ID: MRFR/SEM/4203-HCR | February 2021 | Region: Global | 100 pages
Synopsis of Global Vessel Traffic Management System Market
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.
Vessel Traffic Management System Market, 2017-2023 (USD Billion)
Source: MRFR Analysis
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 2017-2023
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).
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.
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.
Frequently Asked Questions (FAQ) :
The global vessel traffic management market is expected to record a substantial market valuation of up to USD 3.4 billion by 2022.
The global vessel traffic management market is projected to register a moderate 8% CAGR in the forecast period.
The hardware segment is slated to expand as the fastest-growing segment.
The defense deployment segment is expected to witness substantial growth.
A few major market players operating in the global vessel traffic management market are L3 Technologies (U.S.), Transas (Ireland), Indra (Spain), Leonardo Finmeccanica (Italy), and Kelvin Hughes (U.K).