What is Vessel Traffic Management Market Scope?
A vessel traffic management system (VTMS) is a system for monitoring the movement of ships in harbors and ports. Advanced sensors, including radar, AIS, CCTV, Meteo-Hydro, and other electronic object detection systems, are used by the VTMS system to collect data. The major goal of VTMS is to enhance navigational safety and efficiency, as well as aspects of port services, the protection of lives at sea, and the protection of the maritime environment. The rapid growth in the maritime trade, as well as exponential growth in the fishing industry, has led to the increasing requirement for a secure and efficient marine safety and efficient navigation system. This has led to the widespread growth of the vessel traffic management market. Although high initial costs of setup and maintenance are a major restraining factor for future prospectus of the vessel traffic management. 3D vessel traffic management system providing real-time monitoring services has emerged as an increasingly popular system that may present exciting future opportunities. The Asia Pacific is expected to emerge as a major market of vessel traffic management.
The Vessel Traffic Management market study is being classified and major geographies with country level break-up.
Rapid growth in the maritime trade and shipping along with the vast expansion of the fishing industry globally has led to increased demand for marine safety and trustable navigation systems. This led to the emergence of advanced vessel traffic management systems integrated with modern hardware or marine equipment along with other advanced vessel traffic management solutions. This has further aided in improved marine logistics and secured the ecosystem for the shipping fraternity. Though the major restraining factor is the high initial cost of setup. The Asia Pacific is the major market for vessel traffic management.
Kongsberg Gruppen (Norway), Thales Group (France), Saab AB (Sweden), Wärtsilä Oyj Abp (Finland), L3 Technologies (United States), Japan Radio Co. Ltd. (Japan), Tokyo Keiki Inc. (Japan), Leonardo Finmeccanica (Italy), Kelvin Hughes (United States) and Indra Sistemas (Spain) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Frequentis (Austria), TERMA (Denmark) and Rolta India Ltd. (India).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Vessel Traffic Management market by Type, Application and Region.
On the basis of geography, the market of Vessel Traffic Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In 2018, Wärtsilä Oyj Abp, a Finnish company specializing in manufacturing and providing marine as well as energy products and services respectively has announced the acquisition of Transas, which is a global market leader in ship & fleet operations solutions. The acquisition deal is valued at USD 258.7 million. The acquisition will enable Wärtsilä to accelerate its development of Smart Marine Vision. The integration of Wärtsilä’s product portfolio with that of Transas will help them innovate and develop new cutting-edge marine management solutions.
Influencing Market Trend
- Port Management Information Systems Accounts for Significant Market Share
Market Drivers
- Rise of Maritime Trade and Shipping
- Growth of Logistics and Transport Industry
- Increasing Number of Fishing Vessels
Opportunities
- Real-time 3D Vessel Traffic Management System can Stimulate Exponential Growth in the Market
Restraints
- High Initial Cost of Setup of Vessel Traffic Management Systems
Challenges
- Complexities in Vessel Traffic Management
- Increasing Incidents of Cyber Attacks on Major Infrastructures
Key Target Audience
Vessel Traffic Management Developers and Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, End-Use Industries and Others
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