New York, US, April 10, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Vessel Traffic Management System Market Research Report: By Component, Systems - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 7.13 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.3% during the assessment timeframe.
Key Players
Some of the key players operating in the vessel traffic management system market include Kongsberg Gruppen,
- Saab AB,
- Transas Marine Limited,
- Tokyo Keiki Inc.,
- Indra Sistemas SA,
- Thales Group,
- L3Harris Technologies,
- Lockheed Martin Corporation,
- Frequentis AG, and
- Wärtsilä Corporation.
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Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2030 | USD 7.13 Billion |
| Growth Rate | CAGR of 7.3% from 2020 to 2030 |
| Base Year | 2019 |
| Study Period | 2020-2030 |
| 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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Drivers
The growth of the vessel traffic management system industry can be attributed to the increasing demand for marine transportation and the need for efficient and safe operations. The rise in global trade and the growth of the tourism industry are also driving factors for the growth of the market.
Challenges
However, the vessel traffic management system Industry faces several challenges, including the high cost of implementation and maintenance of the system, especially in developing countries. The lack of standardization across different regions is also a challenge that needs to be addressed.
Market Segmentation
The global vessel traffic management system Industry is segmented by component, technology, end-user, and region. By component, the market is segmented into hardware, software, and services. By technology, the market is segmented into radar, AIS, and others. By end-user, the market is segmented into ports and harbors, coastal surveillance, and others.
Regional Analysis
The global vessel traffic management system Industry is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific region is expected to dominate the market during the forecast period due to the increase in marine transportation and the growing demand for efficient and safe operations.
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Industry Trends
One of the key trends in the vessel traffic management system market is the increasing use of advanced technologies such as artificial intelligence (AI) and machine learning (ML) for real-time monitoring and analysis of vessel traffic. Another trend is the integration of vessel traffic management systems with other systems such as weather monitoring and security systems to enhance safety and security.
Recent Developments and Opportunities
In recent years, several developments have been made in the vessel traffic management system market. For instance, in October 2021, Kongsberg Gruppen announced that it had signed a contract with the Norwegian Coastal Administration (NCA) to upgrade its vessel traffic service (VTS) system. Similarly, in September 2021, Thales Group announced the launch of its new maritime surveillance system, OceanMaster, which integrates advanced technologies such as AI and ML.
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There are several opportunities in the vessel traffic management system market, including the growing demand for real-time monitoring and analysis of vessel traffic, the increasing use of advanced technologies such as AI and ML, and the integration of vessel traffic management systems with other systems to enhance safety and security.
In conclusion, the vessel traffic management system market is expected to grow rapidly in the coming years due to the increasing demand for marine transportation and the need for efficient and safe operations. However, the market also faces several challenges that need to be addressed. The integration of advanced technologies and the development of standardization across different regions present significant opportunities for the growth of the market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
