Middle East & Africa Vessel Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application and Vessel Type

Surveillance Segment is Expected to be Fastest Growing Segment during Forecast Period for MEA Region

According to a new market research study on “MEA Vessel Monitoring System Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Application and Vessel Type” is expected to reach US$94.26 million by 2027 from US$47.20 million in 2019. The market is estimated to grow at a CAGR of 9.4% from 2020 to 2027. The report provides trends prevailing in the MEA vessel monitoring system market along with the drivers and restraints pertaining to the market growth. Surge in need for monitoring due to illegal activities and escalating fisheries applications are the major factor driving the growth of the MEA vessel monitoring system market. However, high establishment cost hinders the growth of MEA vessel monitoring system market. In the case of COVID-19, MEA is highly affected especially Saudi Arabia. Coronavirus outbreak has highly disrupted the supply and demand gap in the adoption of VMS (vessel monitoring system) in MEA countries. The population of MEA consumes higher volumes of seafood that is resulting into more trade in fisheries. However, due to disruptions in the supply chain of transporting fish and other seafood items caused by travel ban has affected the fisheries sector of the region massively. In addition, limited trade of other products, which are transported through cargo vessels, has also witnessed a downfall because of low demand from end users. Coronavirus had negatively affected the MEA vessel monitoring system market. The imposition of lockdown and movement of vehicles by government bodies to reduce curb the spread of the virus has negatively impacted the trade of products across MEA. Owing to the low business of trade, the number of cargo vessels, fisheries vessels has decreased drastically, which limited the use of VMS. Also, due to the temporary shutdown of manufacturing units, the procurement of new ships had negatively impacted, resulting in less VMS adoption.

The MEA 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, BlueTraker, CLS Fisheries, ORBCOMM Inc., and Trackwell are among the leading companies in the MEA 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 2018, Trackwell was selected for Vessel Monitoring System (VMS) services for Commonwealth commercial fisheries, released by the Commonwealth of Australia, operating as the Australian Fisheries Management Authority (AFMA).

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

MEA Vessel Monitoring System Market - By Application

• Fisheries Management
• Surveillance
• Others

MEA Vessel Monitoring System Market - By Vessel Type

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

MEA Vessel Monitoring System Market - By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

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• Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the vessel monitoring system market, as well as those hindering it
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