Press release
Navigating Vessel Traffic Management Market: Growth Forecast, Demand Trends, and Segment Insights
Vessel Traffic Management Market
The vessel traffic management market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growth in the use of satellite-based communication and navigation systems, expansion of renewable energy projects at sea, impacting vessel traffic, increase in demand for digitalization in maritime transportation, growth in the use of big data analytics, surge in the adoption of autonomous vessels and unmanned systems. Major trends in the forecast period include use of data analytics for real-time decision-making, customization of traffic management solutions for specific maritime zones, collaboration between maritime authorities and technology providers, advancements in vessel traffic management technology, emphasis on cybersecurity measures for secure vessel communication.
Market Overview -
Vessel traffic management refers to a system that enables safe and efficient traffic management in a specified maritime area. Vessel traffic management contributes to the safety of life at sea, the efficiency of navigation, and the protection of the marine environment, including adjacent shore areas, work sites, and offshore installations, from possible adverse effects of maritime traffic. Vessel traffic management systems are installed in some of the busiest waters in the world and are making a valuable contribution to safer navigation, more efficient traffic flow, and the protection of the environment.
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Surging Maritime Traffic Boosts Demand For Vessel Traffic Management Solutions
The rise in maritime traffic is expected to propel the growth of the vessel traffic management market going forward. Maritime traffic refers to all commercial shipping between two or more ports or moorings, excluding recreational boats, regular ferry services, coastal fishing, and inland waterway transportation. Vessel traffic needs an efficient system to guarantee the security of both infrastructure and vessels where software is readily available to give vessel traffic management the resources they require. Ship tracking through vessel traffic systems employs AIS, radar, and video surveillance to seamlessly integrate into one software that can be handled remotely, whether it's controlling marine traffic or protecting infrastructure. For instance, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization intended to promote the interests of developing states in world trade, in 2020, 815.6 million TEUs (twenty-foot equivalent units) of containers were handled in ports worldwide. Also, 94.3 million twenty-foot equivalent units (TEUs) were handled in the main European Union (EU) ports. Therefore, the rise in marine traffic is expected to drive the demand for the vessel traffic management market.
Competitive Landscape -
Major companies operating in the vessel traffic management market report are Kongsberg Gruppen ASA, Wartsila Corp, Thales Group, Leonardo SPA, Saab AB, Indra Sistemas SA, Rolta India Ltd., Tokyo Keiki Power System Inc., L3harris Technologies, Signalis GmbH, Singapore Technologies Engineering Ltd., Marlan Maritime Technologies, Xanatos Marine Ltd., Vissim UK Ltd., Transas Ltd., Kelvin Hughes Limited, Frequentis AG, Lockheed Martin Corporation, Raytheon Company, Japan Radio Co. Ltd., Marimatech AS, MarineTraffic Ltd., Navis Holdings LLC, Pharos Marine Automatic Power Inc., Pole Star Space Applications Ltd., Prisma Electronics SA, Rutter Inc., SRT Marine Systems plc, Tidetech Commercial Marine Pty Ltd., VesselBot Pte. Ltd.
Government Initiatives Drive Advanced Vessel Traffic Management For Maritime Safety And Trade Efficiency
The development of advanced vessel traffic management is the key trend gaining popularity in the vessel traffic management market. Various governments across the globe are focused on developing new and advanced vessel traffic systems to safeguard marine safety for smooth trade activities. For instance, in August 2021, the government of Canada launched a system to improve trade at the port of Vancouver. The system will improve marine safety by reducing traffic, actively regulating marine traffic, and reducing noise pollution. It will increase the efficiency and dependability of the flow of commodities and safeguard the local killer whale habitat.
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Key Segments -
The vessel traffic management market covered in this report is segmented -
1) By System: Port Management Information System, Global Maritime Safety System, River Information System, ATON Management and Health Monitoring System, Other Systems
2) By Component: Solution, Service
3) By End User: Commercial Sector, Defense Sector
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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