The Vessel Traffic Management Industry is estimated at USD 2.81 Billion in 2017 and is projected to reach USD 4.12 Billion by 2023, at a CAGR of 7.50% from 2018 to 2023.The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.
Objectives of the Study:
The report analyzes the vessel traffic management Industry on the basis of component, (equipment, solutions, and service). Equipment is further segmented into communication (VHF communication, RF communication, microwave & network, HMI, servers), navigation (radars, AIS, direction finders), and surveillance & monitoring (sensors, CCTV surveillance cameras, UAVs). Similarly, the solution segment is further segmented into sensor integrator, routing monitor, e-navigation, and multi sensor tracker. The service segment is further segmented into maintenance and operating service (information, traffic organization, navigation advice and assistance).
The vessel traffic management industry by investment is segmented into brownfield and greenfield. Brownfield and greenfield are further segmented into public sector and private sector projects.
By systems is segmented into port management, and information systems, global maritime distress safety systems, river information systems, and AtoN management & health monitoring systems.
By end user is segmented into commercial (inland port, port & harbor, fishing port, and offshore) and defense sectors. These segments and subsegments have been mapped across major regions, namely, North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
The report provides in-depth market intelligence regarding the market dynamics and major factors influencing the growth of the vessel traffic management industry(drivers, opportunities, and industry-specific challenges), along with an analysis of micromarkets, with respect to individual growth trends, prospects, and their contribution to the overall market. The report also covers competitive developments, such as long-term contracts, partnerships, expansions, new product launches, agreements, and research & development activities in the vessel traffic management market, in addition to the business and corporate strategies adopted by key market players.
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Asia Pacific is estimated to lead the vessel traffic management Industry in 2018 and is projected to continue to lead during the forecast period owing to the rise in port expansion and port development projects. The vessel traffic management industry in the Asia Pacific is projected to grow at the highest CAGR during the forecast period, owing to the increasing sea transport, and government involvement in coastal and port security.
High cost of the Vessel Traffic Management (VTM) equipment and installment, and maintenance on yearly basis is restraining exponential market growth.
Major companies across the globe providing vessel traffic management systems are Kongsberg Gruppen (Norway), L3 Technologies (US), Transas (Ireland), Saab AB (Sweden), Thales Group (France), Rolta India (India), Japan Radio Co. Ltd. (Japan), Frequentis (Austria), TERMA (Denmark), Tokyo Keiki Inc. (Japan), Indra Sistemas (Spain), Leonardo Finmeccanica (Italy), and Kelvin Hughes (UK). New product developments, acquisitions, and contracts are the major strategies adopted by these players to retain their positions in the market.
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