Market Introduction
The vessel monitoring system (VMS) is a satellite-based monitoring system providing data to end-user (operators of fishing vessels, cargo vessels) related to location, speed, and course of vessels. The VMS is heavily used for fisheries management. This system also finds its application in service vessels, passenger ships, and ferries. The fisheries managers have begun using VMS decades ago to track exact locations and monitor the fishing vessels activity to strengthen the effectiveness of fisheries management measures. The VMS gathers vessel positions with help from satellite signals and transmits data to the communication server, which is further communicated to the land-based station/room. By using VMS, the task of tracking vessel becomes easy and fast, and assist in preventing wrongdoing activities at sea. Several factors, such as increasing demand from fisheries and cargo vessel sectors to have an eye on trade to curb unauthorized dealings. Countries in Europe have started using VMS technology to monitor their vessels, ensuring that fisheries are carrying marine products legally. This aspect is creating more demand for vessel monitoring technology and hence driving the market growth in Europe. Also, factor such as growing fisheries applications is expected to create a significant demand for VMS in the coming years, which is further anticipated to drive the Europe vessel monitoring system market.
Furthermore, in case of COVID-19, the UK is the hardest-hit country in Europe by the coronavirus outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as the UK records the highest number of coronavirus cases. Attributing to the rise in the number of COVID-19 infected patients, the British government imposed lockdown measures with an aim to contain the spread of the virus. In Europe, fisheries sector is severely hit owing to the lockdown. In many regions, the loss of demand and difficulties to reach the consumers have led to reduced and highly volatile prices. According to the European Market Observatory for Fisheries and Aquaculture, there are price declines in the Mediterranean fisheries of over 20%-70%, along with high weekly price volatility in rest of the European fisheries, with price paths significantly varying across the products and countries. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the vessel monitoring system market growth of the Europe region negatively for the next few quarters.
Market Overview and Dynamics
The Europe vessel monitoring system market is expected to grow from US$ 183.30 million in 2019 to US$ 424.18 million by 2027; it is estimated to grow at a CAGR of 11.5 % from 2020 to 2027.Increase in cargo tracking opportunities is expected to soar the Europe vessel monitoring system market. An increasing seaborne trade across the Europe results in the rising investment in safety and security system which boosts the growth of the Europe vessel monitoring system market. Further, advancements in repair, restoration and upgrade of vessels is projected to fuel the growth for Europe vessel monitoring system market. Additionally, increase in trade activities backed retrofitting of old system with new advanced VMS to optimize and streamline the operations are among other factors forecasted to create growth opportunities for VMS market players in Europe. Advancements including near real-time tracking provides a brief analysis of the fleet, including risks, security threats, and various regulatory territories. So, factors like technological advancement, upgradations, safety and security, increase in trading etc. are expected to create opportunities for cargo tracking, which will ultimately drive the vessel monitoring system market in Europe.
Key Market Segments
In terms of application, the fisheries management segment accounted for the largest share of the Europe vessel monitoring system market in 2019. In terms of vessel type, the fishing vessels segment held a larger market share of Europe vessel monitoring system market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Europe vessel monitoring system market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Applied Satellite Technology Ltd, BlueTraker, CLS Fisheries, ORBCOMM Inc., Orolia Maritime, Trackwell, and Visma.
Reasons to buy report
Europe Vessel Monitoring System Market Segmentation
Europe Vessel Monitoring System Market - By Application
Europe Vessel Monitoring System Market - By Vessel Type
Europe Vessel Monitoring System Market - By Country
Europe Vessel Monitoring System Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 183.30 Million |
| Market Size by 2027 | US$ 424.18 Million |
| CAGR (2020 - 2027) | 11.5 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Vessel Monitoring System Market is valued at US$ 183.30 Million in 2019, it is projected to reach US$ 424.18 Million by 2027.
As per our report Europe Vessel Monitoring System Market, the market size is valued at US$ 183.30 Million in 2019, projecting it to reach US$ 424.18 Million by 2027. This translates to a CAGR of approximately 11.5 % during the forecast period.
The Europe Vessel Monitoring System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Vessel Monitoring System Market report:
The Europe Vessel Monitoring System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Vessel Monitoring System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Vessel Monitoring System Market value chain can benefit from the information contained in a comprehensive market report.
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