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Asia-Pacific Vessel Monitoring System Market to Grow at a CAGR of 10.7% During the Period 2022-2027, Driven by Need for Greater Monitoring of Vessels to Curb Illegal Activity

According to a new report by EMR titled, ‘Asia-Pacific Vessel Monitoring System Market Report and Forecast 2022-2027’, the Asia-Pacific Vessel Monitoring System market is expected to grow at a CAGR of 10.7% during the period 2022-2027, led by innovative solutions.

The Asia-Pacific Vessel Monitoring System market is expected to be driven by the need for greater levels of monitoring, control, and surveillance (MCS) of vessels. The ability of vessel monitoring systems to aid law enforcement and facilitate calls for help are expected to help market growth. Further, advanced features offered by modern systems are likely to boost market growth. However, higher costs may hinder market growth. Vessel monitoring systems are used by fisheries authorities, coastguards and navies for surveillance, search and rescue, resource management and fisheries control. Vessel monitoring system is essential for a nation like India, with over 2 million km2 of the sea space. In 2020, India launched a Vessel Traffic Services (VTS) and Vessels Traffic Monitoring Systems (VTMS) software solution developed by IIT (Indian Institute of Technology) at Chennai. The software would determine vessel positions, meteorological hazard warnings and extensively manage the traffic within a port or waterway. VTMS is obligatory under IMO Convention SOLAS (Safety of Life at Sea) as it integrates all data into a single operator working environment for ease of use and allows effective traffic organization and communication. Such developments are expected to drive the Asia-Pacific Vessel Monitoring System market.

In 2022, seven state and Northern Territory fisheries management agencies in Australia were offered grants to increase usage of electronic and vessel monitoring systems on commercial fishing vessels passing through or operating in Australian Marine Parks. The $5.5 million Electronic and Vessel Monitoring Systems Assistance Program was offered to help the commercial fishing industry’s acceptance of electronic and vessel monitoring technology and augment sustainable marine management. The Program would benefit the fishing industry by enabling fishers to comply with marine park rules, saving money for fishers and the Australian Government. It would also provide more conviction to the wider community that fishers were operating sustainably. Adoption of such technologies would reinforce community confidence that Australia’s commercial fishing industries continued to adopt best practices while operating at the highest possible standards in Australia’s marine parks. Such initiatives are expected to drive the Asia-Pacific Vessel Monitoring System market.

Key Findings of the Report:

  • The Asia-Pacific Vessel Monitoring System market is expected to be driven by the need to monitor and regulate vessel activity to minimize violations of the law.
  • Regulations mandating vessel monitoring systems are likely to boost market growth.
  • Advanced solutions are expected to drive market growth.

Market Analysis by Vessel Type, Application and Country:

  • By vessel type, the market is segmented into Fishing Vessel, Cargo Vessel, Service Vessel, Passenger Ships and Ferries, and Others.
  • By application, the market is divided into Fisheries Management, Surveillance, and Others.
  • By country, the market is classified into China, Japan, India, ASEAN, Australia, and Others.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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