Vessel Monitoring System Market Size, Growth, Share 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
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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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 Report Scope
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
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 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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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