Vessel Traffic Management Market: Summary
The Global Vessel Traffic Management Market is estimated to reach USD 4.7 Billion by 2025 at a CAGR of 7.3 %, predicts forencis research (FSR).
Vessel traffic management is the system used to carry monitoring, surveillance, communication and to navigate the ships and cargo in the oceans and seas. The vessel traffic monitoring is used to promote safety and security of the maritime traffic. These provides information regarding the position of the other water vehicle, related hazards and monitor the overall vessel movement. It uses various components for detection of the threat to the ships in the automatic identification systems, radar, satellite, and drones among others. Owing to its high efficiency, it is used in managing the traffic at offshore platforms, ports & coastal traffic, coast guard and rescue. Some key players in Vessel Traffic Management Market are: Saab AB, Vaisala Oyj, Thales Group, Rolta India Limited, Japan Radio Co. Ltd, Vissim AS, Kongsberg Gruppen AS, L3 Technologies, Terma A/S, Indra Sistemas S.A., And Other Key Companies
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Vessel Traffic Management Market: Drivers & Restraints
Rise in Maritime Traffic
Vessel traffic management is useful in managing the freight traffic at the busy Maritime routes such as ports, harbors and coastal areas. As per the International Maritime Organization, 90% of the global trade is carried by the maritime route. The increasing sea traffic owing to rise in number of trade activities is projected to act as a driving force for the vessel traffic management. Despite of the headwinds of the trades issue between the giant economies; United States of America and China, the maritime traffic is expected to grow. Global Marine Trends 2030 report, the volume of the seaborne trade is estimated to escalate till 24 billion tons by 2030, which in turn boost the demand for cargo transport by seaways. This results rise in sea traffic and further better traffic management. Hence, the rise in sea traffic is projected to boost the market growth in the years to follow.
Increasing Focus Towards Enhancing Maritime Safety
Safety is the prominent factor taken into consideration when the transportation of goods is considered. The vessel traffic management acts as the security tool for the maritime transportation. Some of the potential threat to the sea transport includes, inappropriate information regarding waterway and weather conditions, which is likely to impact the sea transportation. Hence, to overcome this, higher focus is dedicated towards the increasing security. The Vessel traffic management enhances security through offering real time data, with safe and accurate position of vessels along with efficient traffic management, which ultimately contributing towards reduction in accidents and increase in maritime safety. Thus, increasing focus towards improving safety is anticipated to promote growth of the market in the forecasting period.
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High Cost Associated with Vessel Traffic Management
The growth of the vessel traffic management market is mainly impacted owing to its high cost. The high cost the traffic management equipment is associated with the building of the stations that delivers data lines. In addition to this, the significant difficulties and the cost associated to develop the large network station at a longer range further hampers the market growth.
Vessel Traffic Management Market: Key Segments
- By Function: Navigation, Communication and Surveillance
- By Sensing Component: Radar, Satellite, Automatic Identification System (AIS), Weather Station, Radio Direction Finder (RDF), Drone and Others
- By Application: Offshore Platform, Ports and Coastal Traffic, Coast Guard and Rescue and Others
- By Geography: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Vessel Traffic Management Market: Report Scope
The report on the vessel traffic management market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Vessel Traffic Management Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Vessel Traffic Management Market, by Function
Vessel Traffic Management Market, by Sensing Components
· Automatic Identification System (AIS)
· Weather Station
· Radio Direction Finder (RDF)
Vessel Traffic Management Market, by Application
· Offshore Platform
· Ports and Coastal Traffic
· Coast Guard and Rescue
Vessel Traffic Management Market, by Region
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Rest of South America
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