The global demand for Vessel Traffic Management Market is presumed to reach the market size of nearly USD XX MN by 2027 from USD XX MN in 2020 with a CAGR of XX% under the study period 2021 - 2027.
A vessel traffic management system (VTMS) is a software designed for effective overall management and monitoring of vessels in coastal areas, ports, waterways, and harbors. The system deals with the security of life in the marine environment, coastal security, marine environment protection, protection of adjoining shore areas, and offshore installation. It helps to identify possible dangers and take prompt action. The software helps to determine the position of the vessel and the location of other traffic. The various components included in the shore-side system are radar, sensors, CCTV, drones, AIS, e-navigation, multi-sensor tracker, and routing monitor. VTMS is utilized in applications such as fish farming, marine reserves, oil & gas, among others.
The key factors driving VTMS market growth are increasing concerns related to marine and port security with respect to terrorism and illegal immigration. The VTMS market is set to witness favorable growth due to the rapid development and expansion of ports and the increasing number of commercial and defense vessels. Besides, increasing need to improve and ensure the security of marine ports will boost VTMS market demand. Furthermore, increasing marine traffic, adoption of 3D VTM technology by port authorities, and allocation of funds towards port construction will increase VTMS demand. However, lack of technical know-how and high cost of installation will hamper vessel traffic management system.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of vessel traffic management. The growth and trends of vessel traffic management industry provide a holistic approach to this study.
This section of the vessel traffic management market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Sensing Components
- Weather Station
- Automatic Identification System (AIS)
- Radio Direction Finder (RDF)
- Ports & Coastal Traffic
- Offshore Platform
- Coast Guard & Rescue
This section covers the regional outlook, which accentuates current and future demand for the Vessel Traffic Management market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Vessel Traffic Management Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the vessel traffic management market include Vaisala Oyj, Indra Sistemas, S.A., Saab AB, Rolta India Limited, Kongsberg Gruppen AS, Thales Group, L3 Technologies, Vissim AS, Japan Radio Co. Ltd., and Terma A/S. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information based on primary and secondary research. Secondary research has been done using various sources, including (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications. Additionally, our team conducts extensive primary research with key industry participants to gather first-hand data. The data is then analyzed and validated by industry experts.
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