The new report by Expert Market Research titled, ‘European Vessel Monitoring System Market Share Report and Forecast 2023-2028’, gives an in-depth analysis of the European 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.
European 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): 11.9%
The European vessel monitoring system market is likely to be driven by the need for greater levels of monitoring, control, and surveillance (MCS) of vessels. Several factors, including increased demand from the fisheries and cargo vessel industries to keep an eye on commerce in order to reduce illicit deals are fuelling the market growth. Countries in Europe have begun to use VMS technology to monitor their vessels, ensuring that marine items are transported legally. This factor is increasing the demand for vessel monitoring technology and, as a result, propelling the market expansion in Europe.
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Also, factor such as growing fisheries applications is expected to create a significant demand for a vessel monitoring system in the coming years, which is further anticipated to drive the European vessel monitoring system market.
European Vessel Monitoring System Market 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:
• United Kingdom
• Germany
• France
• Italy
• Others
European Vessel Monitoring System Market Trends
An increase in cargo tracking opportunities is expected to soar the European vessel monitoring system market. An increasing seaborne trade across Europe is resulting in rising investment in safety and security systems which also drives the growth of the European vessel monitoring system market. Further, advancements in repair, restoration and upgrade of vessels are projected to fuel the market’s growth.
An increase in trade activities backed by retrofitting old systems with new advanced VMS to optimise and streamline the operations are other factors forecasted to create growth opportunities for VMS market players in Europe. Advancements, including near real-time tracking, provide a brief analysis of the fleet, including risks, security threats, and various regulatory territories. So, factors like technological advancement, upgradations, safety and security, increase in trading are expected to create opportunities for cargo tracking, which will ultimately drive the vessel monitoring system market in Europe.
Key Market Players
The major players in the market are
- EMA d.o.o.,
- CLS Group,
- Trackwell,
- Visma,
- Pole Star Space Applications,
- SRT Marine Systems plc,
- 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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