Global Vessel Traffic Management Market size is projected to be valued $XX Billion by 2025; with a CAGR of XX% from 2017 to 2025. Vessel Traffic Management System is specially designed to effectively manage vessel traffic in harbors, ports and coastal areas. This system provides assistance to the operator to identify, and address operational risks and give solutions that will optimize planning, traffic monitoring, coastal security, and environmental protection even in the most demanding situations. Vessel traffic management finds various applications such as navigation, surveillance, communication, and automation & simulation.
Technological developments in vessel traffic management systems & various initiatives taken by governments globally to decrease the environmental effect of the marine industry are expected to boost the growth of the vessel traffic management (VTM) market. Moreover, growth in international seaborne trade and ongoing global investments by government in the shipbuilding industry and inland waterways are also the factors to gear up the global vessel traffic management market. However, strict regulatory standards and high cost may hinder the growth of the market. Moreover, increasing navy budgets worldwide and technical advancement in vessel traffic management is expected to generate lucrative growth opportunities for the market in the forecast timeframe.
Component, investment, systems, end-user, and geography are the segments of the global vessel traffic management market. 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.
On the basis of geography, global vessel traffic management 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.
Major companies operating in the global vessel traffic managementmarket are Thales Group,Kongsberg Gruppen,Signalis, Leonardo,Frequentis, Kongsberg Gruppen, L3 Technologies, Saab,IndraSistemas, Rolta India,Tokyo Keiki, Kelvin Hughes, and Vissim among others.
The key takeaways from the report
Scope of the Global Vessel traffic management Market
End User Segments