The "Vessel Monitoring System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Application (Fisheries Management, Surveillance, and Others) and Vessel Type (Fishing Vessels, Cargo Vessels, Service Vessels, Passenger Ships and Ferries, and Others)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US $688.3 million in 2019 and is projected to reach US $1,571.0 million by 2027; it is expected to grow at a CAGR of 11.3% from 2020 to 2027.
Asia Pacific dominated the vessel monitoring system (VMS) market in 2019 with a decent market share followed by Europe. The market is analyzed based on historical, current, and future trends across the region. The vessel monitoring system market in APAC is further segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC. The fishing industry holds a significant position among millions of ASEAN people and across the world. Marine products, such as fish, are the most traded products globally, and thus, they account for a substantial percentage in the global trade of agriculture commodities. Countries in the region, such as China, Japan, and the Republic of Korea as well as Indonesia, Thailand, the Philippines, and Vietnam, are known for fisheries business.
The larger the business of transporting fish, the more would be the use of vessel monitoring system. The mentioned countries are likely to positively contribute toward the market growth during the forecast period. For instance, Thailand monitored 7000 fishing vessels using VMS to ensure that the vessels are carrying fish legally. Using VMS, the illegal fishing business gets reduced, which helps countries, such as Thailand, curb unlawful fishing business. The aspects mentioned earlier about the trade of marine products and the advantage of VMS are likely to propel the market in the region. In addition, AST, a Singapore-based satellite communication equipment supplier, offers satellite communications VMS+ 2nd generation dual channel (satellite and GPRS) transponder. This solution is designed for tracking and monitoring fishing vessels in harsh European waters.
In 2019, Europe stood second in the vessel monitoring system market with a decent market share, and it is anticipated to witness a steady CAGR from 2020 to 2027. The fishing vessels in the EU are equipped with the vessel monitoring system transmitters that enable the vessels to be monitored by the Fisheries Monitoring Centers (FMCs) of Member States. According to the Directive 2009/17/EC, the fishing vessels with a length of more than 15 meters would also be fitted with the AIS transmitters. Recently, a pilot project had been established between the three Member States (France, Italy, and Spain) and EMSA, the Communities Fisheries Control Agency (CFCA) to see how the synergies among the two systems can be made the most use of.
Impact of COVID-19 on Vessel Monitoring System Market
According to the latest situation report from the World Health Organization, the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a rapid pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020 and the trend is likely to continue in 2021 as well. The regions such as APAC, North America, Europe, and SAM have a significant number of market players. Since the start of 2020, ICT and transportation industries have been reflecting a declining trend.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global vessel monitoring system market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global vessel monitoring system market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Rising Need for Tracking due to Unauthorized Activities
Escalating Growth in Fisheries Application
High Costs Involved
Growing opportunities for Cargo Tracking
Integration with Advanced Technologies
Applied Satellite Technology Ltd.
Add value Technologies
Beijing Highlander Digital Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/xmugw3
View source version on businesswire.com: https://www.businesswire.com/news/home/20201027005935/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900