The MEA vessel monitoring system market is expected to grow from US$ 47.20 million in 2019 to US$ 94.26 million by 2027; it is estimated to grow at a CAGR of 9.4% 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 MEA regulation, vessels are required to report about the weekly catch, transshipment, catch on entry and catch on exit, and port of landing, etc hence driving the MEA vessel monitoring system market. Furthermore, in MEA, 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 MEA are also aiding various monetary and nonmonetary incentives such as reduced taxes, relaxed regulation and reporting norms, and complete ownership of a business, hence driving the MEA vessel monitoring system market. VMS is presently a standard system for monitoring and controlling fisheries across MEA, and hence, it receives significant demand in the market. The growing need for a monitoring system due to the illegal activities is among the other factors that are expected to positively influence the demand for VMS in MEA. Thus, the increasing number of applications of fisheries and government support drive the growth of the MEA vessel monitoring system market.
Countries in the MEA, especially Saudi Arabia, are highly affected by the COVID-19 crisis. The population of MEA consumes higher amount of seafood, which results in increased trade in fisheries. However, owing to the travel bans, the supply chain and transportation of fish and other seafood items are disrupted, affecting the fisheries sector massively in the region which has also affected the MEA vessel monitoring system market. In addition, there has been a limited trade of other products, which are transported through cargo vessels, due to low demands from end users. The imposition of lockdown and transport restrictions by government bodies to reduce the spread of the virus are curbed the trade of products across the MEA. This has led to the limited movement of cargo vessels and fisheries vessels, thereby affecting the vessel monitoring system market negatively. Moreover, the temporary shutdown of manufacturing units has also resulted in decline in the procurement of new ships. Thus, the COVID-19 outbreak has highly disrupted the supply and demand gap for VMS in MEA countries, which is affecting the growth of the MEA vessel monitoring systems market.
Based on application, the surveillance segment expected to be fastest growing during forecast period for MEA region. Surveillance is one of the major application of VMS. As every country in MEA has exclusive economic zone over sea or water bodies 200 nautical miles from the coastal region VMS helps vessels to track their location so that the vessels would not enter other state’s exclusive economic zone. In order to avoid fishery or other sea or water operations in restricted areas VMS act as a navigation tools for vessel operators. Furthermore, VMS enables to governing and other national security bodies to monitor vessel in restricted areas, time spent on at sea, area of operation, etc. Also VMS allows governing and security bodies to monitoring foreign vessel entering or operating in their exclusive economic zone. Surveillance helps in maintaining tight security, avoiding illegal movement, detect intruders etc. Since surveillance segment is expected to grow fast in coming years, as a result demand of VMS for surveillance purpose will increase, that will drive the MEA vessel monitoring system market during forecast period.
The overall MEA 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 MEA vessel monitoring system market. The process also serves the purpose of obtaining an overview and forecast for the MEA 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, vessel monitoring system market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the MEA vessel monitoring system market. Applied Satellite Technology Ltd, BlueTraker, CLS Fisheries, ORBCOMM Inc., and Trackwell are among the players operating in the MEA vessel monitoring system market.