Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "Vessel Traffic Management Market" report has been added to ResearchAndMarkets.com's offering.
The global vessel traffic management market size is expected to reach USD 10.68 billion by 2030, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Companies Mentioned
- Wartsila Corporation
- Kongsberg Gruppen AS
- General Electric Co.
- Northrop Grumman Corporation
- Marlink AS
- L3 Technologies
- Japan Radio Co. Ltd.
- Leonardo Finmeccanica
- Kelvin Hughes
- Marlan Maritime Technologies
- Elcome International LLC.
- Xanatos Marine Ltd.
- TERMA
- Saab AB
- Thales Group
- Rolta India
- Tokyo Keiki Inc.
Increasing demand and need to monitor various types of operations, functioning and voyage path of ships on a centralized platform, and increasing investment by large companies for the enhancement of ports and trade routes coupled with assurance of better safety and security of their borders and coastguards are major factors expected to drive the growth.
An extensive rise in the number of ships worldwide has strained the current traffic management, and monitoring infrastructure coupled with the rising complexity of vessel operations, which are likely to provide lucrative growth opportunities. For instance, in September 2022, Equinor & Vissim developed new ocean space surveillance & traffic management solutions for the various operators on the Norwegian & UK continental shelves. This system ensures accurate time vessel monitoring, weather conditions, and sea route planning.
An increasing number of seaborne trades around the world, high incorporation of ICT in the marine industry, a rapid boost in maritime tourism industry, and high augmented budgets of various shipping companies for the adoption of digitization of vessel services are a few other factors influencing the industry growth at a significant growth rate. In addition, with the rising ship traffic globally, it has become essential to improve security and safety and better safeguard the environment, likely to augment market growth.
Technological advancement in vessel traffic management allows authorities to improve navigational activities, increase vessel traffic volumes within congested shipping lanes, and enable seamless and innovative autonomous information exchange among unmanned vessels to maintain the VTMS sector at the forefront sector. For instance, ST Engineering & Kongsberg Norcontrol of Norway have announced the collaboration to build a center to develop advanced digital technologies and better decision-making tools for maritime operators.
Vessel Traffic Management Market Report Highlights
- Equipment segment accounted for highest global revenue share, in 2021, due to rising adoption of several navigation, surveillance, and communication.
- Commercial sector is projected to hold significant share owing to rising transportation of various supplies, including crude oil, automobiles, steel, and food.
- Brownfield segment is expected to witness fastest growth over the study period owing to high efforts for expanding ports and rapid increase in modernization programs.
- Asia Pacific dominated the market in 2021 and is likely to retain its position over the study period, which is accelerated by large presence of busy ports & trade routes in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 117 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $5.66 billion |
| Forecasted Market Value (USD) by 2030 | $10.68 billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Global Vessel Traffic Management Market Insights
4.1. Vessel Traffic Management - Industry Snapshot
4.2. Vessel Traffic Management Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Increased vessel congestion at ports
4.2.1.2. Need for automation
4.2.2. Restraints and Challenges
4.2.2.1. VTMS facility location
4.3. Porter's Five Forces Analysis
4.4. PESTEL Analysis
4.5. Vessel Traffic Management Market Industry Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Vessel Traffic Management Market, by Component
5.1. Key Findings
5.2. Introduction
5.2.1. Global Vessel Traffic Management Market, by Component, 2018 - 2030 (USD Billion)
5.3. Equipment
5.3.1. Global Vessel Traffic Management Market, by Equipment, by Region, 2018 - 2030 (USD Billion)
5.4. Solution
5.4.1. Global Vessel Traffic Management Market, by Solution, by Region, 2018 - 2030 (USD Billion)
5.5. Service
5.5.1. Global Vessel Traffic Management Market, by Service, by Region, 2018 - 2030 (USD Billion)
6. Global Vessel Traffic Management Market, by Investment
6.1. Key Findings
6.2. Introduction
6.2.1. Global Vessel Traffic Management Market, by Investment, 2018 - 2030 (USD Billion)
6.3. Brownfield
6.3.1. Global Vessel Traffic Management Market, by Brownfield, by Region, 2018 - 2030 (USD Billion)
6.4. Greenfield
6.4.1. Global Vessel Traffic Management Market, by Greenfield, by Region, 2018 - 2030 (USD Billion)
7. Global Vessel Traffic Management Market, by End-Use
7.1. Key Findings
7.2. Introduction
7.2.1. Global Vessel Traffic Management Market, by End-Use, 2018 - 2030 (USD Billion)
7.3. Commercial Sector
7.3.1. Global Vessel Traffic Management Market, by Commercial Sector, by Region, 2018 - 2030 (USD Billion)
7.4. Defense Sector
7.4.1. Global Vessel Traffic Management Market, by Defense Sector, by Region, 2018 - 2030 (USD Billion)
8. Global Vessel Traffic Management Market, by Geography
9. Competitive Landscape
9.1. Expansion and Acquisition Analysis
9.1.1. Expansion
9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/x28irx
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