The new report by Expert Market Research titled, ‘Global Vessel Monitoring System Market Growth ,Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global vessel monitoring system market, assessing the market based on its segments like vessel types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Vessel Monitoring System Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2023-2028)
• Forecast CAGR (2023-2028): 11.70%
Globally, developing nations are making large investments in the manufacturing industry. This has led to steady growth in seaborne trade. Stable conditions of economies are likely to improve the global vessel monitoring system market.
An increase in demand for new vessels for various applications in the oil and gas sector and shipping business, a dearth of supply chains in ship repair and maintenance services and a rise in production of vessels are projected to augment the demand for vessel monitoring systems in the near future.
Additionally, the growing concern about vessel security and safety, the rising need for tracking due to unauthorised activities, and the demand for automatic identification system (AIS) are driving the growth of the market.
Vessel Monitoring System Industry Definition and Major Segments
Fisheries authorities, coast guards, and navies use vessel monitoring systems for surveillance, search and rescue, resource management, and fisheries regulation. Effective vessel surveillance can increase the sustainability of fishing and save lives. According to estimates, about 25 million tonnes (or close to 15%) of all seafood is caught through IUU (illegal, unreported, and unregulated) fishing.
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By vessel type, the global vessel monitoring system market is segmented into:
• Fishing Vessel
• Cargo Vessel
• Service Vessel
• Passenger Ships and Ferries
The major applications of the market are:
• Fisheries Management
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Vessel Monitoring System Market Trends
The demand for vessel maintenance services for ferries and passenger ships in the region is predicted to increase as cruise tourism and export commerce expand in North America, particularly in the United States. In the forecast period, this is likely to be the main factor driving the North American market for vessel monitoring systems.
Companies all around the world have been compelled to improve their cargo vessels as a result of aggressive national goals, rapid technical advancements, and global agreements. As a result, the market for vessel monitoring systems is likely to grow. The vessel monitoring system is employed to assist law enforcement initiatives and prevent law violations.
The system also enables enforcement personnel to focus their time on regions with the highest possibility for significant violations, thereby propelling the market growth.
Key Market Players
The major players in the market are:
- Addvalue Technologies Ltd
- Applied Satellite Technology Ltd
- CLS Group
- Pole Star Space Applications
- SRT Marine Systems plc
- ROM Communications Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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