Global Vessel Monitoring System Market to Grow at a CAGR of 11.70% During the Period 2024-2032, Driven by Need for Greater Monitoring of Vessels to Curb Illegal Activity

The global 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. Vessel monitoring systems are used by fisheries authorities, coastguards and navies for surveillance, search and rescue, resource management and fisheries control. North America, Europe and Asia Pacific are expected to be key markets.

The need to monitor human activity in the ocean is expected to boost the global vessel monitoring system market. Oceans produce most of the oxygen we breathe, absorb a large quantity of carbon dioxide emissions, regulate climate, and feed the people of the world. It is reported that over half of the marine environment has been significantly changed by human activity, with over 30% of fish stocks overexploited. In light of these facts, it becomes essential to monitor illegal fishing activity in the ocean, and governments and non-government bodies are making efforts to check illegal fishing activity. For example, in 2022, The Nigerian Government disclosed the establishment of a Vessel Monitoring System (VMS) in Lagos, South-West Nigeria and Abuja, the country’s capital, to monitor and regulate illegal, unreported and unregulated fishing along Nigeria’s continental shelf.

In 2022, Global Fishing Watch partnered with Benin to combat illegal fishing; the collaboration on open data and technology sought to bolster maritime surveillance in West Africa. The partnership agreement between Benin and Global Fishing Watch aimed to intensify checking, control and scrutiny of fishing activities within the waters of the West African State. Under the MoU, Global Fishing Watch would offer technical support, including fisheries analysis, capacity building and training on its vessel monitoring tools. To track its fishing fleet, Benin would establish a vessel monitoring system (VMS), and formally agreed to share its data through the Global Fishing Watch map—the first African nation to commit to making its fishing fleet publicly visible.

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In 2018, Trackwell secured a tender to offer Vessel Monitoring System (VMS) services for Commonwealth commercial fisheries, issued by the Commonwealth of Australia, acting as the Australian Fisheries Management Authority (AFMA).

iVMS (inshore vessel monitoring system) refers to VMS vessel tracking and monitoring system and solution employing low-cost cellular 3G/GSM/GPRS networks in place of global satellite. iVMS are remote asset tracking systems employed to watch artisanal or smaller fishing vessels under 12 meters operating closer inshore for sustainable management of Marine Protected Areas (MPA), closed areas and inshore fisheries. VMS solutions employing cellular are now a feasible alternative to satellite for inshore or artisanal fishing fleets. Such developments are expected to boost the global vessel monitoring system market.

Key Findings of the Report:

• The global vessel monitoring system market is expected to be driven by the need to monitor and regulate vessel activity to minimize violations of the law.

• Advanced solutions are expected to drive market growth.

• North America, Europe and Asia Pacific are projected to be key markets.

Market Analysis by Vessel Type, Application and Region:

• 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 region, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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