A recent report by Zion Market Research, suggests the global IoT fleet management market is set to reach a market value of $15.5 million by 2024, exhibiting a CAGR of over 21.5% from 2017 to 2024.
In line with this growth, transport and logistical industries are experiencing a shift in the way their fleets are performing, as they become faster and more efficient with the adoption of these IoT management applications. One such industry is maritime. Although traditionally slower to take off in the maritime industry, IoT technology has seen a recent rise in developments. The Inmarsat survey conducted in June 2018 revealed 34% of maritime companies were already embracing IoT technology, while 75% of companies that responded to the survey expect IoT technology to maximise efficiency and cost savings. Maritime fleet management has huge potential within this.
Keeping close track of prime assets will always be a priority for maritime fleet management. But this is easier said than done, especially when assets are usually floating somewhere between ports. For the maritime industry, 4G-connected IoT solutions such as asset tracking can monitor huge fleets in unpredictable conditions and remote locations – providing reliable connectivity regardless of where the ship is.
Connected via 4G LTE (and backed-up with satellite for resilience), tracking devices can be placed onto individual shipping containers, giving them a digital identity that feeds live information back to the operator. Providing an endless stream of data on each individual container, this could include where precisely the container is located, what its contents include, and its end destination – meaning container movements can be tracked from point A to point B, providing high visibility at every stage.
Developments in container tracking have extended into the monitoring of refrigerated containers as well. Danish logistics giant, Maersk Line, have kitted out nearly 300,000 refrigerated containers with remote temperature control devices that connect to the ship’s network for on-board monitoring. This rigorous method of monitoring greatly reduces the risk of spoiled or damaged goods if the refrigeration is disconnected, while consistently controlling the temperature of the containers to maximise efficiency.
Asset tracking is also integral to the monitoring of the ship itself, as transmitters fitted with tracking technology enable operators back on land to communicate directly with the ship. Regular ship status reports can be sent and received, sending alerts when equipment or faults occur, enabling for timely repairs or prevention of faults altogether. Devices and management tools are commonly integrated with existing on-board systems as well, gathering essential information about the ship’s power consumption, emission expulsion and overall downtime, allowing organisations to streamline their processes more effectively to reduce cost and wasted labour.
The advantage of leveraging IoT for maritime fleet management applications enables companies to have greater transparency of both fleets and operations. Through this management framework, crucial information can be swiftly identified that might otherwise impede progress, significantly revolutionising the global supply chain.
You can read more about leveraging fleet solutions across maritime and other industries on our in-vehicle networking page.