The Vessel Monitoring System Market was valued at US$ 688.3 million in 2019 and is projected to reach US$ 1,571.0 million by 2027; it is expected to grow at a CAGR of 11.3% from 2020 to 2027.
The vessel monitoring system (VMS) is a satellite-based monitoring system providing data to end-user (operators of fishing vessels, cargo vessels) related to location, speed, and course of vessels. The VMS is heavily used for fisheries management. This system also finds its application in service vessels, passenger ships, and ferries. The fisheries managers have begun using VMS decades ago to track exact locations and monitor the fishing vessels' activity to strengthen the effectiveness of fisheries management measures. The VMS gathers vessel positions with help from GNSS satellite signals and transmits data to the communication server, which is further communicated to the land-based station/room. B using VMS, the task of tracking vessel becomes easy and fast, and assist in preventing wrongdoing activities at sea. Several factors, such as increasing demand from fisheries and cargo vessel sectors to have an eye on trade to curb unauthorized dealings. Countries such as Thailand and South Korea have started using VMS technology to monitor their vessels, ensuring that fisheries are carrying marine products legally. This aspect is creating more demand for vessel monitoring technology and hence driving the market growth. Another factor is the need for a mandatory environment to install VMS. Backed by government support, VMS is a standard system of fisheries monitoring and control globally. The European government has mandated that all European countries have this system, enabling them to transmit the data quickly and allow the Commission to monitor effectively. Besides, increasing international trade of goods other than fisheries at a large scale is projected to influence the demand for advanced tracking solutions such as VMS. Also, by integrating automatic identification system-based tools and other sophisticated techniques, VMS's adoption rate among the end-user industries will increase exponentially. As mentioned earlier, the integration of the systems will assist in managing critical challenges related to each mile-marker, terminal, anchorage, and buoy. Those as mentioned earlier are projected to fuel the market growth during the forecast period.
South Korea, Japan, China are, Spain are top five countries listed on conducing fisheries at high sea. Fisheries activities on large scale results in procurement of more fishing vessels which will directly influence the market growth. Also, growing international trade of products other than marine is also stimulating the use of cargo vessels. This factor will influence the market growth.
However, the APAC region dominated the vessel monitoring system market. Countries such as Thailand, Vietnam, China, and India are the prominent countries established for fisheries activities. Fisheries activities in mentioned countries will contribute in making the grow at an exponential rate. After APAC, Europe held the second largest share in the global vessel monitoring system market. The region is a pioneer in developing VMS and making it mandatory for fisheries and cargo vessel operators. The region is highly advanced in developing VMS. It also witnesses imprints of Applied Satellite Technology Ltd., BlueTraker, and CLS Fisheries which are engaged in the business of offering VMS. The North America region is a third largest region and is anticipated to grow at a highest CAGR. The US is a region’s largest nation for fisheries. As the region is technologically advanced, the adoption of VMS will grow massively. Whereas, Middle Eastern countries are looking forward to developing remote monitoring technology which will lead in introducing autonomous vessels. The countries of SAM are witnessing stable growth in VMS.
The outbreak of the COVID-19 virus negatively affects the vessel monitoring system market. The imposition of lockdown and movement of vehicles by government bodies to reduce curb the spread of the virus has negatively impacted the trade of products worldwide. Owing to the low business of trade, the number of cargo vessels, fisheries vessels has decreased drastically, which limited the use of VMS. Also, due to the temporary shutdown of manufacturing units, the procurement of new ships had negatively impacted, resulting in less VMS adoption. This factor has been analyzed while estimating the market size of the vessel monitoring system market in 2020.
Lucrative Regions for Vessel Monitoring System Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Escalating Growth in Fisheries Application
One of the primary applications of vessel management system is to monitor the action and movement of fishing vessels in the sea or water bodies. The vessel management system assists fishing vessel to report their catch, for instance as per European Union regulation fishing vessels are require reporting about their weekly catch, transshipment, catch on entry and catch on exit, port of landing etc. As per the international laws a country has exclusive economic zone to 200 nautical miles (370km) from its costal region which implies other state fishery or other vessel cannot access it without any approval. Furthermore, the specification and calibration of vessel management system differs from country to country according to reporting norms set by the particular governing authorities for fishery. The regional 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. For instance, the Member States receive EU funding to acquire state-of-the-art equipment and train the people accordingly.
Application-Based Market Insights
Based on application, the vessel monitoring system market is segmented into: Fisheries Management, Surveillance, and Others. One of the primary applications of vessel management system is to monitor the action and movement of fishery vessels in the sea or water bodies. As per the international laws a country has exclusive economic zone to 200 nautical miles (370km) from its costal region which implies other state fishery or other vessel cannot access it without any approval.
Vessel Type Based- Market Insights
Based on application, the vessel monitoring system market is segmented into: Fishing Vessel, Cargo Vessel, Service Vessel, Passenger Ships & Ferries, and Others. Fishing vessels are ships or boat used for catching fish from sea or any inner land water body like lake or river. There are majorly two type in fishing vessel i.e. artesian and commercial vessel. The artisan vessels are comparatively small in size and capacity compared to commercial fishing vessels also are cheaper.
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Vessel Monitoring System Market: Strategic Insights
Market Size Value in US$ 688.3 Million in 2019 Market Size Value by US$ 1,571.0 Million by 2027 Growth rate CAGR of 11.3% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Vessel Monitoring System Market: Strategic Insights
| Market Size Value in | US$ 688.3 Million in 2019 |
| Market Size Value by | US$ 1,571.0 Million by 2027 |
| Growth rate | CAGR of 11.3% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Product development is the commonly adopted strategy by companies to expand their product portfolio. Applied Satellite Technology Ltd., Addvalue Technologies, Beijing Highlander Digital Technology Co., Ltd., among others are the key players implementing strategies to enlarge the customer base and gain significant share in the global Vessel Monitoring System Market, which in turn permits them to maintain their brand name. A few of the recent key developments are:
- In 2020, Applied Satellite Technology (AST) Ltd declared a new joint venture with Wright Technologies in New Zealand who is leading provider of marine electronics services to the South Pacific markets.
- In 2020, CLS won Vessel Monitoring System (VMS) services for Irish commercial fisheries. The tender was released by Ireland’s Sea-Fisheries Protection Authority (SFPA).
Vessel Monitoring System Market Segmentation:
By Application
- Fisheries Management
- Surveillance
- Others
By Vessel Type
- Fishing Vessels
- Cargo Vessels
- Service Vessels
- Passenger Ships and Ferries
- Others
Company Profiles
- Applied Satellite Technology Ltd.
- Addvalue Technologies
- Beijing Highlander Digital Technology Co., Ltd.
- Bluetraker
- CLS Fisheries
- Orbcomm
- Orolia Maritime
- Trackwell
- Remora
- VISMA
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application and Vessel Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The APAC region led the vessel monitoring system market in 2019. However, the APAC region dominated the vessel monitoring system market.China, Japan, the Republic of Korea are major countries in Asia, and Indonesia, Thailand, the Philippines, and Vietnam in Southeast Asian known for fisheries business. For instance, Thailand monitored 7000 fishing vessels using VMS to ensure that the vessels are carrying fish legally. Fisheries activities in mentioned countries will contribute in making the market grow at an exponential rate.
The governments across the world 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 vessel monitoring system is not just limited to seaborne vessel application it can be integrated with any surface or airborne machine, vehicle or drone. It allows the governing body to identify any 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. This factor is expected to influence the market growth.
The fisheries management segmentis the leading application in the market. One of the primary application of vessel management system is to monitor the action and movement of fishery vessels in the sea or water bodies.As per the international laws a country has exclusive economic zone to 200 nautical miles (370km) from its costal region which implies other state fishery or other vessel cannot access it without any approval. The above-mentioned fact about use of vessel monitoring for fisheries management will fuel the market growth.
The List of Companies - Vessel Monitoring System Market
- Applied Satellite Technology Ltd.
- Addvalue Technologies
- Beijing Highlander Digital Technology Co., Ltd.
- Bluetraker
- CLS Fisheries
- Orbcomm
- Orolia Maritime
- Trackwell
- Remora
- VISMA
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