Vessel Traffic Management Market Worth 4.12 Billion USD by 2023

PUNE, India, February 28, 2018 /PRNewswire/ --

According to the market research report on "Vessel Traffic Management Market by Component (Equipment, Solution, Service), Investment (Brownfield, Greenfield), Systems (PMIS, RIS, GMDSS, Aton Management & Health Monitoring Systems), End User (Commercial, Defense), Component, Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated at USD 2.87 Billion in 2018 and is projected to reach USD 4.12 Billion by 2023, at a CAGR of 7.50% from 2018 to 2023. Increasing demand for Internet of Things (IoT), e-navigation, and artificial intelligence drones are some of the key technologies expected to drive the vessel traffic management market.

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Based on system, the River Information Systems (RIS) segment of the market is projected to grow at the highest CAGR during the forecast period 

The River Information Systems (RIS) segment is projected to be the fastest-growing application segment during the forecast period. The growth of this segment can be attributed to the rise in interconnected mode of transport.

Based on end user, the commercial segment of the vessel traffic management market is estimated to account for the largest market share during the forecast period 

Based on end user, the commercial segment is estimated to account for the largest market share during the forecast period. This growth can be attributed to the increasing security in ports & harbors, inland waterways, and offshore platforms.

Based on investment, the brownfield segment of the market is projected to grow at the highest CAGR from 2018 to 2023 

Based on investment, the brownfield segment of the market is projected to grow at the highest CAGR during the forecast period. Increase in port expansions along with the installation of high security VTM equipment, rise in vessel congestion, and saturation of existing ports across the world is also projected to drive the brownfield segment.

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Based on component, the solutions segment of the vessel traffic management market is projected to grow at the highest CAGR from 2018 to 2023 

Based on component, the solutions segment of the vessel traffic management market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the adoption of technologies, such as GNSS, artificial intelligence, cloud computing, big data analytics, and e-navigation.

Surveillance & monitoring in the equipment subsegment of the vessel traffic management market is projected to grow at the highest CAGR from 2018 to 2023 

Surveillance & monitoring in the equipment subsegment of the vessel traffic management market is projected to grow at the highest CAGR during the forecast period. Rise in illegal immigration and terrorist activities are driving the need for VTM surveillance & monitoring equipment, such as CCTV surveillance cameras, sensors, and Unmanned Aerial Vehicles (UAVs).

Asia Pacific is expected to be the fastest-growing vessel traffic management market during the forecast period 

Asia Pacific is expected to be the fastest-growing vessel traffic management market during the forecast period, which can be attributed to increasing port expansions, new port construction, and rise in government involvement towards coastal & port security. Moreover, high investments for the development of inland waterways to promote the interconnected mode of transport are also leading to the growth of the market.

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Major companies across the globe providing vessel traffic management equipment are Kongsberg (Norway), L3 Communication (US), Transas (Ireland), Saab AB (Sweden), Thales (France), Rolta India (India), Japan Radio Co. Ltd. (Japan), Frequentis (Austria), TERMA (Denmark), Tokyo Keiki Inc. (Japan), Indra (Spain) Leonardo Finmeccanica (Italy), and Kelvin Hughes (UK).

These key players offer various vessel traffic management systems, including VHF communication systems, Automatic Identification Systems (AIS) receivers and base stations, e-navigation charts, routing monitors, UAVs, and multi tracking sensors, among others. New product developments, partnerships, and contracts are the major strategies adopted by these players to retain their positions in the vessel traffic management market.

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