The Vessel Traffic Management Market is projected to grow from USD 5.8 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 8.4% during the forecast period.
The COVID-19 outbreak has led to several challenges for various industries such as aviation and consumer electronics. These industries faced many economic problems post the COVID-19 outbreak. Since the beginning of the outbreak, the transportation industry has been among the most severely hit sectors globally. Due to most countries imposing nationwide lockdowns and travel and transportation restrictions, the shipping industry was affected extremely.This outbreak has also put the shipping and marine industries in worse position since their workforces have been shut down for the sake of safety and preventing the spread of COVID-19.
With the support of the Maritime and Port Authority of Singapore, Fujitsu Limited, Singapore Management University (SMU), and A*STAR’s Institute of High-Performance Computing (IHPC) announced their collaboration to develop innovative new technologies for vessel traffic management in the Port of Singapore (MPA). These predictive technologies will use artificial intelligence (AI) and big data analytics to help manage Singapore’s port and surrounding seas, which see a lot of seaborne trade and traffic. The technologies will also be evaluated using real-world data in order to enhance congestion predictions and the detection of probable accidents and other danger hotspots before they happen at sea. The Urban Computing and Engineering Centre of Excellence (UCE CoE), a public-private collaboration comprising of the Agency for Science, Technology and Research (A*STAR), SMU, and Fujitsu, was founded in 2014 to perform research and development for these new marine technologies.
Based on component, service segment is expected to have the largest market share in 2022 as well as witness the highest CAGR growth across the forecast period. Many ports are equipping VTMS systems to make their ports more efficient and reliable. With new systems require operation and maintenance services. These factors drive the market growth.
Based on system, Port management information system is expected to grow with largest CAGR. Most ports across the world have adopted some form port management information system for the efficient and reliable working of their ports.
Break-up of profile of primary participants in the vessel traffic management market:
- By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
- By Designation: C Level – 50%, Director Level – 25%, and Others – 25%
- By Region: North America –60%, Europe – 20%, AsiaPacific – 10%,South America– 5%, and RoW – 5%
Major players operating in the vessel traffic management market include Kongsberg Gruppen (Norway), Saab SA (Sweden), Leonardo S.p.A. (Italy), Wartsila (Finland), Thales Group (France), among others. These key players offer VTMS solutions and services to different key stakeholders.
This research report categorizes the vessel traffic management market on the basis of End User(commercial and defense), Based on component (Equipment, Solution, Services),Investment (Brownfield, Greenfield), System and Onbaord Components. These segments have been mapped across major regions, namely, North America, Europe, Asia Pacific, Middle East, Latin America, and Africa. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the vessel traffic management market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches; mergers; and partnerships, agreements, and collaborations; and recent developments associated with the sustainable aviation fuel market. In addition, the startups in vessel traffic managementmarket ecosystem are covered in this report to provide usable insights and developments happening in the emerging market of vessel traffic management.
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The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall vessel traffic management market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on vessel traffic management market offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches, contracts, agreements, and expansion plans in the vessel traffic management market.
- Market Development: Comprehensive information about lucrative markets – the report analyzes the vessel traffic management market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the vessel traffic management market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the vessel traffic management market.