Vessel Traffic Management Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Vessel traffic management is used to determine and estimation of the various marine environments that are used to provide safety to the marine borders and to ameliorate the marine environment. It is essential to implement vessel traffic management for gathering, storing, presenting, processing, and segregating essential data involved in maritime transport. The growing adoption of Automatic Identification Systems (AIS), CCTV surveillance cameras, radars (X- and S-band), VHF communication systems in ports and offshore platforms is significantly booming the growth of the vessel traffic management market.

MARKET SCOPE

The "Global Vessel Traffic Management Market Analysis to 2031" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the vessel traffic management market with detailed market segmentation by vehicle type, fuel type, components, treatment after device, sales channel, and geography. The report provides key statistics on the market status of the leading vessel traffic management market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on component, the global vessel traffic management market is segmented into solution and services.
  
•   On the basis of system, the market is segmented into port management, information system (PMIS), global maritime distress safety system (GMDSS), river information system (RIS), aids to navigaation (ATON), management & health monitoring system and others.
  
•   Based on end-user, the global vessel traffic management market is segmented into commercial and defense.
  

MARKET DYNAMICS

Drivers:

•   The increase in maritime situational awareness and rising safety concerns coupled with the growing focus on port security for illegal immigration and terrorist activities are influencing the growth of the vessel traffic management market.
  
•   Further, increasing sea trade, growing port expansion and port development projects, and rise in defense as well as commercial vessels are expected to fuel the demand for the vessel traffic management market during the forecast period.
  

Restraints:

•   The high cost of the associated with the vessel traffic management (VTM) equipment, installment, and maintenance is the key hindering factor for the vessel traffic management market growth.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The vessel traffic management market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the vessel traffic management market in these regions.

IMPACT OF COVID-19 ON VESSEL TRAFFIC MANAGEMENT MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the vessel traffic management market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from vessel traffic management market are anticipated to lucrative growth opportunities in the future with the rising demand for vessel traffic management in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the vessel traffic management market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Frequentis AG
  
•   Indra Sistemas, S.A.
  
•   Kongsberg Gruppen
  
•   Leonardo S.p.A.
  
•   Rolta
  
•   Saab AB
  
•   Terma Group
  
•   Thales Group
  
•   Vissim AS
  
•   Wärtsilä
  
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Vessel Traffic Management Report Scope