Vessel Traffic Management System Market Research Report - Forecast to 2027

Vessel Traffic Management System Market Research Report, by Component (Hardware, Solutions, and Service), by Systems (Port Management Information Systems, Maritime Distress Safety System, and Others), and by End-users - Forecast till 2027

ID: MRFR/SEM/4203-HCR | February 2021 | Region: Global | 100 pages

Vessel Traffic Management System Market Overview


The vessel traffic management system market is expected to grow at a higher CAGR of 8% during the forecasted period to account for a higher market share value of approximately USD 3.4 billion by 2023.


In this technologically advanced era, it is important to implement communication technologies and advance information for safeguarding and enhancing the sea border, marine environment, and maritime transport. The advanced technology helps in differentiating essential data, presenting, processing, storing, and gathering data involved in maritime transport. All these processes if done manually consume a lot of time and hence resulted in the introduction of a management system called vessel traffic management system (VTMS).


Vessel Traffic Management System Market, 2017-2023 (USD Billion)
Vessel Traffic Management System Market
Source: MRFR Analysis


Vessel Traffic Management System Market Dynamics


Drivers


Numerous factors drive the market growth rate. This management system contains modular architecture, open, flexible, and can be upgraded according to the needs of the users by utilizing communication and computer systems that drive the vessel traffic management system market demand in the global market. Moreover, this VTMS consists of various other information systems that are correlated, processed, and integrated which each other and hence generates more demand all across the globe during the review period.


Opportunities


The rise in demand for vessel traffic management system market in the global market. Integration of different information systems like AIS data, surveillance networks sharing radar, electro-optical systems, port management & information system, direction finders, automatic identification system, radars, and other create more growth opportunities in the global market during the review period. Moreover, these management systems require timely services and solutions to remain operative in maritime transport.


Restraints


Though the vessel traffic management system market is increasing tremendously in the global market, some factors restrict its growth. The high cost involved in the installation of this system is not afforded by most of the emerging countries and hence it hampers the market growth during the forecasted period. Moreover, lack of technical knowledge and skills in various underdeveloped nations is another contributing factor that restricts the market growth in the global market.


Value Chain Analysis


The vessel traffic management system market is increasing at an incredible rate in the global market owing to various benefits associated with it. This system works based on client-server architecture, and when the clients are disconnected from the server, the server still offers its services. Because both, the server and the client are independent of each other. Adoption of these systems helps in the reduction of illegal immigration, crimes such as terrorist activities, and smuggling as it keeps high surveillance accelerated the market demand all across the globe during the review period. It also reduces the chaos caused due to manual management at maritime transport.


Vessel Traffic Management System Market Segmentation


The vessel traffic management system market has been divided all across the globe based on the components, systems, and end-users.


Based on the Components


This market has been divided all across the globe based on the components into service, solutions, and hardware. The hardware dividend is further sub-divided into video walls, databases, operator consoles, computer network, communication, and automatic identification sub-system. The services dividend is further sub-divided into operating and maintenance services. The solutions dividend is sub-divided into electronic navigation charts, multi-sensor tracker, routing monitor, and sensor integrators.


Based on the Systems


The vessel traffic management system market has been divided all across the globe based on the systems into A to N Management & health monitoring systems, river information systems, global maritime distress safety system, and port management information systems.


Based on the End-User


The vessel traffic management system market has been divided all across the globe based on the end-user into the defense industry and commercial industry.


Vessel Traffic Management System Market Regional Analysis


The vessel traffic management system has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the vessel traffic management system all across the globe is held by the European region owing to the presence of several manufacturers in this region and hence it generates more demand. Moreover, the presence of countries like Germany, Italy, France, and the UK also drives the vessel traffic management system market demand.


The second-largest market share in the vessel traffic management system market is held by the Asia-Pacific region owing to the presence of highly populated countries like India, China, and Japan. Out of these countries, China is one of the leading countries and hence drives the market demand.


The third-largest market share in the vessel traffic management system is held by the North American region owing to the presence of the most prominent major key players in this region. Moreover, a well-established network system is another contributing factor that drives the market demand in this region during the review period.


The least market share is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.


Vessel Traffic Management System Market Competitive Landscape


The most prominent major key players in the vessel traffic management system market all across the globe are mentioned below:



  • Kelvin Hughes (UK)

  • Leonardo Finmeccanica (Italy)

  • Indra (Spain)

  • Transas (Ireland)

  • L3 Technologies (US)

  • Kongsberg (Norway)

  • Japan Radio Co. Ltd. (Japan)

  • Tokyo Keiki Inc. (Japan)

  • TERMA (Denmark)

  • Frequentis (Austria)

  • Rolta India (India)

  • Thales (France)

  • Saab AB (Sweden)


These major key players use various strategies to sustain their market position in the Vessel traffic management system market in the global market by going for mergers, and acquisitions, by collaborating, establishing a partnership, developing a new production process, setting up a new joint venture, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the Vessel traffic management system all across the globe.


Recent Developments



  • Japan Radio Co. Ltd. (Japan) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales volume.

  • All the major market key players are highly investing in mergers and acquisitions, new product launches, and joint ventures.

  • The largest market share in the vessel traffic management system all across the globe is held by the European region owing to the presence of several manufacturers in this region and hence it generates more demand.

  • Increasing traffic on maritime courses like coastal areas, harbors, and ports lead to the increasing adoption of vessel traffic management systems (VTMS) in the global market during the review period.


Report Overview


This global vessel traffic management system market research report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This market research report contains factors that drive the growth of the Vessel traffic management system market in the global market along with the factors that restrict its growth in the global market. The opportunities available in the vessel traffic management system market growth during the forecasted period are mentioned. The impact of COVID 19 on the market all across the globe is mentioned. The future growth rate in the market during the forecasted period is estimated and mentioned.


Intended Audience


Port authorities, equipment providers, solution providers, service providers, associations, organizations, forums, and alliances related to vessel traffic management systems, vessel traffic management system service providers, government agencies, research firms, and others.



Report Scope:
Report Attribute/Metric Details
  Market Size    USD 3.4 Billion (2023)
  CAGR   8% (2017-2023)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Component, by Systems
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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).
  Key Market Opportunities   The hardware segment is slated to expand as the fastest-growing segment.
  Key Market Drivers   High installation cost and lack of technical knowledge is anticipated to hinder the growth of vessel traffic management system market over the review period.


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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 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).