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Wednesday, August 17, 2022

Global Vessel Monitoring System Market to be Driven by the Greater Levels of Monitoring, Control, and Surveillance (MCS) of Vessels in the Forecast Period of 2022-2027 


The new report by Expert Market Research titled, ‘Global Vessel Monitoring System Market, Size, Share, Growth, Analysis, Report and Forecast 2022-2027’, 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 (2017-2027) 

• Forecast CAGR (2022-2027):  11.70%

Report AttributeDetails
Historical Period2017-2021
Forecast Period2022-2027
Base Year2021
Growth Rate CAGR11.70 %
Major PlayersAddvalue Technologies Ltd, Applied Satellite Technology Ltd, CLS Group, Visma,
Pole Star Space Applications, SRT Marine Systems plc, and ROM Communications Inc, among others.

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
• Others

The major applications of the market are:

• Fisheries Management
• Surveillance
• Others

On the basis of region, the market is segmented into: 

• North America
• Europe
• 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
  • Visma
  • Pole Star Space Applications
  • SRT Marine Systems plc
  • ROM Communications Inc
  • others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

Media Contact:

Company Name: Claight Corporation
Contact Person: Shira Ellis, Corporate Sales Specialist – U.S.A.
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA


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