(MENAFN- America News Hour) Increasing demand for maritime situational awareness and safety are factors driving the vessel traffic management (VTM) market
The vessel traffic management market is estimated at USD 2.87 billion in 2023 and is projected to reach USD 4.12 billion by 2033, at a CAGR of 7.50% from 2023-2033.
Increasing demand for the implementation of technologies, such as Global Navigation Surveillance Systems (GNSS), e-navigation, cloud computing, Internet of Things (IoT) in busy commercial ports is one of the key factors driving the vessel traffic management market. High cost of the Vessel Traffic Management (VTM) equipment and installment is a factor restraining the exponential growth of the VTM market.
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Based on component, the equipment segment is estimated to lead the vessel traffic management market in 2023
Based on component, the equipment segment is estimated to lead the vessel traffic management market in 2023. The growth of this segment can be attributed to the increase in demand for AIS, base stations & receivers, VHF communication systems, CCTV surveillance cameras, and radars.
Based on investment, the brownfield segment is projected to lead the vessel traffic management market during the forecast period
Based on investment, the brownfield segment of the vessel traffic management market is projected to lead the vessel traffic management market during the forecast period. Growth of this segment is driven by factors, such as port saturation, need for river information systems, and security on offshore platforms.
Based on systems, the port management information systems segment is estimated to lead the vessel traffic management market in 2023
Based on systems, the port management & information systems segment is estimated to lead the vessel traffic management market in 2023. The high demand for port management information systems is leading to an increasing focus of vessel traffic management system manufacturers towards providing e-navigation, multi-sensor trackers, and routing monitor sensor integrators to existing ports equipped with VTM equipment.
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Based on end user, the commercial traffic management segment is projected to lead the vessel traffic management market from 2023-2033
Based on end user, the commercial vessel traffic management segment is projected to lead the vessel traffic management market from 2023-2033. This growth can be attributed to the increasing vessel traffic, illegal immigration, terrorist activities, and saturation at ports.
Asia Pacific is estimated to lead the vessel traffic management market in 2018, and is projected to grow at the highest CAGR during the forecast period
Asia Pacific is estimated to lead the vessel traffic management market in 2018, which can be attributed to increasing port expansions, construction of new ports, and rise in government involvement towards coastal & port security. Moreover, high investments for the development of inland waterways to promote the interconnected mode of transport are projected to lead the vessel traffic management market.
Break-up of profile of primary participants in the vessel traffic management market:
. By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
. By Designation: C Level Executives– 50%, Directors – 25%, and Others – 25%
. By Region: North America – 45%, Europe – 20%, Asia Pacific – 20%, Latin America – 5%, and Middle East & Africa – 10%
Major companies across the globe providing vessel traffic management equipment are Kongsberg (Norway), L3 Communication (US), Transas (Ireland), Saab AB (Sweden), Thales (France), Rolta India (India), Japan Radio Co. Ltd. (Japan), Frequentis (Austria), TERMA (Denmark), Tokyo Keiki Inc. (Japan), Indra (Spain), Leonardo Finmeccanica (Italy), and Kelvin Hughes (UK).
Research Coverage:
The report analyzes the vessel traffic management market on the basis of component, (equipment, solutions, and service). Equipment is further segmented into communication (VHF communication, RF communication, microwave & network, HMI, servers), navigation (radars, AIS, direction finders), and surveillance & monitoring (sensors, CCTV surveillance cameras, UAVs). Similarly, the solution segment is further segmented into sensor integrator, routing monitor, e-navigation, multi sensor tracker). Similarly, the service segment is further segmented into maintenance and operating service (information, traffic organization, navigation advice and assistance).
The vessel traffic management market by investment is segmented into brownfield and greenfield. Brownfield and greenfield are further segmented into public sector and private sector projects. By systems is segmented into port management, and information systems, global maritime distress safety systems, river information systems, and AtoN management & health monitoring systems. By end user is segmented into commercial (inland port, port & harbor, fishing port, and offshore) and defense sectors. These segments and subsegments have been mapped across major regions, namely, North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analyses -industry analysis (industry trends), market share analysis of top players, competitive leadership and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments in the vessel traffic management market, high-growth regions, and market drivers, challenges, and opportunities.
The report provides insights on the following pointers:
. Market Penetration: Comprehensive information on vessel traffic management offered by the top players in the market
. Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the vessel traffic management market
. Market Development: Comprehensive information about lucrative markets – the report analyzes the vessel traffic management market across varied regions
. Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the vessel traffic management market
. Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the vessel traffic management market.
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