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

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

According to a new market research study on “North America Vessel Monitoring System Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Application and Vessel Type” is expected to reach US$413.18 million by 2027 from US$153.89 million in 2019. The market is estimated to grow at a CAGR of 13.5% from 2020 to 2027. The report provides trends prevailing in the North America vessel monitoring system market along with the drivers and restraints pertaining to the market growth. Growing necessity for tracking due to unauthorized activities and rising fisheries applications are the major factor driving the growth of the North America vessel monitoring system market. However, high initial cost hinders the growth of North America vessel monitoring system market. In the case of COVID-19, the US is the worst-hit country in North America, with millions of infected individuals facing severe health conditions across the country. The continuous growth in the number of infected individuals has led the government to impose lockdown across the nation’s borders. The majority of the manufacturing plants are either temporarily shut or operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American countries. As a result, North America vessel monitoring system market has been affected badly. North America is one of the most important region for the adoption and growth of new technologies owing to favorable government policies to boost innovation, and high adoption of automation in various industries especially in developed countries such as the US and Canada. 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 North America region negatively for the next few quarters.

The North America 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, ORBCOMM Inc., Orolia Maritime, and Remora Costa Rica are among the leading companies in the North America 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, Applied Satellite Technology (AST) Ltd declared a new joint venture with Wright Technologies in New Zealand who is leading provider of marine electronics services to the South Pacific markets.

The report segments the North America Vessel Monitoring System Market as follows:

North America Vessel Monitoring System Market - By Application

• Fisheries Management
• Surveillance
• Others

North America Vessel Monitoring System Market - By Vessel Type

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

North America Vessel Monitoring System Market - By Country

• US
• Canada
• Mexico

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America vessel monitoring system market.
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the North America vessel monitoring system market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth North America market trends and outlook coupled with the factors driving the vessel monitoring system market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution