The North America vessel monitoring system market is expected to grow from US$ 153. 89 million in 2019 to US$ 413. 18 million by 2027; it is estimated to grow at a CAGR of 13. 5% from 2020 to 2027.
New York, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Vessel Monitoring System Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application and Vessel Type" - https://www.reportlinker.com/p05989591/?utm_source=GNW
One of the primary applications of the vessel monitoring systems (VMS) is to monitor the action and movement of a vessel.The VMS also enables fishing vessel to report catch; as per regulation in North America, these vessels are required to report about the data of weekly catch and transshipment, catch on entry and catch on exit, and port of landing, etc.
The North American governments are also providing various monetary and nonmonetary incentives in the form of reduced taxes, relaxed regulation and reporting norms, and complete business ownerships.VMS is presently a standard system for monitoring and controlling fisheries across North America.
According to the legislation, it is a must for all the North American countries to set up a compatible and standardized system, so that these countries can share the data and commission or officers can monitor it effectively.
The rising number of applications in fisheries is expected to create significant demand for VMS in North America which will drive the North America vessel monitoring system market growth. Also, the growing necessity for tracking devices due to unauthorized activities is among the other factors that are expected to contribute to the demand for these systems in the region hence driving the North America vessel monitoring system market.
Moreover, the US is the worst-hit country in North America by the COVID-19 outbreak, 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 states and the national 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 which has impacted the North America vessel monitoring system market negatively. The COVID-19 pandemic is anticipated to have severe impact on the North America vessel monitoring market in 2020, which is further likely to continue in 2021.
Based on application, the fisheries management segment led the North America vessel monitoring system market in 2019.One of VMS ’s key applications is tracking a vessel’s movement and motion.
In addition, VMS also assists fishing vessels in reporting catches.Fisheries management also includes fisheries research and analysis.
By doing research and analysis fisheries manager can estimate the amount of a fish in an area. The rising need for fisheries management due to growing illegal trading and monitoring is expected to increase the demand for VMS in the coming years, which would boost the North America vessel monitoring system market growth in the future.
The overall North America vessel monitoring system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America vessel monitoring system market.
The process also serves the purpose of obtaining an overview and forecast for the North America vessel monitoring system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically associated with this process include industry experts, such as VPs, business development managers, vessel monitoring system market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America vessel monitoring system market. Applied Satellite Technology Ltd, CLS Fisheries, ORBCOMM Inc., Orolia Maritime, and Remora Costa Rica are a few of the players operating in the America vessel monitoring system market .
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