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

Fisheries Management Segment to Dominate APAC Vessel Monitoring System Market during 2019-2027

According to a new market research study on “APAC Vessel Monitoring System Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Application and Vessel Type” is expected to reach US$600.14 million by 2027 from US$282.46 million in 2019. The market is estimated to grow at a CAGR of 10.3% from 2020 to 2027. The report provides trends prevailing in the APAC vessel monitoring system market along with the drivers and restraints pertaining to the market growth. Surge in need for tracking due to illegal activities and increase in fisheries applications are the major factor driving the growth of the APAC vessel monitoring system market. However, expensive installation and maintenance hinders the growth of APAC vessel monitoring system market. In the case of COVID-19, APAC is highly affected specially China and India. The governments in APAC countries are taking possible steps to reduce its effects by announcing lockdown, which is negatively affecting the manufacturing sector. China, Japan, South Korea, India, Vietnam, Thailand, Indonesia are some major countries having well-established business of fisheries. However, disruption in supply chain has reduced the number of fishing vessels during the pandemic situation, which will negatively impact the installation of vessel monitoring system (VMS) in existing fishing vessels. Also, temporary shutdown of manufacturing units has decreased the procurement of fishing, cargo, and other vessels. This further impacted the deployment of VMS. In respect to cargo vessels, China, Hong Kong, South Korea, and Japan are the top APAC export countries which have observed negative impact in their cargo shipment. Because of low demand and movement ban, the number of cargo vessels has fallen down drastically that further decreases installation of VMS. 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 APAC region negatively for the next few quarters.

The APAC 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.
Addvalue Technologies; Applied Satellite Technology Ltd; Beijing Highlander Digital Technology Co., Ltd.; CLS Fisheries; ORBCOMM Inc. are among the leading companies in the APAC 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, Inmarsat partnered Addvalue Technologies and launched the first type approved IP based terminal and Vessel Monitoring System (VMS) for fishing vessels operating in US waters, marking a significant milestone for sustainable fishing in the US.

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

APAC Vessel Monitoring System Market - By Application

• Fisheries Management
• Surveillance
• Others

APAC Vessel Monitoring System Market - By Vessel Type

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

APAC Vessel Monitoring System Market - By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

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