Vessel Traffic Management System Market size was valued to reach USD 8.37 billion by 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 -

Hardware
Communication
VHF Communication System
RF Communication
Microwave and Network
HMI (Human Machine Interface)
Servers
Navigation
Radars
X-band
S-band
Automatic Identification System (AIS) receivers and base stations
Direction Finders
Surveillance
CCTV Surveillance Cameras
Sensors
Meteorological Sensors
Multi Tracking Sensors
UAVs
Solutions
Sensor Integrators
Routing Monitors
Multi-Sensor Trackers
Electronic Navigation Charts
Service
Maintenance
Operating
Information Service
Traffic Organization Service
Navigation Advice
Assistance Service
Based on the Systems, the Vessel Traffic

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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 -
Commercial
Port & Harbor
Inland Port
Offshore
Fishing Port
Defense
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
Frequentis
TERMA
Tokyo Keiki Incorporated
Japan Radio Company Limited
Kongsberg Gruppen
L3 Technologies Incorporated
Transas
Indra Sistemas
Leonardo Finmeccanica
Kelvin Hughes Limited
Signalis
Vissim
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.

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

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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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