The Commercial Segment is Expected to Dominate the Global Vessel Traffic Management Market
Safety and Security Requirements and International Maritime Regulations are
the factors propelling the market growth.
According to TechSci
Research report, “Global Vessel Traffic Management Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. Global Vessel Traffic
Management is anticipated to project robust growth in the forecast period with
a CAGR of 7.81% through 2028. Vessel traffic management is a system, which is
utilized to determine and calculate an estimate of the constantly changing
marine environment. Thereby enhancing, upgrading, and safeguarding the marine
borders. The management system monitors, connects and navigates the ships in
the waters. Furthermore, the information is used to observe overall vehicle
movement. Various security features such as automatic identification systems,
radar, and drones among other components are used to detect any threat around
the ship. Therefore, enhanced security features are expected to drive the
growth of the global vessel traffic management market in the near future.
Vessel
traffic management is useful in managing the traffic at busy maritime courses
such as ports, harbors and coastal areas. Furthermore, the increasing traffic
on the sea due to rise in number of trade activities is expected to drive the
growth of vessel traffic management market. For instance, global marine trends
have estimated to rise around 14 billion tons of seaborne trade at the end of
the year 2030, which in turn will result in a rise of sea traffic. Therefore,
rise in maritime traffic is expected to boost the growth of the vessel traffic
management market.
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spread through 188 Pages and an in-depth TOC on " Global Vessel Traffic Management Market.”
Based on End-user, Commercial is
expected to hold the largest share of Vessel Traffic Management market for
during the forecast period, Commercial is expected to hold the largest share of
Vessel Traffic Management market for during the forecast period, the Commercial
Sector of the vessel traffic management market is accounted for the largest
share during the forecast period. Commercial ports are majorly used for trade
between countries and comparatively there are more commercial ports than there
are navy ports. Hence these factors drive the growth of the market. Based on Region, Asia Pacific will
dominate the market, Asia Pacific is expected to dominate the market during the
forecast period. The presence of major trading countries like China, India,
Singapore and Australia is contributing to the higher CAGR growth for the
region. Major port expansion and modernization projects are also being
undertaken in this region. Due to these factors the region has higher CAGR
growth.
Key market players in the Global Vessel
Traffic Management Market are following: -
- Kongsberg Gruppen
- Saab AB
- Thales Group
- Tokyo Keiki Inc.
- Rolta India,
- L3 Technologies
- Transas
- Frequentis
- TERMA
- apan Radio Co. Ltd.
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“The Global Vessel Traffic
Management System (VTMS) market is driven by several key factors. Safety and
security requirements play a pivotal role, with VTMS systems serving as
essential tools to ensure vessel safety, protect coastal areas, and respond to emergencies.
International maritime regulations, such as those set by the International
Maritime Organization (IMO), mandate compliance with safety and security
standards, compelling the adoption of VTMS. Increasing maritime traffic,
propelled by the growth of global trade, necessitates more efficient traffic
management, further fueling the VTMS market. Technological advancements, such
as AIS and real-time data analytics, make VTMS more effective and attractive
for maritime authorities and operators. The need to address environmental
concerns, search and rescue operations, and national security also drives VTMS
adoption. Moreover, economic growth and trade expansion depend on the efficient
maritime transportation facilitated by VTMS, making it an integral part of
global commerce.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Vessel Traffic
Management Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented by Component (Equipment, Solutions, Service), by Systems
(Port Management Information Systems, Maritime Distress Safety Systems, River
Information Systems, Aton Management Health Monitoring Systems) and by End User
(Commercial, Defense), By Region, By Competition 2018-2028 has evaluated the future
growth potential of Global Vessel Traffic Management Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Vessel Traffic Management Market.
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