In the process to enhance and safeguard the marine environment, maritime transport, and sea borders, the implementation of the advance information and communication technologies is necessary. Advance technologies are helpful in the gathering, storing, processing, presenting, and segregating essential data involved in maritime transport. The system executing the integration process is known as Vessel Traffic Management System (VTMS).
Market Research Future (MRFR) has published a research report about the global Vessel Traffic Management System Market that infers an increase in this market at 8% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 3.4 bn by the end of forecast period.
The most important market driving factors for the global vessel traffic management system market are the enhanced maritime security and increased the proficiency of the navigation system. Other important factors aiding the market growth include necessary support to operators for making a decision, comprehensible pictures & view, presentation of traffic navigation & vessel information, real-time & offline data fetching, and remote monitoring & control. VTMS systems at ports are helpful in order to keep high surveillance and decreased illegal immigration, crimes, and terrorist activities. However, high installation cost and lack of technical knowledge can create hurdles in the market growth.
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The global vessel traffic management system market has been segmented on the basis of component, end user, system, and lastly, region. The component-based segmentation segments this market into hardware, service, and solutions. The hardware consists of sensors that include automatic identification sub-system, communication & computer networks, databases, marine radar sub-system, operator consoles, servers, and video walls. Services segment has been sub-segmented into maintenance services and operating services. Solutions segment has been sub-segmented into electronic navigation charts, multi-sensor tracker, routing monitor, and sensor integrators.
Based on the end-user, the market has been sub-segmented into commercial and defense. On the basis of the system, the market has been segmented into A to N Management & health monitoring systems, global maritime distress, port management information systems, river information systems, and safety system.
The key players in the global vessel traffic management system market include Frequentis (Australia), Japan Radio Co. Ltd. (Japan), Indra (Spain), Kelvin Hughes (UK), Kongsberg (Norway), L3 Technologies (USA), Leonardo Finmeccanica (Italy), Rolta India (India), Saab AB (Sweden), TERMA (Denmark), Thales (France), Tokyo Keiki Inc. (Japan), and Transas (Ireland).
The regional segmentation of the global vessel traffic management system market segments the market into the regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW). North America is a significant regional market due to technological advancement, strong economies, strong navy, established infrastructure and presence of many key market players. The biggest country-specific markets in this region are USA and Canada.
During the forecast period, Europe is also expected to have substantial growth in the market due to the presence of a large number of manufacturers in the region and the technological advancement that is second only to North America. The most important country-specific in this region are France, Germany, Italy, and the UK.
During the forecast period, Asia Pacific is also anticipated to rise as the fastest growing regional market. China, India, and Japan are the leading country-specific markets due to the rise in the number of defense deals with the European market. Remaining countries of this region also form a substantial market.
The RoW segment covers countries of Latin America and the Middle East & Africa (MEA). In Latin America, Argentina and Brazil are two strong economies that can be suitable markets in the future. The MEA market is small due to poor countries, lack of awareness, lack of education, lack of infrastructure, and lack of technological advancement.
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Latest Industry News
- Brazilian offshore consulting company Cepemais has been awarded a contract to provide high-resolution hydrographic mapping services to Brazilian national oil company Petrobras. 29 JAN 2019
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