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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Latin America Vessel Monitoring System Market Outlook

The Latin America vessel monitoring system market size is expected to grow at a CAGR of 8.7% between 2024 and 2032. The key drivers of the market include increasing number of vessels on water routes, rising concerns regarding the safety of the vessels, and rising demand for vessel identification and long-range tracking.

latin-america-vessel-monitoring-system-market

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Key Trends in the Market

Vessel monitoring systems refer to systems employed for management and tracking of vessels that ply on common water routes in the area, aiding in surveillance and fisheries management. They are used in commercial fishing by fishery regulatory organisations for detecting and eliminating illegal fishing activities and for tracking the movement of cargo vessels, service vessels, and passenger ships and ferries, among others. The functioning of vessel monitoring systems varies from location to location depending upon the operational and monitoring requirements.

  • The key trends in the Latin America vessel monitoring system market include rising requirement of monitoring due to growing illegal activities in the fishery industry. Such activities are expected to increase the adoption of vessel monitoring systems so as to ensure proper regulation and to curb down such activities.
  • Another crucial trend propelling the growth of the market for vessel monitoring systems in Latin America include upswing of fishery applications in the region. Growing fishery activities have boosted the demand for fishery management systems and surveillance systems in order to receive real time vessel positioning.
  • The increasing plying of different types of vessels in the region is another factor boosting the growth of the Latin America vessel monitoring system market. With more vessels on common water routes, including larger vessel, there is greater importance of adequate monitoring to prevent overcrowding and collisions.

latin-america-vessel-monitoring-system-market-by-segments

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Market Analysis

On the basis of vessel type, the market is divided into fishing vessel, cargo vessel, service vessel, and passenger ships and ferries, among others. Based on application, the market is segregated into fisheries management and surveillance, among others. By country, the market is segmented into Brazil, Mexico, and Argentina, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America vessel monitoring system market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

  • Global Fishing Watch, Inc.
  • CLS Group
  • Applied Satellite Technology Ltd
  • Visma
  • Others

Market Share by Vessel type

Cargo vessels are expected to account for a significant share in the Latin America vessel monitoring system market over the forecast period. This rise in share can be attributed to increasing globalisation which is heavily contributing to the supply chain in the region. Cargo vessels also help in connecting the global economy by carrying cargo across oceans and by acting as the main link between internationally produced products and the customers in need of them. Due to the relatively larger size of cargo vessels, there is an increased need for adequate monitoring of the vessels to ensure safety. The increasing utilisation of cargo vessels is expected to aid the growth of the market for vessel monitoring systems in the region of Latin America.

Market Share by Country

Brazil is anticipated to witness exponential growth in the Latin America vessel monitoring system market owing to increasing fishery activities in the country. Vessel monitoring systems enable the identification of fishing vessels as well as monitoring of their positioning in real-time so as to precisely determine the temporal patterns. Brazil has widely adopted vessel monitoring systems in order to increase the fishing transparency in the country. Utilisation of this system has aided the country in verifying fishing authorisations and in analysing and monitoring the fishing activities. Safeguarding the marine resources of the country in yet another crucial factor increasing the utilisation of vessel monitoring systems in Brazil.

latin-america-vessel-monitoring-system-market-by-region

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Competitive Landscape

Global Fishing Watch, Inc. was founded in 2015 and is based in Washington, United States. The are committed towards advancing the sustainability of the oceans through increasing transparency. By adopting cutting edge technology, the mapping platforms of Global Fishing Watch aid in ocean governance and investigation of global fishing activity, among others.

Applied Satellite Technology Ltd was founded in 1992 and is based in Great Yarmouth, United Kingdom. They are a leading satellite communications provider that enables global productivity. Their team of global experts engineer, design, and implement connectivity solutions to deliver the best working solutions. With support of their distribution network, they provide connectivity solutions on all continents.

Visma was founded in 1996 and is based in Oslo, Norway. They are one of the leading providers of mission-critical business software for building a more resilient and efficient society. By automating and simplifying the work of organisations and companies of all sizes, they strive to improve everyday lives of individuals.

Other market players include CLS Group, among others.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Vessel Type
  • Application
  • Region
Breakup by Vessel Type
  • Fishing Vessel
  • Cargo Vessel
  • Service Vessel
  • Passenger Ships and Ferries
  • Others
Breakup by Application
  • Fisheries Management
  • Surveillance
  • Others
Breakup by Region
  • Brazil
  • Mexico
  • Argentina
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Global Fishing Watch, Inc.
  • CLS Group
  • Applied Satellite Technology Ltd
  • Visma
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market is expected to grow at a CAGR of 8.7% between 2024 and 2032.

The major market drivers include rising concerns regarding the safety of the vessels, growth in sea route traffic, and rising demand for identification and long-range tracking.

The key trends fuelling the growth of the market include rising illegal activities, upswing of fishery applications, and growing need for monitoring human activities on water.

The major countries in the market are Brazil, Mexico, and Argentina, among others.

The objective of a vessel monitoring system is to improve the management of marine environments and sea routes.

The major vessel types in the market include fishing vessel, cargo vessel, service vessel, and passenger ships and ferries, among others.

The primary applications of vessel monitoring systems in the market include fisheries management, and surveillance, among others.

With increased plying of vessels on waters, there is a greater need for vessel monitoring systems to track and monitor vessels to prevent unwanted and risky activities.

A vessel monitoring system uses satellite-based communication to monitor the movement and location of vessels on water-routes.

The key players in the Latin America vessel monitoring system market, according to the report, are Global Fishing Watch, Inc., CLS Group, Applied Satellite Technology Ltd, and Visma, among others.

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30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124