Europe Vessel Monitoring System Market Growth and Forecast by 2027

The vessel monitoring system (VMS) market in Europe is expected to grow from US$ 183.30 million in 2019 to US$ 424.18 million by 2027; it is estimated to grow at a CAGR of 11.5 % from 2020 to 2027.

The France, Germany, Italy, UK, and Russia are major economies in Europe. Growing fisheries applications is expected to escalate the vessel monitoring system market in Europe. One of the primary applications of VMS is to monitor the action and movement of fishing vessels in the sea or water bodies. The VMS assists fishing vessel to report their catch, for instance as per European Union regulation fishing vessels are require to report about their weekly catch, transshipment, catch on entry and catch on exit, port of landing etc. Furthermore, the specification and calibration of VMS differs from country to country according to reporting norms set by the European governing authorities for fishery. The European governments are also aiding with various monetary and non-monetary incentives such as reduced taxes, relaxed regulation and reporting norms, and complete ownership of business etc. which is driving the Europe vessel monitoring system market growth. The legislation of the EU requires that all the coastal countries in the EU should set up these systems that are compatible and standardized, so that the countries can share the data and the fishery officers can monitor effectively. So the growing applications of fisheries as well as relaxation provided by government will increase the demand of VMS in coming year, which will drive the Europe vessel monitoring system market.

Further, in case of COVID-19, the UK is the hardest-hit country in Europe by the coronavirus outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as the UK records the highest number of coronavirus cases. Attributing to the rise in the number of COVID-19 infected patients, the British government imposed lockdown measures with an aim to contain the spread of the virus which has affected the Europe vessel monitoring system market. In Europe, fisheries sector is severely hit owing to the lockdown. In many regions, the loss of demand and difficulties to reach the consumers have led to reduced and highly volatile prices. According to the European Market Observatory for Fisheries and Aquaculture, there are price declines in the Mediterranean fisheries of over 20%-70%, along with high weekly price volatility in rest of the European fisheries, with price paths significantly varying across the products and countries. 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 Europe 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 Europe vessel monitoring system market. The Europe vessel monitoring system market is expected to grow at a good CAGR during the forecast period.

                                                Europe Vessel Monitoring System Market

               

Europe Vessel Monitoring System Market Segmentation

 
Europe Vessel Monitoring System Market – By Application

• Fisheries Management
• Surveillance
• Others

Europe Vessel Monitoring System Market – By Vessel Type

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

Europe Vessel Monitoring System Market, by Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe

Europe Vessel Monitoring System Market - Companies Mentioned

• Applied Satellite Technology Ltd
• BlueTraker
• CLS Fisheries
• ORBCOMM Inc.
• Orolia Maritime
• Trackwell
• Visma           

Europe Vessel Monitoring System Report Scope