The new report by Expert Market Research titled, ‘Middle East and Africa Vessel Monitoring System Market Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Middle East and Africa 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.
Middle East and Africa 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): 9.9%
The necessity for higher levels of vessel monitoring, control, and surveillance (MCS) is anticipated to augment the Middle East and Africa vessel monitoring system market. 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.
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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. Increased international trade of items other than fisheries is expected to positively impact demand for advanced tracking technologies, such as VMS software.
Middle East and Africa 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:
Saudi Arabia
United Arab Emirates
Nigeria
South Africa
Others
Middle East and Africa Vessel Monitoring System Market Trends
In countries like Nigeria, installing a vessel monitoring system is expected to allow fisheries management authorities to monitor near real-time movements, offer directions for vessel inspections upon detected breaches which restricts the costs of routine patrols, enhance compliance with fisheries regulations, and improve the efficacy of search and rescue missions.
Further, the installation and application of a vessel management system would help reduce criminal activity on Nigerian seas by discouraging illicit maritime activity and enhancing obedience to fisheries regulations. This is propelling the growth of the vessel monitoring system in the Middle East and Africa.
Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels. This is expected to augment the vessel monitoring system market.
Key Market Players
The major players in the market are
- Applied Satellite Technology Ltd,
- CLS Fisheries,
- ORBCOMM Inc.,
- Trackwell,
- 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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