(MENAFN - GetNews) Global Vessel Traffic Management System Market Research Report, by Component (Hardware, Solutions, and Service), by Systems (Port Management Information Systems, Global Maritime Distress Safety System, and Others), and by End-users - Forecast till 2023 Market Synopsis:
According to Market Research Future (MRFR)'s report reveals that the global vessel traffic management system market is set to scale a CAGR of 8% during the forecast period 2017 to 2023. The market is prognosticated to touch a valuation of USD 3.4 Bn by the close of 2023. The growth of marine traffic is one of the major factors responsible for the expansion of the market in the years to come.
The emergence of globalization has revolutionized the growth of waterways between nations. Over time, it has intensified the need for the introduction of advanced technology for managing vessel traffic to reduce accidents and delays. Also, the strengthening global economy is poised to propel the expansion of the Vessel Traffic Management System Market over the next few years.
The integration of advanced technologies with VTMS offers the availability of real-time data that which is forecasted to dictate the growth trajectory of the vessel traffic management system market across the review period. In addition, the high adoption rate of connected devices is expected boost the growth of the market over the next few years.
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The noted players of the vessel traffic management system market are Saab AB (Sweden), Rolta India (India), Thales (France), Frequentis (Austria), Tokyo Keiki Inc. (Japan), TERMA (Denmark), Japan Radio Co. Ltd. (Japan), L3 Technologies (U.S.), Kongsberg (Norway), Transas (Ireland), Leonardo Finmeccanica (Italy), Indra (Spain), and Kelvin Hughes (U.K).
By component, the global vessel traffic management system market has been segmented into hardware, solutions, and service. The solutions segment is further sub-segmented into sensor integrators, routing monitor, multi-sensor tracker, and electronic navigation charts. The services segment is sub-segmented into maintenance and operating services.
By systems, the vessel traffic management system market has been segmented into global maritime distress safety system, port management information systems, river information systems, and A to N management & health monitoring systems.
By end-user, the global vessel traffic management system market has been segmented into commercial and defense.
The global vessel traffic management system market, by region, has been segmented into North America, Asia Pacific, Europe, and the Rest of the World (RoW). Europe is a prominent regional market for VTMS and is anticipated to register substantial growth over the review period. The focus on continuous technological upgrades by the key players in the region is poised to expedite the expansion of the vessel traffic management system market in the region. The United Kingdom, Italy, France, and Germany are the major country-level markets of the region expected to contribute significantly towards the proliferation of the regional market. Asia Pacific is forecasted to emerge as the fastest growing region towards the end of the projection period. The commercialization of China Pakistan Economic Corridor is anticipated to catapult the vessel traffic management system market on an upward trajectory. India, Japan, and China are the key sub-markets of the region.
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In April 2019, Maritime and Port Authority of Singapore (MPA) has announced the launch of Maritime Innovation Lab (MIL) for boosting maritime technological capabilities. The lab will also house Next Generation Vessel Traffic Management System (NGVTMS) Lab.
In April 2019, Japanese company Fujitsu in association with the Maritime and Port Authority of Singapore (MPA), has conducted a field trial of a new AI ship collision risk prediction technology. The Vessel Traffic Management Department officers assisted Fujitsu.
In November 2018, a comprehensive maritime navigation system was deployed in Turkey's western province of Izmir for efficient vessel traffic management system. The system is launched for protecting the environment as well as reducing accidents and delays.
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