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.
Market Dynamics
Trends: Growth in Marine Tourism Industry
Marine and ocean tourism are among the fastest-growing areas of the global tourism industry. The growing marine tourism industry has been supporting the growth of the boat monitoring market in recent years. In the US, states such as California, Florida, and New York are the country's major tourist attractions. These states attract millions of both national and international tourists every year.
Drivers: Growing Boat Market
The demand for boating and consumer interest is increasing as people seek boating as an outdoor activity, particularly as other leisure activities, travel, and sports continue to be impacted by COVID-19. According to National Marine Manufacturers Association (NMMA), the retail unit sales of new powerboats surpassed 300,000 units in 2021 for the second consecutive year and a 7% increase in the five-year average sales.
Restraints: Lack of Awareness
The penetration of boat monitoring systems is significantly lower in emerging and underdeveloped nations such as Brazil, India, Turkey, and others. Boat monitoring systems are mainly concentrated in developed economies such as Australia, Canada, Japan, the US, and countries in Western Europe. Countries in the Latin American region with poor economic growth have lower demand for boat monitoring systems.
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?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope of the Study 4.4 Market Segmentation
7 Premium Insights 7.1 Market Overview 7.2 Technological Advances 7.3 Market Dynamics: Key Trends, Drivers, and Restraints 7.4 Segment Analysis 7.5 Geographical Analysis 7.6 Competitive Landscape 7.7 About the Report
8 Introduction 8.1 Overview 8.2 Boat-Monitoring Components 8.3 Technology Used in Boat Monitoring 8.4 Technological Advances in Boating Industry 8.5 Value Chain Analysis 8.6 Impact of Covid-19 8.7 Global Economy
9 Market Opportunities & Trends 9.1 Technological Advances in Marine Industry 9.2 Increasing Opportunities in Electric Boat Industry 9.3 Growth of Marine Tourism Industry
10 Market Growth Enablers 10.1 Increasing Participation in Leisure-Boating Activities in Europe 10.2 Increasing Focus on Avoiding Bad Weather Conditions 10.3 Security and Theft Prevention 10.4 Growing Boat Market
11 Market Restraints 11.1 Volatility in Raw Material Prices Affecting Vendor Margins 11.2 Lack of Awareness
13 Monitoring System 13.1 Market Snapshot & Growth Engine 13.2 Market Overview 13.3 Position and Tracking 13.4 Control System 13.5 Security System 13.6 Others
24 Quantitative Summary 24.1 Geography 24.2 North America 24.3 Europe 24.4 Apac 24.5 Latin America 24.6 Middle East & Africa 24.7 Monitoring System 24.8 Application
