Vessel Monitoring System Market Dynamics and Trends by 2031

The vessel monitoring system market size is projected to reach US$ 2.43 billion by 2031 from US$ 1.03 billion in 2023. The market is expected to register a CAGR of 11.2% in 2023–2031. Growth in fishing applications and the requirement to prevent unauthorized dealing are likely to remain key vessel monitoring system market trends.

Vessel Monitoring System Market Analysis

By guaranteeing appropriate fishing methods and preventing illicit fishing, vessel monitoring system systems help to improve the management and sustainability of the marine environment and, consequently, safeguard and improve the livelihoods of fishermen. The vessel monitoring system is principally used for fisheries management. The purpose of the vessel monitoring system is to monitor the movement of VMS-equipped vessels with respect to restricted fishing areas. A shift towards sustainable fisheries management generates the demand for vessel monitoring systems. 

Vessel Monitoring System Market Overview

Vessel Monitoring Systems (VMS) is a usual term used to describe systems that are used in commercial fishing to let environmental and fisheries regulatory organizations monitor and track the activities of fishing vessels. They are an essential part of monitoring control and surveillance (MCS) programs at national and international levels. VMS is also used to monitor and track vessels in the territorial waters of a country or a subdivision of a country.

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Vessel Monitoring System Market: Strategic Insights

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Vessel Monitoring System Market Drivers and Opportunities

Minimizing the illegal fisheries by the market players to Favor Market

Fisheries provide an essential source of food, recreation, employment, trade, and economic well-being for people across the world. With the growth in population and continuing hunger, fish has emerged as a critical commodity for the accomplishment the food security. However, illicit, unreported, and unregulated fishing activities are seriously jeopardizing international efforts to ensure the sustainability of fisheries. In June 2023, according to the UN Food and Agriculture Organization (FAO), illegal, unreported, and unregulated fishing activities are responsible for the loss of 11–26 million tonnes of fish each year, which is estimated to have an economic value of US$ 10–23 billion. Thus, to minimize the illegal fisheries, the demand for vessel monitor systems gains traction. It helps in the effective and reliable monitoring of licensed fishing vessels and detects illegal or unauthorized vessels.

Need for sustainable fisheries management – An Opportunity in the Vessel Monitoring System Market

Over 26% of carbon dioxide emissions and over 93% of heat have been absorbed globally by the oceans. This has affected 500 million people whose health, well-being, and livelihoods depend on fishing by altering ocean ecosystems, contributing to rising sea levels, increasing the frequency of disease outbreaks, acidifying seawater, increasing mortality and decreasing productivity of key species, and changing the geographic distribution of many important fish stocks. In addition, unsustainable fishing causes emissions from fishing fleets and damages marine ecosystems, both of which are contributing factors to climate change. Therefore, there is a need to implement sustainable fisheries management, which generates the demand for vessel monitoring systems as it helps to provide powerful near real-time insights for authorities/organizations to sustainably manage and control fisheries activities.

Vessel Monitoring System Market Report Segmentation Analysis

Key segments that contributed to the derivation of vessel monitoring system market analysis are application and vessel type.

• Based on application, the market is segmented into fisheries management, surveillance, and others. The surveillance segment held a larger market share in 2023.
• By vessel type, the market is segmented into fishing vessels, cargo vessels, service vessels, passenger ships and ferries, and others. The fishing vessels segment held the largest share of the market in 2023.

Vessel Monitoring System Market Share Analysis by Geography

The geographic scope of the vessel monitoring system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

In terms of revenue, Asia Pacific accounted for the largest vessel monitoring system market share in 2023. Countries such as Japan, India, China, Sri Lanka, and others are the key countries in the Asia Pacific vessel monitoring system market. The region in engaged in various maritime project that demands vessel monitoring that determines the locations of vessels, other traffic, and weather-related hazards. It also oversees the comprehensive traffic management of a port or waterway. For example, in May 2023, Japan’s National Maritime Research Institute released the results of a new vessel data analysis project, combining onboard monitoring data stored by the Ship Data Center (ShipDC) with information from the POLARIS ocean data service provided by Japan Weather Association (JWA).

Vessel Monitoring System Market Regional Insights

The regional trends and factors influencing the Vessel Monitoring System Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Vessel Monitoring System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Vessel Monitoring System Market Report Scope

Vessel Monitoring System Market Players Density: Understanding Its Impact on Business Dynamics

The Vessel Monitoring System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Vessel Monitoring System Market News and Recent Developments

The Vessel Monitoring System Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• In March 2021, PM Modi inaugurated the 'Maritime India Summit 2021' and launched an e-book of Maritime Vision 2030 aimed at making the industry at par with the top global benchmark. India launched a real-time vessel tracking system that can help seafarers and fishermen in times of need. Apart from tracking Indian vessels globally, it can also track foreign vessels within 1,000 km of India’s coastline. (Source: News, Press Release, 2021)
• In June 2022, the 24-7 Fisheries Monitoring Centre (FMC) was formally inaugurated on 21 June 2022 as part of the Sri Lanka Vessel Monitoring System (VMS) project implemented by the International Organization for Migration (IOM). Under the Sri Lanka VMS project, 4200 multi-day fishing vessels (MFV) are being equipped with VMS transponders, which would enable the DFAR to effectively monitor the MFV movements, ensuring compliance with the Indian Ocean Tuna Commission (IOTC) regulations on Illegal, Unreported Unregulated (IUU) fisheries. (Source: IOM, Press Release, 2022)

Vessel Monitoring System Market Report Coverage and Deliverables

The “Vessel Monitoring System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles