Vessel Traffic Service (VTS) Market is projected to reach USD 9.7 Billion by 2029 : Cognitive Market Research

As per Cognitive Market Research analysis, the Vessel Traffic Service (VTS) market size is projected to grow from USD 5.45 Billlion in the year 2021 to USD 9.7 Billion by 2029 at a CAGR of 8.4% from 2022-2029.
Vessel Traffic Service (VTS) enables real-time vessel monitoring for safe and effective traffic management in a designated maritime area. This monitoring includes tracking vessel positions to quickly spot potential hazards to the crew and the environment. This system indicates a graphical environment with the movements of vessels in the approach areas, putting each of these overlapping vessels on a digital nautical chart.
The work of a port VTS will be directed primarily to the traffic of the port area and its direct access (inland waters and canals, in general), while a coastal VTS is concerned with the transit of vessels for a given stretch of the territorial sea. Increasing vessel traffic at ports and increasing adoption of modern technologies such as IoT, cloud computing, and GNSS in the maritime industry is fuelling the growth of the Vessel Traffic Service (VTS) market. According to the United Nations Conference on Trade and Development (UNCTAD), in 2020, the global commercial shipping fleet grew by 3 percent, reaching 99,800 ships of 100 gross tons and above. By January 2021, capacity was equivalent to 2,13 billion dead weight tons (dwt). Further, the next-generation vessel traffic management system will create lucrative opportunities in the forecast period. The high initial cost of investments and the effect of natural disasters on ports can hinder the growth of the market.

Read Full Report with Table of Contents :
@-https://www.cognitivemarketresearch.com/vessel-traffic-services-vts-market-report

Regional Analysis of Vessel Traffic Service (VTS) Market:
• Asia Pacific accounted for the largest market share during the year 2021, owing to the large ocean area and major port expansion and modernization projects. In the Asia Pacific region, India is the fastest-growing market. In the forecast period also, the Asia Pacific region is estimated to be the highest growing market for the Vessel Traffic Services (VTS) market, due to the growing investments in marine transport projects.

• According to the Ministry of Ports, Shipping & Waterways Government of India (2021), there are 150+ initiatives identified across Ports, Shipping, and Waterways in India. It is estimated that cargo volume to increase by 1.7-2X by 2030. In addition, 39 projects are planned for PPP adoption by 2021.

Top players involved in the Vessel Traffic Service (VTS) market:
• Kongsberg Gruppen
• Transas
• L3 Technologies
• Saab AB
• Thales Group
• Frequentis
• Vissim AS
• Tokyo Keiki Inc.
• Indra Sistemas
• Kelvin Hughes
• Others

Current Trends of Manufacturers:
• Saab to Divested Maritime Traffic Management (November 2022)
- Saab announced the divestment of its Maritime Traffic Management (MTM) operation to funds advised by Agilitas Private Equity LLP ("Agilitas") for an enterprise value of approximately 40 MEUR. MTM is a provider of management solutions for vessel traffic, ports, and terminals. Completion of the divestment is subject to certain conditions that need to be fulfilled before closing, expected to take place no later than March 2023.

• ShipXplorer launched online AIS-based vessel tracking service (June 2022)
- ShipXplorer has announced the launch of its new web tracking portal and ship tracker, powered by its parent company AirNav Systems, with the stated aim of creating the world's largest AIS-based ship tracking network.

Segment Analysis:
• Based on investment, the market is segmented into brownfield and greenfield investments. Brownfield investment is dominating the market, due to the major investments being made in port expansion and modernization programs.

• The equipment segment held the largest market share during 2021 and is expected to grow at a significant growth rate in the forecast period. This is due to the increasing adoption of various surveillance, navigation, and communication systems in vessel traffic management.

• Based on end users, the market is segmented into the commercial and defense sectors. The commercial sector held the maximum market share and is expected to grow with a significant CAGR in the forecast period, owing to the increasing sea transportation of various supplies such as crude oil, food items, automobiles, and others. According to, Indian Shipping Statistics 2020, as on 31st December 2020, India had a fleet strength of 1463 vessels with gross tonnage (GT) of 13.01 million as compared to a fleet strength of 1429 vessels with 12.75 million GT at the end of December 2019.

Related Report:
• Air Traffic Management Market - https://www.cognitivemarketresearch.com/air-traffic-management-market-report
• Marine Communication Market - https://www.cognitivemarketresearch.com/marine-communication-market-report
• Maritime Information Market - https://www.cognitivemarketresearch.com/maritime-information-market-report
• Marine Insurance Market - https://www.cognitivemarketresearch.com/marine-insurance-market-report

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
20 N State Street,Chicago,
Illinois, 60602
United States
USA: +1 312-376-8303
Europe and UK: (+44) 20-8144-9523
Asia Pacific: (+852) 81930785
Email: sales@cognitivemarketresearch.com
Website: https://www.cognitivemarketresearch.com/about-us

About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.

This release was published on openPR.