European Vessel Monitoring System Market Outlook
According to a new report by Expert Market Research titled, “European Vessel Monitoring System Market Size, Share, Analysis, Report and Forecast 2023-2028″,the european vessel monitoring system market is projected to grow at a CAGR of 11.9% between 2023 and 2028. Aided by the escalating demand for sustainable fishing practices and the increasing application of VMS in maritime industries, the market is expected to grow significantly by 2028.
Vessel Monitoring Systems are sophisticated surveillance systems used primarily in the commercial fishing industry to track the location and monitor the activities of vessels. These systems play a crucial role in ensuring maritime security, monitoring fishing quotas, and promoting sustainable fishing practices. Apart from its fundamental role, VMS also holds potential for applications in various marine-related industries including oil and gas, defence, and maritime traffic control.
The increasing emphasis on sustainable fishing practices is driving the European vessel monitoring system market growth. With growing concerns about overfishing and illegal fishing activities, there has been a substantial shift towards employing monitoring and surveillance technologies, leading to a surge in demand for VMS. Furthermore, strict regulatory measures enforced by the European Union to combat illegal, unreported, and unregulated (IUU) fishing have also been instrumental in propelling the market growth.
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The broadening applications of VMS in various marine industries also significantly contribute to the European vessel monitoring system market expansion. In the oil and gas sector, VMS is used for vessel tracking and maritime security in offshore drilling operations. The defence industry utilises VMS for surveillance, monitoring, and security of maritime boundaries. Additionally, maritime traffic control systems employ VMS for the efficient management of vessel traffic, further amplifying the market expansion.
Moreover, technological advancements in VMS, such as the integration of Automatic Identification System (AIS) and Geographic Information System (GIS), have opened new avenues for the European vessel monitoring system market. These advancements enhance the accuracy and efficiency of vessel tracking and monitoring, further fuelling the demand for VMS.
In addition, there has been a focus on the development of cost-effective and privacy-compliant VMS. Innovations like cloud-based VMS and advanced data encryption methods are being introduced to offer affordable and secure monitoring solutions. Moreover, governmental support in the form of subsidies and incentives is also playing a vital role in fuelling the European vessel monitoring system market development.
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European Vessel Monitoring System Market Segmentation
The market can be divided based on vessel type, application, and country.
Market Breakup by Vessel Type
- Fishing Vessel
- Cargo Vessel
- Service Vessel
- Passenger Ships and Ferries
Market Breakup by Application
- Fisheries Management
Market Breakup by Country
- United Kingdom
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the European vessel monitoring system companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- EMA d.o.o.
- CLS Group
- Pole Star Space Applications
- SRT Marine Systems plc
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