Industry Background:
Vessel Traffic Service (VTS) permits the monitoring of vessels, in real time, to enable efficient and safe traffic management in a specified maritime area. Including the position of vessels in order to instantly identify incidents that may produce risks for the crew as well as the environment. The services also suggest best routes for vessels and ensure no 2 vessels run into each other on congested routes. The main significance of VTS services is managing vessel traffic. The structure shows a graphical environment with the activities of vessels in the approach areas, putting each of these overlapping vessels to a digital nautical chart, in its real geodesic position and notifies the identification of each vessel. The VT services offer numerous advantages such as safety, efficiency, prevention of marine pollution, and protection.This growth is primarily driven by Rising Freight Transport Activities by Sea
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Marine Ports & Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Signalis S.A.S (France), Indra Company (Spain), Saab (Sweden), Kongsberg (Norway), Transas (United Kingdom), Lockheed Martin (United States), Keiki (Japan), Frequentis (Austria), Vissim AS (Norway) and SRT (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 19 March 2018, Wärtsilä, a global technology group, has announced the acquisition of Transas, an innovative, digital solutions provider. This acquisition is acknowledgment of Transas’ robust position in the maritime technologies market and its technological leadership. The deal will permit Transas to work in the worldwide maritime company in delivering its solutions, bringing scale and value to the industry in need of innovation leadership.
On 6 Nov. 2018, Terma has received orders to supply SCANTER 2202 radars and 18 antennas for VTS operations in Port of Tarakan and Port of Panjang. and On 19 July 2018, Transas, a Wärtsilä company, has signed a landmark contract to supply a Fleet Operations Solution (FOS) to Wilson ASA, the Norway-based fleet operator. The FOS creates an infrastructure that includes onboard navigational and communication components to provide enhanced connectivity for business communications and crew services, and access to fleet data from shore-based locations for complete situational awareness.
Influencing Trend:
Use of Global Navigation Satellite Systems (GNSS) and Use of Internet of Things (IoT)
Market Growth Drivers:
Rising Freight Transport Activities by Sea, Increasing Investment in Port Construction and Expansion and Maritime Situational Awareness and Safety
Challenges:
Hardware Failures and Software Errors in VTS Systems
Restraints:
High Cost of the VTS Equipment and Installation
Opportunities:
Development of Integrated Solutions and Emerging Demand from Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Vessel Traffic Services Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Vessel Traffic Services Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Vessel Traffic Services players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Vessel Traffic Services Study Sheds Light on
The Vessel Traffic Services Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Vessel Traffic Services industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Vessel Traffic Services industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.