Vessel Traffic Management System Market Size, Latest Trends Opportunities 2027
Vessel Traffic Management System Market: By Component (Hardware (Communication, Navigation, Surveillance), Solutions (Sensor Integrators, Routing Monitors, Multi-Sensor Trackers, Electronic Navigation Charts), Service (Maintenance, Operating, Information Service, Traffic Organization Service, Navigation Advice and Assistance Service)), By Systems (Port Management Information Systems, Global Maritime Distress Safety Systems, River Information Systems, A to N Management & Health Monitoring Systems), By End User (Commercial (Port & Harbor, Inland Port, Offshore, Fishing Port), Defense) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
Vessel Traffic Management System Industry Outlook
The global vessel traffic management system market size was valued at USD 5.5 billion in 2020 and reach USD 8.37 billion by 2027, registering a CAGR of 6.20% during the forecast period, 2021-2027. The implementation of the port information management system is gaining momentum, backed by an increase in port expansions due to vessel congestion at ports. Further, the trend technology development and deployment in busy commercial ports, such as Global Navigation Surveillance System (GNSS), e-Navigation, cloud computing, Internet of Things (IoT), is one of the key factors driving the vessel traffic management system market. Over the forecast period, these factors will expand the global vessel traffic management system market.
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Vessel Traffic Management System Industry Dynamics
- The rise in maritime traffic due to increasing trade activities and freight transport operations by sea is driving the global market.
- One of the major fueling factors of the Vessel Traffic management system market globally is growing investment in port construction and expansion.
- Increasing emphasis on improving maritime situational awareness, safety, and protection is boosting the market growth.
- Implementing integrated solutions and adopting a 3D vessel traffic management system by port authorities creates numerous growth opportunities for the global market.
The high cost of equipment and installation is hampering the market growth.
- The high cost of the vessel traffic management system equipment and implementation is one of the major restraints of the global market.
- The market’s growth is hampered by hardware failures and software errors/bugs in the vessel traffic system.
- The time-consuming process and overdue approvals for port construction pose a significant challenge to the global vessel traffic management system market.
Impact of COVID-19 on Vessel Traffic Management System Market
A rapid spread of COVID-19 has had a severe effect on the Vessel Traffic Management System, resulting in a global downturn in demand and supply. To limit the movement of its people and monitor the spread of the pandemic, the affected countries implementing lockdown have triggered the lockdown of all production activities. The vessel traffic management system manufacturers are experiencing a standstill due to the Coronavirus pandemic, which further causes instability in the Vessel traffic management system.
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Scope of the Report
The report outlines the study of the global vessel traffic management system market based on its components, system, and end-user industry.
Based on the Components, the Vessel Traffic Management System market has been segmented into –
- VHF Communication System
- RF Communication
- Microwave and Network
- HMI (Human Machine Interface)
- Automatic Identification System (AIS) receivers and base stations
- Direction Finders
- CCTV Surveillance Cameras
- Meteorological Sensors
- Multi Tracking Sensors
- Sensor Integrators
- Routing Monitors
- Multi-Sensor Trackers
- Electronic Navigation Charts
- Information Service
- Traffic Organization Service
- Navigation Advice
- Assistance Service
Based on the Systems, the Vessel Traffic Management System market has been segmented into –
- Port Management Information Systems
- Global Maritime Distress Safety Systems
- River Information Systems
- A to N Management & Health Monitoring Systems
Based on the End User industry, the Vessel Traffic Management System market has been segmented into –
- Port & Harbor
- Inland Port
- Fishing Port
Vessel Traffic Management System Market: Regional Outlook
The five geographic regions have been segmented into North America, Asia Pacific, South America, Europe, and the Middle East and Africa (MEA) for the Vessel Traffic Management System market. Europe holds the largest share in the global Vessel Traffic Management System market, followed by the Asia Pacific and North America. Moreover, Asia Pacific is expected to project the highest CAGR in the global market over the forecast period, owing to many defense deals.
Vessel Traffic Management System Market Key Competitors Includes –
The global Vessel Traffic Management System is highly fragmented, with many players across the globe. The key players operating in the global Vessel Traffic Management System market include –
- Saab AB
- Thales Group
- Rolta India Limited
- Tokyo Keiki Incorporated
- Japan Radio Company Limited
- Kongsberg Gruppen
- L3 Technologies Incorporated
- Indra Sistemas
- Leonardo Finmeccanica
- Kelvin Hughes Limited
The Vessel Traffic Management System market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
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Vessel Traffic Management System Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Vessel Traffic Management System Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
Vessel Traffic Management System Market: Target Audience
- Vessel Traffic Management System manufacturers
- Surgical equipment and personal protective equipment manufacturers
- Healthcare manufacturers, distributors, and suppliers
- Trade publications and magazines
- Government authorities, associations, and organizations
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Key Issues Addressed
- What is the market size by various segmentation of vessel traffic management system by region and its respective countries?
- What is the customer buying behavior, key takeaways, Porter’s 5 forces, and Supply Chain of the vessel traffic management system market?
- What are the key trends and opportunities for OEMs and tier 1 suppliers in the vessel traffic management system market?
- What are the key dynamics (drivers, restraints, opportunities, and challenges) of the market?
- What and how regulations, schemes, patents, and policies are impacting the growth of the market?
- What are the upcoming technology solutions influencing market trends? How will existing service providers adapt to the shift in technology trends?
- What is the impact of COVID-19 on the demand and sales of vessel traffic management systems in the global market?
- How has COVID-19 impacted the demand and sales of vessel traffic management systems in the global market? Also, the expected BPS drop or rise count of the market and market expected recovery period.
- Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.