Vessel Traffic Management System Market Analysis, Trends, Size, and Forecast. Vessel Traffic Management System Market Industry Overview, Market Growth, Market Share, Syndicate Report, and Business Research Reports – US and UK

Description

Vessel Traffic Management System Market: By Component (Hardware (Communication, Navigation, Surveillance), Solutions (Sensor Integrators, Routing Monitors, Multi-Sensor Trackers, Electronic Navigation Charts), Service (Maintenance, Operating, Information Service, Traffic Organization Service, Navigation Advice and Assistance Service)), By Systems (Port Management Information Systems, Global Maritime Distress Safety Systems, River Information Systems, A to N Management & Health Monitoring Systems), By End User (Commercial (Port & Harbor, Inland Port, Offshore, Fishing Port), Defense) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

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Vessel Traffic Management System market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the Vessel Traffic Management System market.

Vessel Traffic Management System Industry Outlook

The vessel traffic management system market size was valued at USD 5.5 billion in 2020 and is expected to register a CAGR of 6.20% during the forecast period, 2021-2027. The implementation of the port information management system is gaining momentum, backed by an increase in port expansions due to vessel congestion at ports. Further, the trend technology development and deployment in busy commercial ports, such as Global Navigation Surveillance System (GNSS), e-Navigation, cloud computing, Internet of Things (IoT), is one of the key factors driving the vessel traffic management system market. Over the forecast period, these factors will expand the global vessel traffic management system market.

Vessel Traffic Management System Industry Dynamics

• The rise in maritime traffic due to increasing trade activities and freight transport operations by sea is driving the global market.
• One of the major fueling factors of the Vessel Traffic management system market globally is growing investment in port construction and expansion.
• Increasing emphasis on improving maritime situational awareness, safety, and protection is boosting the market growth.
• Implementing integrated solutions and adopting a 3D vessel traffic management system by port authorities creates numerous growth opportunities for the global market.

The high cost of equipment and installation is hampering the market growth.  

• The high cost of the vessel traffic management system equipment and implementation is one of the major restraints of the global market.
• The market's growth is hampered by hardware failures and software errors/bugs in the vessel traffic system.
• The time-consuming process and overdue approvals for port construction pose a significant challenge to the global vessel traffic management system market.

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Impact of COVID-19 on Vessel Traffic Management System Market

A rapid spread of COVID-19 has had a severe effect on the Vessel Traffic Management System, resulting in a global downturn in demand and supply. To limit the movement of its people and monitor the spread of the pandemic, the affected countries implementing lockdown have triggered the lockdown of all production activities. The vessel traffic management system manufacturers are experiencing a standstill due to the Coronavirus pandemic, which further causes instability in the Vessel traffic management system. 

Scope of the Report

The report outlines the study of the global vessel traffic management system market based on its components, system, and end-user industry.

Based on the components, the Vessel Traffic Management System market has been segmented into –

• Hardware
• Communication
• VHF Communication System
• RF Communication
• Microwave and Network
• HMI (Human Machine Interface)
• Servers
• Navigation
• Radars
• X-band
• S-band
• Automatic Identification System (AIS) receivers and base stations
• Direction Finders
• Surveillance
• CCTV Surveillance Cameras
• Sensors
• Meteorological Sensors
• Multi Tracking Sensors
• UAVs
• Solutions
• Sensor Integrators
• Routing Monitors
• Multi-Sensor Trackers
• Electronic Navigation Charts
• Service
• Maintenance
• Operating
• Information Service
• Traffic Organization Service
• Navigation Advice
• Assistance Service

Based on the Systems, the Vessel Traffic Management System market has been segmented into –

• Port Management Information Systems
• Global Maritime Distress Safety Systems
• River Information Systems
• A to N Management & Health Monitoring Systems

Based on the End User industry, the Vessel Traffic Management System market has been segmented into –

• Commercial
• Port & Harbor
• Inland Port
• Offshore
• Fishing Port
• Defense

Vessel Traffic Management System Market: Regional Outlook

The five geographic regions have been segmented into North America, Asia Pacific, South America, Europe, and the Middle East and Africa (MEA) for the Vessel Traffic Management System market. Europe holds the largest share in the global Vessel Traffic Management System market, followed by the Asia Pacific and North America. Moreover, Asia Pacific is expected to project the highest CAGR in the global market over the forecast period, owing to many defense deals.

Vessel Traffic Management System Market Key Competitors Includes –

The global Vessel Traffic Management System is highly fragmented, with many players across the globe. The key players operating in the global Vessel Traffic Management System market include –

• Saab AB
• Thales Group
• Rolta India Limited
• Frequentis
• TERMA
• Tokyo Keiki Incorporated
• Japan Radio Company Limited
• Kongsberg Gruppen
• L3 Technologies Incorporated
• Transas

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