Latin America Vessel Monitoring System Market Report and Forecast 2024-2032

Latin America Vessel Monitoring System Market Outlook

The Latin America vessel monitoring system market size is expected to grow at a CAGR of 8.7% between 2024 and 2032. The key drivers of the market include increasing number of vessels on water routes, rising concerns regarding the safety of the vessels, and rising demand for vessel identification and long-range tracking.

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Key Trends in the Market

Vessel monitoring systems refer to systems employed for management and tracking of vessels that ply on common water routes in the area, aiding in surveillance and fisheries management. They are used in commercial fishing by fishery regulatory organisations for detecting and eliminating illegal fishing activities and for tracking the movement of cargo vessels, service vessels, and passenger ships and ferries, among others. The functioning of vessel monitoring systems varies from location to location depending upon the operational and monitoring requirements.

• The key trends in the Latin America vessel monitoring system market include rising requirement of monitoring due to growing illegal activities in the fishery industry. Such activities are expected to increase the adoption of vessel monitoring systems so as to ensure proper regulation and to curb down such activities.

• Another crucial trend propelling the growth of the market for vessel monitoring systems in Latin America include upswing of fishery applications in the region. Growing fishery activities have boosted the demand for fishery management systems and surveillance systems in order to receive real time vessel positioning.

• The increasing plying of different types of vessels in the region is another factor boosting the growth of the Latin America vessel monitoring system market. With more vessels on common water routes, including larger vessel, there is greater importance of adequate monitoring to prevent overcrowding and collisions.

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Market Analysis

On the basis of vessel type, the market is divided into fishing vessel, cargo vessel, service vessel, and passenger ships and ferries, among others. Based on application, the market is segregated into fisheries management and surveillance, among others. By country, the market is segmented into Brazil, Mexico, and Argentina, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America vessel monitoring system market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Global Fishing Watch, Inc.

• CLS Group

• Applied Satellite Technology Ltd

• Visma

• Others

Market Share by Vessel type

Cargo vessels are expected to account for a significant share in the Latin America vessel monitoring system market over the forecast period. This rise in share can be attributed to increasing globalisation which is heavily contributing to the supply chain in the region. Cargo vessels also help in connecting the global economy by carrying cargo across oceans and by acting as the main link between internationally produced products and the customers in need of them. Due to the relatively larger size of cargo vessels, there is an increased need for adequate monitoring of the vessels to ensure safety. The increasing utilisation of cargo vessels is expected to aid the growth of the market for vessel monitoring systems in the region of Latin America.

Market Share by Country

Brazil is anticipated to witness exponential growth in the Latin America vessel monitoring system market owing to increasing fishery activities in the country. Vessel monitoring systems enable the identification of fishing vessels as well as monitoring of their positioning in real-time so as to precisely determine the temporal patterns. Brazil has widely adopted vessel monitoring systems in order to increase the fishing transparency in the country. Utilisation of this system has aided the country in verifying fishing authorisations and in analysing and monitoring the fishing activities. Safeguarding the marine resources of the country in yet another crucial factor increasing the utilisation of vessel monitoring systems in Brazil.

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Competitive Landscape

Global Fishing Watch, Inc. was founded in 2015 and is based in Washington, United States. The are committed towards advancing the sustainability of the oceans through increasing transparency. By adopting cutting edge technology, the mapping platforms of Global Fishing Watch aid in ocean governance and investigation of global fishing activity, among others.

Applied Satellite Technology Ltd was founded in 1992 and is based in Great Yarmouth, United Kingdom. They are a leading satellite communications provider that enables global productivity. Their team of global experts engineer, design, and implement connectivity solutions to deliver the best working solutions. With support of their distribution network, they provide connectivity solutions on all continents.

Visma was founded in 1996 and is based in Oslo, Norway. They are one of the leading providers of mission-critical business software for building a more resilient and efficient society. By automating and simplifying the work of organisations and companies of all sizes, they strive to improve everyday lives of individuals.

Other market players include CLS Group, among others.

Key Highlights of the Report