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.
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 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.
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.
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.
Key segments that contributed to the derivation of vessel monitoring system market analysis are application and vessel type.
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).
The regional trends and factors influencing the Vessel Monitoring System Market throughout the forecast period have been thoroughly explained by the analysts at 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.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.03 Billion |
| Market Size by 2031 | US$ 2.43 Billion |
| Global CAGR (2023 - 2031) | 11.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Vessel Monitoring System Market 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.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Vessel Monitoring System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
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:
The “Vessel Monitoring System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global vessel monitoring system market was estimated to be US$ 1.03 billion in 2023 and is expected to grow at a CAGR of 11.2% during the forecast period 2023 - 2031.
Growth in fishing applications and the requirement to prevent unauthorized dealings are the major factors that propel the global vessel monitoring system market.
Integration with Big Data and AI analysis technology is anticipated to play a significant role in the global vessel monitoring system market in the coming years.
The key players holding majority shares in the global vessel monitoring system market are Applied Satellite Technology Ltd., Addvalue Technologies, Beijing Highlander Digital Technology Co., Ltd., BlueTraker, and CLS.
The global vessel monitoring system market is expected to reach US$ 2.43 billion by 2031.
The incremental growth expected to be recorded for the global vessel monitoring system market during the forecast period is US$ 1.39 billion.