Asia Pacific Vessel Monitoring System Market Key Companies and SWOT Analysis by 2027

The vessel monitoring system (VMS) market in APAC is expected to grow from US$ 282.46 million in 2019 to US$ 600.14 million by 2027; it is estimated to grow at a CAGR of 10.3 % from 2020 to 2027.

The Australia, China, India, Japan, and South Korea are major economies in APAC. Surge in need for tracking due to illegal activities is expected to upswing the vessel monitoring system market in APAC. The governments across the APAC are increasing defense and boarder control spending each year owing to rising threat to homeland. There is an increasing need to track illegal fishing activities, movement of goods, people, and illicit material. Furthermore, with the integration of advanced technologies such as artificial intelligence and machine learning in advanced VMS to provide better insights for research and development purposes hence driving the vessel monitoring system market in APAC region. The VMS is not just limited to seaborne vessel application it can be integrated with any surface or airborne machine, vehicle or drone. The VMS are equipped with various technologies such as antenna and receiver, computer, and a transmitter. These components not only help vessels operator navigate through the sea or water body but also allow the governing or border security bodies to monitor the movement and traffic in territory. Also it allows the governing body to identify any vessel and illegal fishing activities in restricted territory or during restricted time and further it also assist to detect and track non permitted or unidentified vessel operating or breaching the national borders. Thus, the increase in need for tracking due to illegal activities is expected to create a significant demand for VMS in the coming years, which is further anticipated to drive the vessel monitoring system market in APAC.

Further, in case of COVID-19, APAC is highly affected specially China and India. The governments in APAC countries are taking possible steps to reduce its effects by announcing lockdown, which is negatively affecting the manufacturing sector. China, Japan, South Korea, India, Vietnam, Thailand, Indonesia are some major countries having well-established business of fisheries. However, disruption in supply chain has reduced the number of fishing vessels during the pandemic situation, which will negatively impact the installation of VMS in existing fishing vessels hence affecting the APAC vessel monitoring system market. Also, temporary shutdown of manufacturing units has decreased the procurement of fishing, cargo, and other vessels. This further impacted the deployment of VMS. In respect to cargo vessels, China, Hong Kong, South Korea, and Japan are the top APAC export countries which have observed negative impact in their cargo shipment. Because of low demand and movement ban, the number of cargo vessels has fallen down drastically that further decreases installation of VMS. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the vessel monitoring system market growth of the APAC region negatively for the next few quarters.  

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC vessel monitoring system market. The APAC vessel monitoring system market is expected to grow at a good CAGR during the forecast period.

                                                             APAC Vessel Monitoring System Market

                   

APAC Vessel Monitoring System Market Segmentation

APAC Vessel Monitoring System Market – By Application

• Fisheries Management
• Surveillance
• Others

APAC Vessel Monitoring System Market – By Vessel Type

• Fishing Vessels
• Cargo Vessels
• Service Vessels
• Passenger Ships and Ferries
• Others

APAC Vessel Monitoring System Market, by Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

APAC Vessel Monitoring System Market - Companies Mentioned

• Addvalue Technologies
• Applied Satellite Technology Ltd
• Beijing Highlander Digital Technology Co., Ltd.
• CLS Fisheries
• ORBCOMM Inc. 

Asia Pacific Vessel Monitoring System Report Scope