetti Group
• Brunswick Corporation
• Groupe Beneteau
• Yamaha
• GOST
• Seas of Solutions
• Navis Elektronika
• Smart switch
• Garmin
• Monnit
• Kobelt
• C-pod Security Systems
• Siren Marine
• Mastervolt
• Sentinel
• Yacht Sentinel
• GEM Elettronica
• C.technology
• Vanemar
• Barnacle Systems

For more information about this report visit https://www.researchandmarkets.com/r/a19k7h

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