South America Vessel Monitoring System Market Outlook and Strategic Insights by 2027

The vessel monitoring system (VMS) market in SAM is expected to grow from US$ 21.43 million in 2019 to US$ 39.28 million by 2027; it is estimated to grow at a CAGR of 8.3 % from 2020 to 2027.

The Argentina and Brazil are major economies in SAM. Upswing in fisheries applications is expected to affect the SAM vessel monitoring system market in a positive way. 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 SAM regulation, fishing vessels are requiring to report about their weekly catch, transshipment, catch on entry and catch on exit, port of landing etc. These uses of VMS are expected to bolster the SAM vessel monitoring system market growth. Furthermore, the specification and calibration of VMS differs from country to country according to reporting norms set by the particular governing authorities for fishery. The governments across SAM 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. VMS is presently a standard system of fisheries monitoring and control across SAM. The legislation of the SAM requires that all the coastal countries in the SAM 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 upswing in the fisheries applications as well as benefits provided by governments such as monetary and non-monetary incentives etc. in SAM will increase the demand of VMS in coming year, which will drive the SAM vessel monitoring system market.

Further, in case of COVID-19, Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, and Ecuador, among others in SAM region. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. The COVID-19 outbreak has majorly caused Brazil’s vessel monitoring system market disruption in 2020. Currently, Brazil holds for the 2nd rank in terms of confirmed cases in the global COVID-19 infected countries. The country produces 1.3 million tons of fish annually, with 700,000 tons by capturing fisheries &600,000 tons from the aquaculture fisheries, as per the United Nations’ Food and Agriculture Organization. However, due to covid-19, the fisheries sector has affected negatively and therefore, the fish processors of Brazil are asking government for subsidized credit, tax breaks, and emergency loan guarantees. Low fisheries business due to COVID-19 will create a negative impact on SAM vessel monitoring system market. 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 SAM 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 SAM vessel monitoring system market. The SAM vessel monitoring system market is expected to grow at a good CAGR during the forecast period.       

SAM Vessel Monitoring System Market

SAM Vessel Monitoring System Market Segmentation

SAM Vessel Monitoring System Market – By Application

• Fisheries Management
• Surveillance
• Others

SAM Vessel Monitoring System Market – By Vessel Type

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

SAM Vessel Monitoring System Market, by Country

• Brazil
• Argentina
• Rest of SAM

SAM Vessel Monitoring System Market - Companies Mentioned

• Applied Satellite Technology Ltd
• CLS Fisheries
• Orolia Maritime
• Remora Costa Rica
• Visma

South America Vessel Monitoring System Report Scope