Global Vessel Traffic Management Market Trends, Applications, Analysis, Growth, and Forecast to 2028

The Vessel Traffic Management Market report has been segmented on the basis of components, systems, end-user, and region.

Vessel Traffic Management Market Overview:

“The Vessel Traffic Management Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

A vessel traffic management system is utilized in the determination and estimation of the continuously changing marine environments in order to enhance and offer safety to marine borders and to ameliorate the marine environment.

In this management process, different communication technologies are utilized in segregating the essential and useful data which are required in maritime transport.

A vessel traffic management system is primarily used to enhance and safeguard the marine environment, sea borders, and maritime transport.

In addition, the implementation of advanced communication and information technologies is necessary for maritime transportation.

These advanced technologies are helpful in gathering, processing, presenting, storing, and segregating important data involved in maritime transport.

Vessel Traffic Management Market Dynamics:

Increasing adoption of vessel traffic management systems in marine transportation is a major factor expected to drive the global vessel traffic management market growth.

Rising cargo transport activities by sea is among additional factor estimated to drive the growth of the global vessel traffic management market.

Increasing investment for construction and expansion of ports and increasing trade and exports activates across various developing and developed regions.

Moreover, the rising demand to enhance operational functionalities in vessel traffic control systems and for encouraging new operations, including remote control and automatic vessel identification, is expected to fuel the growth of advanced information management systems.

These are some additional factors expected to drive the global market growth.

Furthermore, the rising demand for the implementation of advanced technologies, such as e-navigation, Global Navigation Surveillance Systems (GNSS), Internet of Things (IoT), and cloud computing in busy commercial ports is an additional factor expected to drive revenue growth of the target market.

However, high vessel traffic management installation and equipment cost is a major factors estimated to limit the global vessel traffic management market growth.

Vessel Traffic Management Market Segment Insights:

Among the component segments, the solutions segment is expected to account for moderate revenue share in the global vessel traffic management market, owing to the increasing adoption of technologies, such as artificial intelligence, GNSS, big data analytics, cloud computing, and e-navigation.

The revenue of the solutions segment is projected to register the highest CAGR.

Among the system segments, the river information systems segment is projected to register a major revenue share in the global vessel traffic management market, owing to rapid growth in the interconnected mode of transportation.

The revenue of the river information systems segment is anticipated to register the highest CAGR.

Among the end-user segments, the commercial marine transport segment is expected to account for a moderate revenue share in the global vessel traffic management market.

The revenue of the commercial segment is anticipated to register the highest CAGR.

Vessel Traffic Management Market Region Insights

The Asia Pacific market is projected to account for a major revenue share in the global vessel traffic management market. Asia Pacific vessel traffic management market is projected to register the fastest revenue growth, owing to increasing new port construction, port expansions, and increasing government involvement in the port and coastal security.

Vessel Traffic Management Market Segmentation:

Segmentation by Component:

• Equipment
• Solutions
• Service

Segmentation by Systems:

• Port Management Information Systems
• Global Maritime Distress Safety Systems
• River Information Systems
• AtoN Management & Health Monitoring Systems

Segmentation by End User:

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

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa