Vessel Traffic Management: Global Market Report (2018-2023) by Component, Investment, Systems, End User and Component - Increasing Investment in Port Construction and Expansion

DUBLIN, March 9, 2018 /PRNewswire/ --

The "Vessel Traffic Management Market by Component (Equipment, Solution, Service), Investment (Brownfield, Greenfield), Systems (PMIS, RIS, GMDSS, Aton Management), End User (Commercial, Defense), Component, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The vessel traffic management market is projected to grow from an estimated USD 2.87 Billion in 2018 and to USD 4.12 Billion by 2023, at a CAGR of 7.5% during the forecast period.

Increasing demand for the implementation of technologies, such as Global Navigation Surveillance Systems (GNSS), e-navigation, cloud computing, Internet of Things (IoT) in busy commercial ports is one of the key factors driving the vessel traffic management market. High cost of the Vessel Traffic Management (VTM) equipment and installment is a factor restraining the exponential growth of the VTM market.

Based on component, the equipment segment is estimated to lead the vessel traffic management market in 2017. The growth of this segment can be attributed to the increase in demand for AIS, base stations & receivers, VHF communication systems, CCTV surveillance cameras, and radars.

Based on investment, the brownfield segment of the vessel traffic management market is projected to lead the vessel traffic management market during the forecast period. Growth of this segment is driven by factors, such as port saturation, need for river information systems, and security on offshore platforms.

Based on systems, the port management & information systems segment is estimated to lead the vessel traffic management market in 2018. The high demand for port management information systems is leading to an increasing focus of vessel traffic management system manufacturers towards providing e-navigation, multi-sensor trackers, and routing monitor sensor integrators to existing ports equipped with VTM equipment.

Based on end user, the commercial vessel traffic management segment is projected to lead the vessel traffic management market from 2018 to 2023. This growth can be attributed to the increasing vessel traffic, illegal immigration, terrorist activities, and saturation at ports.

Asia Pacific is estimated to lead the vessel traffic management market in 2018, which can be attributed to increasing port expansions, construction of new ports, and rise in government involvement towards coastal & port security. Moreover, high investments for the development of inland waterways to promote the interconnected mode of transport are projected to lead the vessel traffic management market.

Major companies across the globe providing vessel traffic management equipment are Kongsberg (Norway), L3 Communication (US), Transas (Ireland), Saab AB (Sweden), Thales (France), Rolta India (India), Japan Radio Co. Ltd. (Japan), Frequentis (Austria), TERMA (Denmark), Tokyo Keiki Inc. (Japan), Indra (Spain), Leonardo Finmeccanica (Italy), and Kelvin Hughes (UK).

Market Dynamics

Drivers

• Maritime Situational Awareness and Safety
• Rising Freight Transport Activities by Sea
• Increasing Investment in Port Construction and Expansion

Restraints

• High Cost of the VTM Equipment and Installation

Opportunities

• Development of Integrated Solutions
• Adoption of 3D VTM Systems by Port Authorities

Challenges

• Hardware Failures and Software Errors in VTM Systems
• Time Consuming Process and Delay in Approvals for Port Construction Projects

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Vessel Traffic Management Market, by Component

8 Vessel Traffic Management Market, by System

9 Vessel Traffic Management Market, by Investment

10 Vessel Traffic Management Market, by End User

11 Regional Analysis

12 Competitive Landscape

13 Company Profile

• Frequentis
• Indra Sistemas
• Japan Radio
• Kelvin Hughes
• Kongsberg Gruppen
• L3 Technologies
• Leonardo
• Rolta India
• Saab
• Signalis
• Terma
• Thales Group
• Tokyo Keiki
• Transas
• Vissim

For more information about this report visit https://www.researchandmarkets.com/research/tc6js3/vessel_traffic?w=5

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SOURCE Research and Markets