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
Vessel Monitoring System Market
-
CAGR (2023 - 2031)
11.2%
-
Market Size 2023
US$ 1.03 Billion
-
Market Size 2031
US$ 2.43 Billion
Market Dynamics
GROWTH DRIVERS
- Minimizing the illegal fisheries
FUTURE TRENDS
- Need for sustainable fisheries management
OPPORTUNITIES
- Integration with Big Data and AI analysis technology
Key Players
- Applied Satellite Technology Ltd
- Addvalue Technologies
- Beijing Highlander Digital Technology Co Ltd
- BlueTraker
- CLS
- ORBCOMM
- Trackwell
- Orolia Maritime
- Remora
- VISMA
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Application
- Fisheries Management
- Surveillance
Vessel Type
- Fishing Vessels
- Cargo Vessels
- Service Vessels
- Passenger Ships and Ferries
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Vessel Monitoring System Market: Strategic Insights
-
CAGR (2023 - 2031)11.2% -
Market Size 2023
US$ 1.03 Billion -
Market Size 2031
US$ 2.43 Billion
Market Dynamics
- Minimizing the illegal fisheries
- Need for sustainable fisheries management
- Integration with Big Data and AI analysis technology
Key Players
- Applied Satellite Technology Ltd
- Addvalue Technologies
- Beijing Highlander Digital Technology Co Ltd
- BlueTraker
- CLS
- ORBCOMM
- Trackwell
- Orolia Maritime
- Remora
- VISMA
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Fisheries Management
- Surveillance
- Fishing Vessels
- Cargo Vessels
- Service Vessels
- Passenger Ships and Ferries
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
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 - Fisheries Management
- Surveillance
By Vessel Type - Fishing Vessels
- Cargo Vessels
- Service Vessels
- Passenger Ships and Ferries
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- Applied Satellite Technology Ltd
- Addvalue Technologies
- Beijing Highlander Digital Technology Co Ltd
- BlueTraker
- CLS
- ORBCOMM
- Trackwell
- Orolia Maritime
- Remora
- VISMA
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.