Vessel Traffic Management (VTM) System Market Outlook 2023 is to reach approximately USD 3.4 Billion with key Players by Thales, Frequentis, TERMA, Indra, Leonardo, Kelvin

Global Vessel Traffic Management System Market Information, 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.

Vessel Traffic Management System Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Vessel Traffic Management System Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023.

The global Vessel Traffic Management System Market is expected to reach approximately USD 3.4 Billion by 2023 growing at an 8% CAGR over the forecast period 2018-2023

Key Players:

Some of the key players of Vessel Traffic Management System Market include Saab AB (Sweden), Thales (France), Rolta India (India), Frequentis (Austria), TERMA (Denmark), Tokyo Keiki Inc. (Japan), Japan Radio Co. Ltd. (Japan), Kongsberg (Norway), L3 Technologies (U.S.), Transas (Ireland), Indra (Spain), Leonardo Finmeccanica (Italy), and Kelvin Hughes (U.K).

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Market Scenario:

In the process to enhance and safeguard maritime transport, marine environment, and sea borders, it is essential to implement advance information and communication technologies. Advance technologies aid in the gathering, storing, processing, presenting, and segregating essential data involved in maritime transport. This integration process is executed by the system known as Vessel Traffic Management System (VTMS).

The VTMS system is open, flexible, and contains modular architecture, which gives a scope to upgrade the system by utilizing computer and communication systems. The VTMIS system is evolved on the basis of client-server architecture, where the server offers services to clients who are disconnected from the server. The client and server are independent of each other.

Additionally, the VTMS is comprised of various information system, which is integrated, processed, and correlated with each other. Various information system include radars, automatic identification system, direction finders, port management & information system, electro-optical systems, and surveillance networks sharing radar and AIS data. These system requires frequent solutions and services to remain operative in maritime transports.

The European region contains some of the key players, namely Frequentis (Austria), TERMA (Denmark), Kongsberg (Norway), Transas (Ireland), Saab AB (Sweden), and Thales (France), who are constantly involved in providing solution to VTMS market. Increase in awareness of installing VTMS systems at ports in order to keep high surveillance and decreased illegal immigration, crimes such as smuggling, and terrorist activities are expected to gain popularity through the forecast period. However, high installation cost and lack of technical knowledge is anticipated to hinder the growth of vessel traffic management system market over the review period.

Regional Analysis:

Geographically, the Vessel Traffic Management System is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
Europe is also expected to have a substantial growth in the market. The United Kingdom, France, Italy, and Germany are expected to be the leading countries in the region. This is attributed to the presence of large number of manufacturers in the region. Asia Pacific is also anticipated to be the fastest growing region in the vessel traffic management system market over the forecast period. India, Japan, and China are the leading countries in the vessel traffic management system market, owing to the rise in number of defense deals with the European market.

Segmentation:

The Vessel Traffic Management System Market is differentiated into component, system, and end-user.

By component, the vessel traffic management system market is segregated into hardware, solutions, and service. The hardware of VTMS consists of sensors (which include a marine radar sub-system and automatic identification sub-system, communication and computer networks, operator consoles, servers, databases, and video walls). Solution sub-segment consists of sensor integrators, routing monitor, multi-sensor tracker, and electronic navigation charts. Furthermore, services sub-segment consists of maintenance and operating services. By systems, the market is sub-divided into Port Management Information Systems, Global Maritime Distress Safety System, River Information Systems, and A to N Management & Health Monitoring Systems. By the end-user, the market is sub-segmented into commercial and defense.

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Target Audience

• Research Firms.
• Government Agencies
• Vessel Traffic Management System Service Providers
• Associations, Organizations, Forums and Alliances related to Vessel

Traffic Management System
• Service Providers
• Solution Providers
• Equipment Providers
• Port Authorities

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