The new report by Expert Market Research titled, ‘Asia Pacific Vessel Monitoring System Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Asia Pacific vessel monitoring system market, assessing the market based on its segments like vessel types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Asia Pacific Vessel Monitoring System Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 10.7%
The vessel monitoring system is employed to assist law enforcement initiatives and prevent law violations. An essential feature of the vessel monitoring system is that it also acts as an effective tool to track vessels in need of immediate help. Vessels and ships with a vessel monitoring system and in need of immediate assistance can inform appropriate authorities or other ships in the vicinity and call for SOS help. Such features and benefits are expected to drive the Asia Pacific vessel monitoring system market.
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Also, an increase in demand for new vessels for various applications in the oil and gas sector and shipping business, a dearth of supply chains in ship repair and maintenance services and a rise in production of vessels are projected to augment the demand for a vessel monitoring system in the near future.
Asia Pacific Vessel Monitoring System Industry Definition and Major Segments
Fisheries authorities, coastguards, and navies use vessel monitoring systems for surveillance, search and rescue, resource management, and fisheries regulation. The system also allows enforcement personnel to focus their efforts on areas where substantial breaches are most likely.
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By vessel type, the market is segmented into:
• Fishing Vessel
• Cargo Vessel
• Service Vessel
• Passenger Ships and Ferries
• Others
The major applications of the market are:
• Fisheries Management
• Surveillance
• Others
On the basis of country, the market is classified into:
• China
• Japan
• India
• ASEAN
• Australia
• Others
Asia Pacific Vessel Monitoring System Market Trends
Developing countries across the region are investing significantly in the manufacturing sector. This has led to steady growth in seaborne trade. Stable conditions of economies are likely to propel the Asia Pacific vessel monitoring system market. Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels.
This, in turn, is expected to augment the vessel monitoring system market. Further, growth in cruise tourism and export business in Asia Pacific is anticipated to propel the demand for vessel maintenance services for passenger ships and ferries in the region. Regulations making vessel monitoring systems mandatory are expected to drive the Asia Pacific vessel monitoring system market.
Key Market Players
The major players in the market are:
- The Highlander Company
- Addvalue Technologies Ltd
- Applied Satellite Technology Ltd
- GMT COMPANY, INC.
- CLS Group
- others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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