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Real-Time Location Systems Market is expected to reach US$ 31.09 billion by 2030

The real-time location systems market foreseen to reach US$ 31.09 billion by 2030 | Report covers key segments, opportunities, and applications

By The Insight Partners

Significant investment in oil and gas industry to Create Opportunities in Real-Time Location Systems Market During 2022–2030

According to our latest market study on "Real-Time Location Systems Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering, Technology, Industry Vertical, and Application," the market was valued at US$ 4.91 billion in 2022 and is expected to reach US$ 31.09 billion by 2030; it is estimated to record a CAGR of 25.9% from 2022 to 2030. The real-time location systems market forecast is based on various sources of data and methods of analysis, such as historical trends, surveys, company analysis, and information by organizations and government authorities.

The real-time location systems market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The region is witnessing significant investments in its oil & gas sector. The North Sea continues to be one of the prime sources for the oil & gas sector in Europe. Currently, there are several projects in the pipeline in the region. In May 2023, Neptune Energy announced that it had started production from its Adorf Z17 natural gas well in Germany. It is expected that the Adorf license will increase Neptune’s production by 1,800 boed (barrels of oil equivalent per day) to ~6,300 boed in the future. Thus, due to the growing oil and gas exploration in the region, the need to monitor overall operation at the plant has become necessary to provide alerts at the time of any disaster. In such situations, RTLS can help track the location of personnel and assets on the floating platforms, refineries, tools and equipment warehouses, and drilling rigs. Also, using sensors, the system helps gather critical data, such as the temperature of LNG pipelines and H2S gas leak detection. Thus, due to the above benefits, the demand for RTLS in the oil & gas industry in Europe is expected to rise during the forecast period, fueling the Europe real-time location systems market growth.

Real-Time Location Systems Market — by Geography, 2022

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Source: The Insight Partners Analysis

Along with the oil & gas industry, the demand for RTLS is also expected to increase in manufacturing, automotive, construction, and other industries, as it helps monitor and improve the operations in the above industries. The rising adoption of automation in production is expected to bring new real-time location systems market trends in the coming years. RTLS is used to automatically identify and track the location of objects or people in real-time, usually within a building or other contained area. Because of the rising demand for RTLS, the market players in the region are continuously working on advancing their solutions, facilitating the expansion of the real-time location systems market share. For instance, in March 2023, Quuppa, a Finland-based technology provider for RTLS and indoor positioning systems, announced its partnership with Panasonic Industry to enable Bluetooth functionality for Logiscend Software 3.0. Under this partnership, Quuppa’s system is combined with Panasonic VIEW tags, which will further help eliminate paper and provide real-time instructions to the manufacturing floor. Thus, the growing oil & gas industry and increasing innovations by market players in the region fuel the real-time location systems market growth in Europe. The real-time location systems market report emphasizes the key factors driving the market and prominent players' developments.

Moreover, the real-time location systems market growth is attributed to the rising demand for medical equipment, increasing competitiveness, and the growing establishment of startups in Europe. In addition, the majority of healthcare startups are attempting to use cutting-edge and novel technologies and services to address the ongoing medical challenges. Many healthcare startups, including Mindstep and HealthHero, among others, are entering developing markets with their RTLS-related goods and services. They have been providing the current players with intense competition. The real-time location systems market has become more competitive as a result of businesses offering innovative and tailored RTLS solutions for various industries.

The “real-time location systems market analysis” is carried out by identifying and evaluating key players in the market across different regions. Aruba Networks (HP Enterprise); Airista Flow, Inc.; Decawave Limited; Impinj, Inc; Sonitor Technologies; Stanley Healthcare; Siemens; Teletracking Technologies, Inc.; Ubisense Ltd; and Zebra Technologies Corp. are among the key real-time location systems market players profiled in the report. Several other major real-time location systems market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The real-time location systems market report provides detailed market insights, which help the key players strategize their growth.

The real-time location systems market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. Vast industrialization, low labor costs, positive economic developments, favorable economic policies, and increasing foreign institutional investments (FIIs) and foreign direct investments (FDIs) make APAC a significant contributor to the growth of various industries, such as automotive, manufacturing, and electronics. Further, governments of developing countries have been establishing initiatives such as Made in China 2025 and Make in India to promote the establishment of manufacturing plants and make the respective countries self-sufficient and capable of exporting surplus goods.

According to the International Air Transport Association (IATA), in terms of growth, APAC leads the market for e-commerce globally. As per the International Trade Administration, the e-commerce market of China is the largest in the world and generates ~50% of the world’s transactions. Similarly, the e-commerce market in other countries in APAC is also witnessing significant growth. According to the International Trade Administration, Australia—the eleventh-largest e-commerce market in the world—is expected to reach US$ 32.3 billion by 2024. In addition, governments of various countries in APAC are taking various initiatives to boost the growth of the e-commerce industry. For instance, to promote e-commerce usage and increase the trade of domestic products, the Indonesian government organizes a National Online Shopping Day (Harbolnas) every year.

The implementation of Harbolnas has seen a significant increase in transaction volume in 2021, recording transactions totaling US$ 1.16 billion, an increase of 56% from 2020. Moreover, the increasing competitive landscape, growing middle-class population, and rising penetration of digital technology and smartphones are anticipated to bolster the growth of online retail in the coming years. Thus, the growth of the e-commerce market in the region propels the demand for real-time location systems to keep track of orders, which is boosting the growth of the real-time location systems market in Asia Pacific. Moreover, the real-time location systems market in APAC is experiencing significant growth owing to the potential benefits of the technology, the need for cost-saving measures, and the desire to provide better patient care. As a result, the use of RTLS in the healthcare industry has been expanding gradually.

Despite the increasing acceptance rates, the healthcare sector is still working on fully utilizing RTLS to its best potential. In addition, organizations in Asia Pacific are rapidly becoming more aware of the benefits of RTLS for healthcare applications. Thus, government initiatives to improve healthcare quality and the expansion of healthcare facilities are a few factors that contributed to the adoption of RLTS and foster real-time location systems market share of the region.

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