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

Fishing Vessels Segment to Dominate Europe Vessel Monitoring System Market during 2019-2027

According to a new market research study on “Europe Vessel Monitoring System Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Application and Vessel Type” is expected to reach US$424.18 million by 2027 from US$183.30 million in 2019. The market is estimated to grow at a CAGR of 11.5% from 2020 to 2027. The report provides trends prevailing in the Europe vessel monitoring system market along with the drivers and restraints pertaining to the market growth. Increase in need for tracking because of unauthorized activities and growing fisheries applications are the major factor driving the growth of the Europe vessel monitoring system market. However, high installation and maintenance cost hinders the growth of Europe vessel monitoring system market. In the case of COVID-19, the UK is the hardest-hit country in Europe by the coronavirus outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as the UK records the highest number of coronavirus cases. Attributing to the rise in the number of COVID-19 infected patients, the British government imposed lockdown measures with an aim to contain the spread of the virus. In Europe, fisheries sector is severely hit owing to the lockdown. In many regions, the loss of demand and difficulties to reach the consumers have led to reduced and highly volatile prices. According to the European Market Observatory for Fisheries and Aquaculture, there are price declines in the Mediterranean fisheries of over 20%-70%, along with high weekly price volatility in rest of the European fisheries, with price paths significantly varying across the products and countries. 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 Europe region negatively for the next few quarters.

The Europe 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., Orolia Maritime, Trackwell, and Visma are among the leading companies in the Europe 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 2019, ORBCOMM Inc. declared that it has been selected by Vishipel, to offer its Vessel Monitoring System (VMS) for commercial fishing vessels throughout Vietnam.

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