Vessel Traffic Management Market worth $8.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 12, 2022 /PRNewswire/ -- According to a research report "Vessel Traffic Management Market by End User (Commercial, Defense), Component (Equipment, Solution, Service), Investment (Brownfield, Greenfield), System, Onboard Components (Equipment, Solution), and Region - Global Forecast to 2027", published by MarketsandMarkets™, 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. Vessel traffic services (VTS) are shore-based systems that range from simple information messages to ships, such as the location of other traffic or weather-related hazard alerts, to comprehensive traffic control inside a port or canal. Ships entering a VTS region are required to report to the authorities by radio and may be traced by the VTS control center. Ships must listen for navigational or other warnings on a designated frequency, and they may be called directly by the VTS operator if there is a danger of an incident or, in regions where traffic flow is limited, for guidance on whether to continue.
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The Service Segment is estimated to lead the vessel traffic management market in 2022
Based on Component, the Service segment of the vessel traffic management market is accounted for the largest share during the forecast period. It is vital for VTM system to work efficiently to provide critical decision-making capabilities to the operator and captain. For this, periodic or yearly upkeep of the equipment and solution need to be conducted.
The Port Management Information System segment is expected to grow at the highest CAGR during the forecast period
Based on system, the port management information system segment accounted for a share of 32% of the vessel traffic management market in 2022. The need for advanced and smart ports and supporting solution is driving the VTS market.
Browse in-depth TOC on "Vessel Traffic Management Market"
239 – Tables
49 – Figures
214 – Pages
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The Asia Pacific region has accounted for the largest market share in 2022 as well has witnessed highest CAGR growth during the forecast period.
The Asia Pacfic region accounted for the largest market share of 34.14% in the year 2022 as well as witnessed the highest CAGR growth of 10.7%. The presence of major trading countries like China, India, and Singapore to drive the market growth in this region.
Key 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 other solution, service and equipment providers. These players offer comprehensive solution to key stakeholders in the market.
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