Vessel Traffic Management Market by Component (Solution, Services); System (Port Management Information System (PMIS), Global Maritime Distress Safety System (GMDSS), River Information System (RIS), Aids to Navigation (ATON) Management and Health Monitoring System, Others); End-user (Commercial, Defense): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026347 | Pages: 100 | Industry: Automotive and Transportation | Date: Sep 2022 | Type: Global

The Vessel Traffic Management Market crossed US$ 5.8 billion mark in 2022 and is expected to hit US$ 9.2 billion by 2030, recording a CAGR of 8.4% during the forecast period.

Vessel traffic management market has been significantly growing with the need for advanced port management systems.

Growing need for advanced traffic management system to mitigate traffic at the ports are some of the major factors driving the growth of the vessel traffic management market. Port traffic is one of the major concerns in supply chain management of fleet operations. In addition, the port congestion can cause delays in fleet operation resulting in higher costs at all freight delivery and transport stages. In addition, vessel traffic management solutions assist ports in keeping track of vessels as they travel across the seas, planning efficient operations while accounting for bunkering costs & weather, and reviewing visual voyage reports to analyze incidents, and performance. The solution segment is expected to hold the largest market share in the market. Further, services segment is also expected to gain traction during the forecasted year.  

Within the report, the vessel traffic management market is segmented into component, system, end-user, and geography. By component, the vessel traffic management market is further segmented into solution and services. On the basis of system, the vessel traffic management market is bifurcated into Port Management Information System (PMIS), Global Maritime Distress Safety System (GMDSS), River Information System (RIS), Aids to Navigation (ATON) Management and Health Monitoring System, others. By end-user, the market is further segmented into commercial and defense. Geographically, the vessel traffic management market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Growing need for enhancing security features such as radar, automatic identification system at marine border is boosting the growth of vessel traffic management market.

Growing need for various security features such as radar, automatic identification system and drones at marine border is boosting the growth. In addition, the rising investment in port construction and expansion is also contributing to vessel traffic management market growth. Moreover, the increasing traffic at marine ports, coastal, and harbors is expected to fuel the market growth. For example, global marine trends has forecasted an increase of around 14 billion tons of trade by 2030.

The rising trend of three dimensional and next-gen vessel traffic management system is one of the major factors accelerating the vessel traffic management market growth.

Several market players in shipbuilding and marine business are focusing adopting new technologies to gain edge over its competitors. For instance, in 2021, Singapore’s ST Engineering and Kongsberg Norcontrol have formed a center to develop digital technologies and decision-making tools for marine operators, such as collision detection, vessel route analysis. This center will also allow companies to leverage onto research and technology development.

Recent strategic developments in Vessel Traffic Management market

The vessel traffic management market has undergone several significant developments, and a few of these have been mentioned below:

  • In August 2022, Kongsberg has secured an approximately NOK 64M contract with Norwegian vessel operator Olympic to equip two new Construction Service Operation Vessels with an appropriately innovative technology suite.
  • In February 2021, Abu Dhabi Ports and Saab AB join forces to create vessel traffic management and surveillance technology.

The vessel traffic management market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Frequentis AG, Indra Sistemas, S.A., Kongsberg Gruppen, Leonardo S.p.A., Rolta, Saab AB, Terma Group, Thales Group, Vissim AS, Wärtsilä are among the prominent players operating in the vessel traffic management market.

Target audience for the report:

  • Vessel traffic management companies
  • Marine, port operators
  • Aftermarket services
  • OEMs
  • Marine shipbuilding dealers
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of marine sector

Scope of the report:

In this report, the vessel traffic management market has been segmented on the basis of:

  • Component
    • Solution
    • Services
  • Vehicle Type
    • Port Management Information System (PMIS)
    • Global Maritime Distress Safety System (GMDSS)
    • River Information System (RIS)
    • Aids to Navigation (ATON) Management Health Monitoring System
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Frequentis AG
    • Indra Sistemas, S.A.
    • Kongsberg Gruppen
    • Leonardo S.p.A.
    • Rolta
    • Saab AB
    • Terma Group
    • Thales Group
    • Vissim AS
    • Wärtsilä

Companies profiled
- Frequentis AG
- Indra Sistemas, S.A.
- Kongsberg Gruppen
- Leonardo S.p.A.
- Rolta
- Saab AB
- Terma Group
- Thales Group
- Vissim AS
- W?rtsil

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