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Latin America Vessel Monitoring System Market to Grow at a CAGR of 8.7% During the Period 2022-2027, Driven by Need for Greater Monitoring of Vessels to Curb Illegal Fishing

According to a new report by EMR titled, ‘Latin America Vessel Monitoring System Market Report and Forecast 2022-2027’, the Latin America Vessel Monitoring System market is expected to grow at a CAGR of 8.7% during the period 2022-2027, led by innovative solutions.

Vessel monitoring systems (VMS) are an essential tool for modern fisheries management. With proper application and correct sharing of data, these systems may help discourage, detect, and eliminate illegal fishing. Advancements in technology have made these monitoring systems more sophisticated, while being relatively easy to use. Today, regional management bodies, national enforcement agencies, and industry employ vessel management systems to monitor vessel activity in most major fisheries around the world. Such uses are expected to drive the Latin America Vessel Monitoring System market. Vessel monitoring systems have become an important element in the fight against illegal, unreported, and unregulated (IUU) fishing.

Illegal fishing not only damages ocean biodiversity, but also the economies of coastal communities that make a living from fishing; such activities also are a threat to global food security. The Latin America 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.

The Latin America Vessel Monitoring System market is likely to be driven by sophisticated solutions by leading companies. Key players include Global Fishing Watch, Inc., CLS Group, Applied Satellite Technology Ltd., Visma, and others.

Key Findings of the Report:

  • The Latin America 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.

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 Brazil, Mexico, Argentina, and Others.

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