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Latin America Vessel Monitoring System Market: By Vessel Type: Fishing Vessel, Cargo Vessel, Service Vessel, Passenger Ships and Ferries, Others; By Application: Fisheries Management, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Latin America Vessel Monitoring System Market Outlook
The Latin America Vessel Monitoring System market is expected to grow at a CAGR of 8.7% during the period 2023-2028. Vessel monitoring systems are used by fisheries authorities, coastguards and navies for surveillance, search and rescue, resource management and fisheries control.
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Market Likely to be Driven by Need for Greater Levels of Monitoring, Control, and Surveillance (MCS) of Vessels to Curb Illegal Fishing Activity
With over thirty-five thousand miles of coastline, Latin America is a region entwined with the ocean; communities, economies and cultural identities are intrinsically linked to the sea. Latin America’s neighbouring waters are homes for economically important fisheries such as anchovy, salmon and squid. These fishing grounds provide the people of the world with significant amounts of seafood (Peru and Chile being major suppliers). However, these fish stocks face threats by illegal, unreported and unregulated fishing - a grave problem for several countries in the region. With the help of satellite technology and cutting-edge machine learning, governments and maritime security agencies seek to strengthen maritime control and surveillance and fulfil sustainability goals.
The need to monitor human activity in the ocean is expected to boost the Latin America 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.
Advanced Solutions by Leading Companies Expected to Drive Market Growth
The Latin America Vessel Monitoring System market is likely to be driven by sophisticated solutions by leading companies. For example, to protect marine resources and fisheries, organisations like CLS develop tools based on satellite systems capable of covering very large maritime areas. CLS has helped over sixty countries set up vessel monitoring systems (VMSs) for monitoring their industrial fishing fleets. VMS is a widely used system by coastal states to manage their fishing fleets, also an efficient way of effectively fighting illegal fishing activity. Vessel monitoring system is employed to assist law enforcement initiatives and prevent law violations. The system also enables enforcement personnel to focus their time on regions with the highest possibility for significant violations. CLS transmitters are carried on over fifteen thousand fishing vessels, ensuring complete data confidentiality, a tamper-proof system (owing to the dual-Doppler positioning system) and longevity in the marine environment.
vTrack is an efficient and well-proven system for fisheries authorities. It displays accurate positions and data from fishing vessels and shares them with multiple recipients in real time. vTrack is optimized for ease of use and fast learning for all user groups of authority. Users on shore have real-time access to the system, and may view which vessels enter the harbour on any given day. Such information makes is easier to determine which vessels may require a closer look and plan an inspection.
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Market Segmentation
By vessel type, the market is segmented into:
- Fishing Vessel
- Cargo Vessel
- Service Vessel
- Passenger Ships and Ferries
- Others
By application, the market is divided into:
- Fisheries Management
- Surveillance
- Others
By country, the market is classified into:
- Brazil
- Mexico
- Argentina
- Others
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Key Industry Players in the Market
The report presents a detailed analysis of the following key players in the Latin America Vessel Monitoring System market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Global Fishing Watch, Inc.
- CLS Group
- Applied Satellite Technology Ltd
- Visma
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vessel Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Latin America
7 Opportunities and Challenges in the Market
8 Latin America Vessel Monitoring System Market Analysis
8.1 Key Industry Highlights
8.2 Latin America Vessel Monitoring System Historical Market (2018-2022)
8.3 Latin America Vessel Monitoring System Market Forecast (2023-2028)
8.4 Latin America Vessel Monitoring System Market by Vessel Type
8.4.1 Fishing Vessel
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Cargo Vessel
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Service Vessel
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Passenger Ships and Ferries
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Others
8.5 Latin America Vessel Monitoring System Market by Application
8.5.1 Fisheries Management
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Surveillance
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Others
8.6 Latin America Vessel Monitoring System Market by Country
8.6.1 Market Share
8.6.1.1 Brazil
8.6.1.2 Mexico
8.6.1.3 Argentina
8.6.1.4 Others
9 Regional Analysis
9.1 Brazil
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Mexico
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.3 Argentina
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Global Fishing Watch, Inc.
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 CLS Group
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Applied Satellite Technology Ltd
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Visma
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Others
12 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Vessel Monitoring System Market: Key Industry Highlights, 2018 and 2028
2. Latin America Vessel Monitoring System Historical Market: Breakup by Vessel Type (USD Million), 2018-2022
3. Latin America Vessel Monitoring System Market Forecast: Breakup by Vessel Type (USD Million), 2023-2028
4. Latin America Vessel Monitoring System Historical Market: Breakup by Application (USD Million), 2018-2022
5. Latin America Vessel Monitoring System Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Latin America Vessel Monitoring System Historical Market: Breakup by Country (USD Million), 2018-2022
7. Latin America Vessel Monitoring System Market Forecast: Breakup by Country (USD Million), 2023-2028
8. Latin America Vessel Monitoring System Market Structure.
Key Questions Answered in the Report
The Latin America vessel monitoring system market is projected to grow at a CAGR of 8.7% between 2023 and 2028.
The major drivers of the market include the growing concern about vessel security and safety, rise in vessel traffic, high demand for long range tracking and identification and demand for safe navigation, rise in production of vessels, and international agreements.
The increasing number of applications of fisheries and the greater levels of monitoring, control, and surveillance (MCS) of vessels are the key industry trends propelling the market's growth.
The major regions in the market are Brazil, Mexico, and Argentina, among others.
By vessel type, the market is segmented into fishing vessel, cargo vessel, service vessel, passenger ships and ferries, among others.
The major applications are fisheries management and surveillance, among others.
The major players in the industry are Global Fishing Watch, Inc., CLS Group, Applied Satellite Technology Ltd, and Visma, among others.
Analyst Review
The Latin America vessel monitoring system market was driven by the increasing number of applications of fisheries in the historical period. Aided by rise in vessel traffic and greater levels of monitoring, control, and surveillance (MCS) of vessels, the market is expected to grow at a CAGR of 8.7% in the forecast period of 2023-2028.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By vessel type, the market is segmented into fishing vessel, cargo vessel, service vessel, passenger ships and ferries, among others. The major applications of the market are fisheries management and surveillance, among others. The major countries for vessel monitoring system market are Brazil, Mexico, and Argentina, among others. The major players in the industry are Global Fishing Watch, Inc., CLS Group, Applied Satellite Technology Ltd, and Visma, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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