Home Press Releases Vessel Traffic Management Market Size Worth $10.68 Billion By 2030 | CAGR: 8.3%

Vessel Traffic Management Market Size Worth $10.68 Billion By 2030 | CAGR: 8.3%

The global vessel traffic management market size is expected to reach USD 10.68 billion by 2030, according to a new study by Polaris Market Research. The report “Vessel Traffic Management Market Share, Size, Trends, Industry Analysis Report, By Component (Equipment, Solution, and Service); By Investment; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Increasing demand and need to monitor various types of operations, functioning and voyage path of ships on a centralized platform, and increasing investment by large companies for the enhancement of ports and trade routes coupled with assurance of better safety and security of their borders and coastguards are major factors expected to drive the growth.

 

An extensive rise in the number of ships worldwide has strained the current traffic management, and monitoring infrastructure coupled with the rising complexity of vessel operations, which are likely to provide lucrative growth opportunities. For instance, in September 2022, Equinor & Vissim developed new ocean space surveillance & traffic management solutions for the various operators on the Norwegian & UK continental shelves. This system ensures accurate time vessel monitoring, weather conditions, and sea route planning.

 

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An increasing number of seaborne trades around the world, high incorporation of ICT in the marine industry, a rapid boost in maritime tourism industry, and high augmented budgets of various shipping companies for the adoption of digitization of vessel services are a few other factors influencing the industry growth at a significant growth rate. In addition, with the rising ship traffic globally, it has become essential to improve security and safety and better safeguard the environment, likely to augment market growth.

 

Technological advancement in vessel traffic management allows authorities to improve navigational activities, increase vessel traffic volumes within congested shipping lanes, and enable seamless and innovative autonomous information exchange among unmanned vessels to maintain the VTMS sector at the forefront sector. For instance, ST Engineering & Kongsberg Norcontrol of Norway have announced the collaboration to build a center to develop advanced digital technologies and better decision-making tools for maritime operators.

 

Vessel Traffic Management Market Report Highlights

  • Equipment segment accounted for highest global revenue share, in 2021, due to rising adoption of several navigation, surveillance, and communication.
  • Commercial sector is projected to hold significant share owing to rising transportation of various supplies, including crude oil, automobiles, steel, and food.
  • Brownfield segment is expected to witness fastest growth over the study period owing to high efforts for expanding ports and rapid increase in modernization programs.
  • Asia Pacific dominated the market in 2021 and is likely to retain its position over the study period, which is accelerated by large presence of busy ports & trade routes in the region.
  • The global players include Kongsberg Gruppen, General Electric, Wartsila Corporation, Kelvin Hughes, and others.

 

Polaris Market Research has segmented the vessel traffic management market report based on component, investment, end-use, and region:

 

Vessel Traffic Management, Component Outlook (Revenue – USD Billion, 2018 – 2030)

  • Equipment
  • Solution
  • Service

Vessel Traffic Management, Investment Outlook (Revenue – USD Billion, 2018 – 2030)

  • Brownfield
  • Greenfield

Vessel Traffic Management, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)

  • Commercial Sector
  • Defense Sector

Vessel Traffic Management, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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