The APAC vessel monitoring system market is expected to grow from US$ 282.46 million in 2019 to US$ 600.14 million by 2027; it is estimated to grow at a CAGR of 10.3 % from 2020 to 2027.
One of the primary applications of the vessel monitoring system (VMS) is to monitor the action and movement of a vessel. The VMS also assists vessel to report their catch; for instance, as per APAC regulation, vessels are required to report about the weekly catch, transshipment, catch on entry and catch on exit, and port of landing, etc. hence growing the APAC vessel monitoring system market. Furthermore, in APAC, the specification and calibration of VMS differ from country to country according to the reporting norms set by particular governing authorities for fishery. Several governments in APAC are also aiding various monetary and nonmonetary incentives such as reduced taxes, relaxed regulation and reporting norms, and complete ownership of a business. VMS is presently a standard system for monitoring and controlling fisheries across APAC, and hence, it receives significant demand in the vessel monitoring system market.The growing need for a tracking system due to the illegal activities is among the other factors that are expected to positively influence the demand for VMS hence driving the vessel monitoring system market in APAC region. Thus, the increasing number of applications of fisheries and government support drive the APAC vessel monitoring system market.
Moreover, countries in APAC, especially China and India, are highly affected by the COVID-19 crisis. The governments in APAC countries are taking possible steps to reduce its effects by imposing lockdowns, which are troubling the manufacturing sector and supply chain activities which has affected the vessel monitoring system market negatively for APAC region. Several major countries, such as China, Japan, South Korea, India, Vietnam, Thailand, and Indonesia, have well-established businesses of fisheries. However, disruptions in supply chain and logistics have limited the installation of VMS in existing fishing vessels thereby affecting the APAC vessel monitoring system market growth. Also, the temporary shutdown of manufacturing units decreases the procurement of fishing, cargo, and other vessels. China, Hong Kong, South Korea, and Japan, which are among the top exporters of cargo vessels in APAC, have been observing a negative impact in the APAC vessel monitoring system market.
Based on application, the fisheries management segment led the APAC vessel monitoring system market in 2019. One of VMS 's key applications is tracking a vessel's movement and motion. In addition, VMS also assists fishing vessels in reporting catches. Fisheries management also includes fisheries research and analysis. By doing research and analysis fisheries manager can estimate the amount of a fish in an area. The increasing number of operations in the fisheries management, such as tracking, monitoring and providing reports etc. Are anticipated to increase the demand of VMS, which in turn, would drive the APAC vessel monitoring system market in the coming years.
The overall APAC vessel monitoring system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC vessel monitoring system market. The process also serves the purpose of obtaining an overview and forecast for the APAC vessel monitoring system market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC vessel monitoring system market. Addvalue Technologies; Applied Satellite Technology Ltd; Beijing Highlander Digital Technology Co., Ltd.; CLS Fisheries; and ORBCOMM Inc. are among the players operating in the vessel monitoring system market in APAC.