Vessel Traffic Management Market Size, Share, Growth Analysis and Forecast 2030

The global Vessel Traffic Management market, which accrued revenue worth 2.85 (USD Billion) in 2018 and anticipated to garner earnings about 4.30 (USD Billion) by 2025, is set to grow at a CAGR of nearly 7.65% during the period from 2019 to 2025. The report offers valuation and analysis of the Vessel Traffic Management market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, restraints, revenue estimates, avenues, current & emerging trends, and industry-validated market information. The report offers historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on value (USD Billion).

Introduction

Vessel traffic management methods are utilized for determining & estimating myriad marine environments that are utilized for offering safety to marine borders along with upgrading the marine environment. Reportedly, vessel traffic management is used for collecting, storing, demonstrating, processing, and separating key data included in marine transportation. Apart from this, massive use of automatic identification systems, radars, VHF communication systems in offshore tools & ports, and CCTV surveillance cameras will promulgate the market size over the years ahead.

Vessel Traffic Management Market: Growth Dynamics

Burgeoning concerns about marine security and high focus on port security over illegal immigration activities along with fear of terrorist attacks has resulted in massive demand for vessel traffic management activities at sea ports, thereby driving the growth of vessel traffic management market in the recent years. In addition to this, surge in the sea trading activities, rapid port expansion & port development ventures, and surge in the number of defense & commercial boats or ships will enlarge the size of vessel traffic management industry in the years ahead.

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Apparently, humungous need of improving, upgrading, and ensuring safety of marine ports has translated into large market demand in the recent years. Additionally, vessel traffic management system detects, links, and navigates vessels in the seas, thereby further steering the market trends. Surge in marine traffic coupled with increase in allocation of funds for construction of ports will proliferate the expansion of vessel traffic management industry over the forthcoming years. In addition to this, acceptance of 3-D vessel traffic management technologies by sea port authorities will provide new growth opportunities for vessel traffic management industry over the ensuing years.

Global Vessel Traffic Management Market Report Scope:

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Asia Pacific Vessel Traffic Management Market To Expand Sizably Over 2019-2025

The expansion of vessel traffic management market in Asia Pacific zone over 2019-2025 is attributed to a rampant rise in the port construction ventures. Apart from this, rise in the transport through sea mode and large government funding for improving coastal as well as sea security will contribute sizably towards overall market revenue in the ensuing years. Countries such as China, India, and Japan are likely to influence the regional market growth in the years ahead.

Key participants profiled in the report are -

• Vaisala Oyj
• Indra Sistemas
• S.A.
• Saab AB
• Rolta India Limited
• Kongsberg Gruppen AS
• Thales Group
• L3 Technologies
• Vissim AS
• Japan Radio Co. Ltd.
• Terma A/S.

The global vessel traffic management market is segmented as follows:

By Function:

• Communication
• Navigation
• Surveillance

By Sensing components:

• Satellite
• Drone
• Radar
• Weather Station
• Automatic Identification System (AIS)
• Radio Direction Finder (RDF)
• Others

By application:

• Ports & Coastal Traffic
• Offshore Platform
• Coast Guard & Rescue
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa