North America Vessel Monitoring System Market Size and Competitive Analysis by 2027

Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027

North America Vessel Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application (Fisheries Management, Surveillance, and Others) and Vessel Type (Fishing Vessels, Cargo Vessels, Service Vessels, Passenger Ships and Ferries, and Others)

Report Code : TIPRE00015453
Category : Electronics and Semiconductor

No. of Pages : 76

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The vessel monitoring system (VMS) market in North America is expected to grow from US$ 153.89 million in 2019 to US$ 413.18 million by 2027; it is estimated to grow at a CAGR of 13.5% from 2020 to 2027.

The US, Canada, and Mexico are major economies in North America. Growing necessity for tracking due to unauthorized activities is expected to surge the vessel monitoring system market in North America. The governments across the North America 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. 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 hence driving the vessel monitoring system market growth of North America. 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 growing necessity for tracking due to unauthorized 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 North America.

Further, in case of COVID-19, the US is the worst-hit country in North America, with millions of infected individuals facing severe health conditions across the country. The continuous growth in the number of infected individuals has led the government to impose lockdown across the nation’s borders which has affected the vessel monitoring system market in the region. The majority of the manufacturing plants are either temporarily shut or operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American countries which has affected the vessel monitoring system market negatively. As a result, North America vessel monitoring system market has been affected badly. North America is one of the most important region for the adoption and growth of new technologies owing to favorable government policies to boost innovation, and high adoption of automation in various industries especially in developed countries such as the US and Canada. 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 North America 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 North America vessel monitoring system market. The North America vessel monitoring system market is expected to grow at a good CAGR during the forecast period.