Global Vessel Traffic Management Market is Estimated to Reach $4.4 Billion by 2025, Says Accurize Market Research
Global Vessel Traffic Management Market report published by Accurize Market Research forecast that the global market is expected to reach $4.4 billion by 2025; growing at a CAGR of 7.7% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Technological improvements in vessel traffic management systems & various government initiatives to decrease the environmental effect of the marine industry drive the market
Technological improvements in vessel traffic management systems & various initiatives taken by governments worldwide to decrease the environmental effect of the marine industry fuels the demand for the global vessel traffic management market. Furthermore, growth in international seaborne trade and ongoing global investments by government in the shipbuilding industryalso boost the growth of the market.
Market Segmentation
The global vessel traffic management market has been bifurcated on the basis of component, investment, systems, end-user and geography. The component segment is sub-segmented into equipment, solutions, and service. By investment, the segmentation is given as brownfield and Greenfield. Port management information systems, global maritime distress safety systems, river information systems, and AtoN management & health monitoring systems are the bifurcation of systems. Furthermore, commercial and defense are included into end-user segment.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated into U.S. and Canada whereas Europe segment consists of UK, Norway, Sweden, Denmark, Turkey, France and Rest of Europe. Asia-Pacific is segmented into India, China, Malaysia, Singapore, Philippines, Indonesia, South Korea, Australia, and Rest of Asia-Pacific while RoW is bifurcated into South America, the Middle East, and Africa.
Top players in the market
The key market players include Thales Group, Kongsberg, Gruppen, Signalis, Leonardo, Frequentis, Kongsberg Gruppen, L3 Technologies, Saab, IndraSistemas, RoltaIndia, Tokyo Keiki, Kelvin Hughes, and Vissim, among others.
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