South America Vessel Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application and Vessel Type

Cargo Vessels Segment is Expected to be Fastest Growing during Forecast Period for SAM region

According to a new market research study on “SAM Vessel Monitoring System Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Application and Vessel Type” is expected to reach US$39.28 million by 2027 from US$21.43 million in 2019. The market is estimated to grow at a CAGR of 8.3% from 2020 to 2027. The report provides trends prevailing in the SAM vessel monitoring system market along with the drivers and restraints pertaining to the market growth. Increase in need for monitoring due to illegal activities and upswing in fisheries applications are the major factor driving the growth of the SAM vessel monitoring system market. However, high set up cost hinders the growth of SAM vessel monitoring system market. In the case of COVID-19, Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, and Ecuador, among others in SAM region. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. The COVID-19 outbreak has majorly caused Brazil’s vessel monitoring system market disruption in 2020. Currently, Brazil holds for the 2nd rank in terms of confirmed cases in the global COVID-19 infected countries. The country produces 1.3 million tons of fish annually, with 700,000 tons by capturing fisheries &600,000 tons from the aquaculture fisheries, as per the United Nations’ Food and Agriculture Organization. However, due to covid-19, the fisheries sector has affected negatively and therefore, the fish processors of Brazil are asking government for subsidized credit, tax breaks, and emergency loan guarantees. Low fisheries business due to COVID-19 will create a negative impact on VMS installation. The coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation will impact the vessel monitoring system market growth of the SAM region negatively for the next few quarters.

The SAM vessel monitoring system market is segmented into application, vessel type, and country. Based on application, the market is divided into fisheries management, surveillance, and others. Fisheries management segment held the largest market share in 2019.Surveillance segment is expected to be fastest growing during forecast period. Based on vessel type, the market is further divided into fishing vessels, cargo vessels, service vessels, passenger ships and ferries, others. Fishing vessels segment held the largest market share in 2019.Cargo vessels segment is expected to be fastest growing during forecast period.

Applied Satellite Technology Ltd, CLS Fisheries, Orolia Maritime, Remora Costa Rica, and Visma are among the leading companies in the SAM vessel monitoring system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Visma announced that Hg has agreed to further its investment in the company. Existing investor CPPIB also acquired additional stakes.

The report segments the SAM Vessel Monitoring System Market as follows:

SAM Vessel Monitoring System Market - By Application

• Fisheries Management
• Surveillance
• Others

SAM Vessel Monitoring System Market - By Vessel Type

• Fishing Vessels
• Cargo Vessels
• Service Vessels
• Passenger Ships and Ferries
• Others

SAM Vessel Monitoring System Market - By Country

• Brazil
• Argentina
• Rest of SAM

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