Vessel Monitoring System Market Revenue to Cross US$ 1,571.0 million by 2027: The Insight Partners

According to The Insight Partner market study on "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)," 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.

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The vessel monitoring system (VMS) is a satellite-based monitoring system providing data to end-user (operators of fishing vessels, cargo vessels) related to location, speed, and course of vessels. The VMS is heavily used for fisheries management. This system also finds its application in service vessels, passenger ships, and ferries. The fisheries managers have begun using VMS decades ago to track exact locations and monitor the fishing vessels' activity to strengthen the effectiveness of fisheries management measures. The VMS gathers vessel positions with help from GNSS satellite signals and transmits data to the communication server, which is further communicated to the land-based station/room. B using VMS, the task of tracking vessel becomes easy and fast, and assist in preventing wrongdoing activities at sea. Several factors, such as increasing demand from fisheries and cargo vessel sectors to have an eye on trade to curb unauthorized dealings.

Countries such as Thailand and South Korea have started using VMS technology to monitor their vessels, ensuring that fisheries are carrying marine products legally. This aspect is creating more demand for vessel monitoring technology and hence driving the market growth. Another factor is the need for a mandatory environment to install VMS. Backed by government support, VMS is a standard system of fisheries monitoring and control globally. The European government has mandated that all European countries have this system, enabling them to transmit the data quickly and allow the Commission to monitor effectively. Besides, increasing international trade of goods other than fisheries at a large scale is projected to influence the demand for advanced tracking solutions such as VMS. Also, by integrating automatic identification system-based tools and other sophisticated techniques, VMS's adoption rate among the end-user industries will increase exponentially. As mentioned earlier, the integration of the systems will assist in managing critical challenges related to each mile-marker, terminal, anchorage, and buoy. Those as mentioned earlier are projected to fuel the market growth during the forecast period.

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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. Moreover, these industries are adversely affected due to the COVID-19 outbreak. With the imposition of lockdown across countries in North America, Europe, and Asia, the industries have been witnessing a declining trend. The fisheries industry requires a significant number of human labor.However, the COVID-19 virus is spreading through human contact, whichis affecting the functioning of the industry. Compared to that of 2017, the vessel activities were reduced by over 69% during the lockdown, the fishing activities were reduced by 84%, and the passenger traffic by 78%.

One of the primary applications of vessel management system is to monitor the action and movement of fishing vessels in the sea or water bodies. The vessel management system assists fishing vessel to report their catch, for instance as per European Union regulation fishing vessels are require reporting about their weekly catch, transshipment, catch on entry and catch on exit, port of landing etc. As per the international laws a country has exclusive economic zone to 200 nautical miles (370km) from its costal region which implies other state fishery or other vessel cannot access it without any approval.

Company Profiles

• Applied Satellite Technology Ltd.
• Addvalue Technologies
• Beijing Highlander Digital Technology Co., Ltd.
• Bluetraker
• CLS Fisheries
• Orbcomm
• Orolia Maritime
• Trackwell
• Remora
• VISMA

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