The Europe vessel monitoring system market is expected to grow from US$ 183.30 million in 2019 to US$ 424.18 million by 2027; it is estimated to grow at a CAGR of 11.5 % from 2020 to 2027.
The increasing need for a tracking system due to unauthorized activities boosts the vessel monitoring systems market growth in Europe. The governments of the European countries are increasing focus on defense and border control, and each year, theyspend more capital on the defense sector owing to the rising number of threats to the homeland. Also, there is a growing need to track illegal fishing activities and movement of goods, people, and illicit material . This need will drive the Europe vessel monitoring system market growth . Further, the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) with advanced VMS provides better insights for research and development purposes. The use of VMS is not only limited to the seaborne vessel application; it can be also be integrated with any surface or airborne machine, vehicle, or drone. An antenna and receiver, computer, and transmitter are the prime components of a VMS. These components help vessel operators navigate through the sea or water body and allow governing or border security bodies to monitor movement and traffic in the territory. They also allow the governing bodies to identify any vessel and illegal fishing activities in a restricted territory or during a restricted time. Further, it assists in detecting and tracking nonpermitted or unidentified operating or breaching vessels near the national borders. Therefore, the rising unauthorized activities and safety concerns at national borders are creating the need for tracking systems, which, in turn, increases the demand for VMS in Europe hence driving the Europe vessel monitoring system market.
Moreover,the UK is the hardest-hit country in Europe due tothe COVID-19 outbreak. It is expected to suffer an economic crisis due to the lack of revenue from various industries . Owing to the rise in the number of COVID-19 patients, the British government has imposed lockdown measures to contain the spread of the virus. In Europe, lockdown has severely impacted the fishery industry;in many regions, the loss of demand and difficulties to reach the consumers have led to the reduced and highly volatile prices which has affected the Europe vessel monitoring system market negatively . According to the European Market Observatory for Fisheries and Aquaculture, there are price declines of ~20%–70% in the Mediterranean fisheries, along with high weekly price volatility in the rest of European fisheries, andprice paths are significantly varying across the products and countries. The impact of the pandemic is anticipated to be severe in 2020, which is likely to continue in 2021 as well; this would restrain the vessel monitoring system market growth in Europe in the next few quarters.
Based on vessel type, the fishing vessels segment led the Europe vessel monitoring system market in 2019. Artesian and commercial vessels are the two major types of fishing vessels; the artisan vessels are cheaper as well as smaller in size and capacity than commercial fishing vessels. They are majorly used in sea and inner land water body; whereas, commercial vessels are used for large-scale commercial fishing activities in sea or deep-sea areas. VMS is majorly used in commercial vessels for monitoring and reporting purpose. However, artesian vessels are traditional type of vessels which does not support any high-tech system including VMS. Due to the increasing need for monitoring fishing vessels, demand for VMS is rising; thus the fishing vessel segment is expected to dominate the vessel monitoring system market in Europe during the forecast period.
The overall Europe vessel monitoring system marketsize 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 Europe vessel monitoring system market. The process also serves the purpose of obtaining an overview and forecast for the Europe 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 of 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 Europe vessel monitoring system market. Applied Satellite Technology Ltd, BlueTraker, CLS Fisheries, ORBCOMM Inc., Orolia Maritime, Trackwell, and Visma are among the players operating in the vessel monitoring system market in this region.