Press Release
Press Release
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.
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