Report : Mine Planning Solutions Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution and Services), Deployment (Cloud and On- Premises) and Application (Surface Mining, Underground Mining)
According to our latest 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$ 688.3million in 2019 and is projected to reach US$ 1,571.0million by 2027; it is expected to grow at a CAGR of 11.3% from 2020 to 2027.
AsiaPacific 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, Europestood 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. For instance, EMSA can transform the AIS data received in the SafeSeaNet to a form that can be used by the FMCs. This would enable the FMCs to access a wider range of data for the fishing vessels that they monitor and to have updates every six minutes (i.e. the AIS standard) instead of every 2 hours (i.e. the VMS standard). In January 2020, CLS had won an open tender from Ireland’s Sea-Fisheries Protection Authority (SFPA) for being an exclusive provider of vessel monitoring system services for the commercial fisheries in Ireland.
Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The vessel monitoring system market players mainly focus on the merger and acquisition strategy to expand their business and maintain their brand name globally. For instance, in 2020, Applied Satellite Technology (AST) Ltd declared a new joint venture with New Zealand-based Wright Technologies who is a leading provider of marine electronics services to the South Pacific markets.
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%.
The report segments the global vessel monitoring system market as follows:
By Vessel Type