Vessel Monitoring System: Introduction
- Vessel monitoring system is generally used in commercial fishing to allow environmental and fisheries regulatory organizations to track and monitor the activities of fishing vessels
- The functionality of a vessel monitoring system and its associated equipment depends on the requirements of a particular country’s vessel's registry and the regional or national water in which the vessel operates. Sub-divisions in regional and national vessel monitoring systems apply different functionalities to different vessel categories.
- Vessel monitoring system is used by fishery authorities, coastguards, and navies for surveillance, search and rescue, resource management, and fisheries control. It is also used to manage the data of thousands of vessels every day all around the world by shipping companies and coastguards.
- Vessel monitoring system is employed used to monitor vessels in the territorial water bodies of a nation or a subdivision of a country. They are also used in the Exclusive Economic Zones (EEZ) that extend 200 nautical miles (370.4 km) from the coasts of many countries.
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Key Drivers of Global Vessel Monitoring System Market
- Developing countries across the world are investing significantly in the manufacturing sector. This has led to a steady growth in seaborne trade. Stable conditions of economies are likely to boost the global vessel monitoring system market.
- Increase in demand for new vessels for various applications in the oil & gas sector and shipping business, dearth of supply chains in ship repair and maintenance services, and rise in production of vessels are projected to augment the demand for vessel monitoring system in the near future
- Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels. This, in turn, is expected to augment the global vessel monitoring system market between 2020 and 2030.
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Restraints of Global Vessel Monitoring System Market
- The cost of vessel monitoring system components is high and varies in accordance to the functionality requirements of the specific system being implemented. Vessel monitoring system is expensive and requires costly onboard requirement in Europe and the U.S. This is expected to hamper the vessel monitoring system market in these regions in the near future
- In July 2020, the Costa Rican government announced that it had signed an agreement to make its vessel tracking data available through Global Fishing Watch (GFW), demonstrating its commitment to greater transparency in fishing activity. It also said that the agreement was signed between the Costa Rican Institute for Fisheries and Aquaculture (INCOPESCA) and GFW. INCOPESCA and GFW will work together to bring tracking data of Costa Rica’s commercial fishing vessels into GFW’s platform, thus enhancing monitoring and market opportunities for local fishers by raising their international profile.
- In July 2020, The Fisheries Committee for the West Central Gulf of Guinea (FCWC) Secretariat, as part of its implementation of the European Union-funded Improved Regional Fisheries Governance (PESCAO) project, announced that it had received regional vessel monitoring system (VMS) equipment. The regional VMS equipment is expected to monitor all vessels operating in the region and integrate all member countries’ existing national systems, with remote access for countries that do not have a VMS.
Europe to Hold Major Share of Global Vessel Monitoring System Market
- Based on region, the global vessel monitoring system market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is expected to be a key region of the global vessel monitoring system market from 2020 to 2030. High investments in shipping infrastructure and government subsidies are likely to drive the market in the region between 2020 and 2030
- The vessel monitoring system market in Middle East & Africa is estimated to expand at a significant pace during the forecast period, owing to extensive oil and gas export and presence of large numbers of vessel companies in the region
- Growth in cruise tourism and export business in North America, especially the U.S., is anticipated to propel the demand for vessel maintenance services for passenger ships and ferries in the region. This is estimated to drive the vessel monitoring system market in North America in the near future.
COVID-19 Impact Analysis
- The global economy has been hampered by the measures put in place to contain the COVID-19 pandemic. The marine industry is estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to the social distancing norms, shortage of manpower, lack of parts & equipment, and discerning expenditure by end-users.
- Rapid spread of the coronavirus has adversely impacted on global shipping market, with the slump in demand for goods from China having a ripple effect on everything from container ships to oil tankers
- Currently, the solar industry imports almost 80% of its equipment and parts in the value chain from China. The COVID-19 pandemic has hampered manufacturing capacities in China. Most ship container companies have stopped functioning out of Chinese ports. Major economies such as India have also stopped transportation of goods from China.
Key Players Operating in Global Market
Major players operating in the global vessel monitoring system market are:
- Trelleborg Marine and Infrastructure.
- Orolia Maritime
- Pole Star Space Applications
- Stratum Five
Global Vessel Monitoring System Market, by Vessel Type
- Cargo Vessels
- Service Vessels
- Fishing Vessels
- Off-shore Vessels
- Passenger Ships & Ferries
Global Vessel Monitoring System Market, by Application
- Fisheries Management
- Monitoring Control and Surveillance
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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