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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vessel Monitoring System Market Size
The global Vessel Monitoring System market is expected to grow at a CAGR of 11.70% during the period 2024-2032. North America, Europe and Asia Pacific are expected to be key markets.
Global Market Likely to be Driven by Need to Monitor, Regulate and Observe Vessel Movement
Vessel monitoring systems are used by fisheries authorities, coastguards and navies for surveillance, search and rescue, resource management and fisheries control. Appropriate vessel monitoring can save lives and make fishing more sustainable. It is suggested that almost fifteen percent (over 25 million tonnes) of seafood is captured through Illegal, Unreported and Unregulated (IUU) fishing.
Vessel monitoring is essential, especially in light of the dangers that may be faced by ships when at sea (or ocean); tracking becomes important to ensure safety of cargo and fishing vessels. Vessel monitoring systems are an integral communication component, considering the aspect of cargo delivering, fishing vessels, and passenger vessels. Vessel monitoring systems enable faster and easier vessel tracking and it help in averting unwanted situations at sea. In 2023, Wales became the first nation in the UK to require all of its licensed commercial fishing boats to be fitted with a Vessel Monitoring System (VMS). Such regulations are expected to drive the global vessel monitoring system market. Boats that were 12m or over in length were already required to have such a system in place, but the order meant those boats under this size, more than 350 boats, must have a VMS device. The under 12 metre fishing fleet accounted for nearly 97% of Welsh registered fishing boats. The vessel monitoring system would transmit the geographical position, date, time, speed and course of a boat, at least once every ten minutes, while fishing operations were being carried out.
Vessel Monitoring System Market Report Snapshots
Vessel Monitoring System Market Size
Vessel Monitoring System Market Growth
Vessel Monitoring System Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global vessel monitoring system market is projected to grow at a CAGR of 11.70% between 2024 and 2032.
The major drivers of the market include the rise in vessel traffic, high demand for long range tracking and identification and demand for safe navigation, rapid technological advancements, and rise in production of vessels.
The ability of vessel monitoring systems to aid law enforcement and the greater levels of monitoring, control, and surveillance (MCS) of vessels are the key industry trends propelling the market's growth.
The major regions in the industry are North America, Europe, Latin America, Asia Pacific, the Middle East and Africa, among others.
By vessel type, the market is segmented into fishing vessel, cargo vessel, service vessel, passenger ships and ferries, among others.
The major applications of the market are fisheries management and surveillance, among others.
Automatic identification systems (AIS) were developed as a collision avoidance tool and are required by international law for ships over a certain size and by national legislation for some smaller ships whereas a custom fisheries management system governed at the national and regional levels is the vessel monitoring system (VMS).
The monitoring the vessel has become mandatory with the monitoring of the United Nations. Thus, every nation across the world needs to enforce VMS as an effective tool for ship tracking and vessel monitoring.
The major players in the industry are Addvalue Technologies Ltd, Applied Satellite Technology Ltd, CLS Group, Visma, Pole Star Space Applications, SRT Marine Systems plc, and ROM Communications Inc, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124