Vessel Traffic Management Market To Reach USD 4.7 Billion In 2025 | CAGR 7.3% - Forencis Research

Vessel Traffic Management Market Size, Share, Trends, Growth, Analysis, Research

Global Vessel Traffic Management Market: Key Highlights

  • According to the new market research report "Vessel Traffic Management Market by Function (Navigation, Communication) by Sensing Component (Radar, Satellite, AIS) by Application (Offshore Platform, Ports & Coastal Traffic) by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast from 2019 To 2024”, the global vessel traffic management market is estimated to reach USD 4.7 Billion by 2025 at a CAGR of 7.3% during forecast period 2020-2025.
  • The rising maritime traffic, owing to increasing globalization and trading activities is the prominent factor contributing to the growth of vessel traffic management market during the forecast period.
  • However, high cost of vessel traffic management owing to high cost associated with installation of the management system and equipment are expected to restrain the market during the forecast period.

Vessel Traffic Management Market

Global Vessel Traffic Management Market: Key Market Dynamics

  • Rise in the maritime traffic along with increasing focus towards enhancing maritime safety are the prominent factors drives the growth of the vessel traffic management market.
  • The growth of this market is mainly hampered owing to high cost of the vessel traffic management installation and equipment.
  • Ongoing advancement in the Vessel Traffic Monitoring is emerged as an opportunity of the market growth for the mentioned study period.

Global Vessel Traffic Management Market: Regional Overview

  • Asia-Pacific

In Asia Pacific, the market is growing at a substantial pace owing to rise in port traffic in the emerging countries of Asia. Increasing trade activities i.e. imports and exports in the Asian countries is contributing immensely in the growth of this market. Presence of the countries such as China, Republic of Korea, and Japan among others, which has maintained upper position in the liner shipping connectivity index, is another factor which is expect to fuel the market growth. Also, increasing sea borne trading activities in the Asian countries coupled with the presence of booming economies in the region is further pushing the regional market growth higher.

  • Europe

The Europe market is gaining higher momentum owing to rising import activities. The Europe has emerged as the highest importer by accounting highest share i.e. over 35%, as per the UNCTAD. This is further projected to boost the regional market growth. The growth of the market in Europe can also be attributed to rise in container port across the region. For instance, the UNCTAD report states that the container port in the Europe has escalated 5.5% in the year 2018 from 2017.

Global Vessel Traffic Management Market: Key Players Overview

  • Saab AB

Saab AB is Sweden based company operating in the areas of aerospace and defense. Saab AB offers solutions for vessel traffic services, port management and coastal surveillance.  The company offers solutions which are widely adopted in the ships, ports and across the coast worldwide. The company delivers the comprehensive advanced and innovative solutions that boost the safety of the maritime operations.

  • Thales Group:

France based Thales Group is the company that operates globally through designing and building the electrical system and services. The company is actively involved in the aerospace and defense market. The company delivers the maritime traffic safety systems, which is helpful to provide integrated vessel traffic service, navigational risk detection, with improvement in the resource allocation for greater efficiency and cost savings.

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Published : 2020-01-22