The new report by Expert Market Research titled, ‘Latin America Vessel Monitoring System Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Latin America vessel monitoring system market, assessing the market based on its segments like vessel types, applications, and major countries.
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.
Latin America 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): 8.7%
The need to monitor human activity in the ocean is expected to propel the Latin America vessel monitoring system market. The rising requirement for a necessary environment to install VMS is also aiding the market growth. VMS is a globally recognised fisheries monitoring and control system that is backed by government assistance.
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Increased international trade of items other than fisheries is expected to positively impact demand for advanced tracking technologies such as VMS software. Also, an increase in demand for new vessels for various applications in the oil and gas sector and shipping business and a rise in production of vessels are projected to augment the demand for a vessel monitoring system in Latin America. Additionally, by integrating automatic identification system-based tools and other sophisticated techniques, VMS’s adoption rate among the end-user industries would increase exponentially.
Latin America 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:
• Brazil
• Mexico
• Argentina
• Others
Latin America Vessel Monitoring System Market Trends
The Latin America vessel monitoring system market is likely to be driven by sophisticated solutions by leading companies. For example, to protect marine resources and fisheries, organisations like CLS develop tools based on satellite systems capable of covering very large maritime areas. Also, the integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML) in advanced ship monitoring system software is increasing to provide better insights for research and development purposes. Further, vessel monitoring system software permits the governing body to recognise any vessel and illegal fishing activities in a restricted territory or during the restricted time and assists in spotting and tracking non-permitted or unidentified vessels operating or breaching the national borders, thereby propelling the market growth.
Key Market Players
The major players in the market are
- Global Fishing Watch, Inc.,
- CLS Group,
- Applied Satellite Technology Ltd,
- Visma,
- 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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