The SAM vessel monitoring system market is expected to grow from US$ 21.43 million in 2019 to US$ 39.28 million by 2027; it is estimated to grow at a CAGR of 8.3% from 2020 to 2027.
As a result of illegal activities, the growing need for monitoring systems is expected to increase the demand for a vessel monitoring system (VMS) within SAM. Governments across SAM are growing their attention on defence and border protection, and each year they spend significant capital on the defence field, owing to the rising number of threats to homeland. Also, there is an increasing need to monitor illegal fishing activities and movement of goods, people, and illicit material . This need is driving the SAM vessel monitoring system market growth. The VMS is not only limited to the application of seaborne vessels; it can be incorporated with any surface or airborne system, aircraft, or drone. The VMS is fitted with different technology including a receiver, a computer and a transmitter. VMS also allow the governing or border protection agencies to track the territorial movement and traffic. It also enables the governing body to classify any vessel and illegal fishing activities inside or during a restricted period in a restricted territory. It also assists in detecting and monitoring unauthorized or unidentified vessels that operate or breach near national borders. So, the increasing illegal activities and safety concerns at national borders are creating a need for monitoring systems, which in turn, increases the demand for VMS which will drive the SAM vessel monitoring system market. The surge in the number of fisheries applications is among the other factors that positively affecting the SAM vessel monitoring system market.
In SAM, Brazil has the highest number of COVID-19 cases followed by Peru, Chile, Colombia, and Ecuador, among others. The governments of countries in SAM have taken an array of actions to protect their citizens and contain the disease transmission. As per the data of the United Nations’ Food and Agriculture Organization, Brazil produces 1.3 million tons of fish annually, with 700,000 tons from capturing fisheries and 600,000 tons from aquaculture fisheries. However, the COVID-19 crisis has hindered the fisheries business in the country, and therefore, the players operating in Brazilian market are seeking for subsidized credits, tax breaks, and emergency loan guarantees from governments. Disruption in fishery businesses amid this pandemic is restraining VMS installation in the SAM countries which has affected the SAM vessel monitoring system market badly.
Based on vessel type, the cargo vessels segment expected to be fastest growing during forecast period for SAM region. Cargo ship or merchant ship also known as liner ships are large vessel designed to transport cargo across countries and continents. Thousands of cargo vessel ply in ocean in today’s globalization era contributing hugely to the supply chain. These ships are powered by hydraulics and cranes to load and unload heavy cargos and large machinery. It is expected that use of cargo vessels will increase in coming years. As a result, there will be increase in need for tracking, monitoring and reporting of cargo vessels. This will increase the demand of VMS, which will drive the SAM vessel monitoring system market during forecast period.
The overall SAM 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 SAM vessel monitoring system market. The process also serves the purpose of obtaining an overview and forecast for the SAM 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, 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 SAM vessel monitoring system market. Applied Satellite Technology Ltd, CLS Fisheries, Orolia Maritime, Remora Costa Rica, and Visma are a few of the players operating in the SAM vessel monitoring system market.