Vessel Traffic Management (VTM) systems manage and monitor vessel traffic, ensure safe navigation, detect unknown vessels, identify and monitor these, as well as provide directions, vectoring, and interception on the seas. These systems are also used for fisheries and Exclusive Economic Zone (EEZ) monitoring, disaster response, search and rescue operations, and environmental protection. The growth of this market is propelled by various factors, such as increase in maritime safety awareness, increase in port expansion investments, and rise in seaborne transport and vessel traffic.
The global vessel traffic management market is projected to grow from an estimated USD 2.87 Billion in 2018 to USD 4.12 Billion by 2023, at a CAGR of 7.50% during the forecast period. This growth can be attributed to the rise in port expansions and development of new commercial ports. In addition, rising freight transport activities by sea are also driving the vessel traffic management market.
The River Information Systems (RIS) segment is projected to be the fastest-growing application segment during the forecast period. The growth of this segment can be attributed to the rise in interconnected mode of transport.
Based on end user, the commercial segment is estimated to account for the largest market share during the forecast period. This growth can be attributed to the increasing security in ports & harbors, inland waterways, and offshore platforms.
Based on investment, the brownfield segment of the market is projected to grow at the highest CAGR from 2018 to 2023
Based on investment, the brownfield segment of the market is projected to grow at the highest CAGR during the forecast period. Increase in port expansions along with the installation of high security VTM equipment, rise in vessel congestion, and saturation of existing ports across the world is also projected to drive the brownfield segment.
Based on component, the solutions segment of the vessel traffic management market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the adoption of technologies, such as GNSS, artificial intelligence, cloud computing, big data analytics, and e-navigation.
Surveillance & monitoring in the equipment subsegment of the vessel traffic management market is projected to grow at the highest CAGR during the forecast period. Rise in illegal immigration and terrorist activities are driving the need for VTM surveillance & monitoring equipment, such as CCTV surveillance cameras, sensors, and Unmanned Aerial Vehicles (UAVs).
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Asia Pacific is expected to be the fastest-growing vessel traffic management market during the forecast period
Asia Pacific is expected to be the fastest-growing vessel traffic management market during the forecast period, which can be attributed to increasing port expansions, new port construction, 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 also leading to the growth of the 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). These key players offer various vessel traffic management systems, including VHF communication systems, Automatic Identification Systems (AIS) receivers and base stations, e-navigation charts, routing monitors, UAVs, and multi tracking sensors, among others. New product developments, partnerships, and contracts are the major strategies adopted by these players to retain their positions in the vessel traffic management market.
Kongsberg Gruppen(Norway) is one of the major players in the vessel traffic management market, and provides products and solutions across major vessel traffic management product types. The company has a strong presence in Europe, North America, Latin America, and Africa, and has a very high breadth of offerings, delivery and support, and excellent product distribution. In November 2016, Kongsberg inaugurated their office and warehouse facility in the Republic of South Africa. Kongsberg Maritime South Africa aims at serving customers located in, or visiting ports across the country and throughout the Sub-Saharan region. In February 2016, Kongsberg Seatex AS introduced the new AIS receiver, Novel SAT-AIS (NAIS), which is used in the Norwegian satellite, NORSAT-1. The AIS receiver includes a payload that improves identification and tracking of ships anywhere on the seas.
Transas (Ireland) is another leading company in the vessel traffic management market, with a strong presence in the Middle East, Asia Pacific, and Europe. It is a leading provider of navigation and integrated shipboard solutions, port and VTMS solutions, maritime simulation and training, fleet management and training, and leisure and individual seafarer applications. In March 2017, Transas underwent a partnership agreement with Satcom Global to provide global satellite services to the maritime industry to add integrated connectivity to THESIS, its unified platform for digital operations on ships and in shore-based offices. In December 2015, Transas received a contract from the Lerwick Port Authority (Scotland) worth USD 0.49 million to install a new Vessel Monitoring System (VMS) to cover the Lerwick Harbour in Shetland.
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