The global vessel traffic management system market was valued at USD XX million in 2017 and is expected to reach a valuation of approximately USD XX million by 2025, riding on the back of a strong CAGR of XX% during the forecast period.The vessel traffic management system which is a flexible and an open modular architecture, enabling the scope to upgrade the system by making use of computer and communication systems.
The vessel traffic management system has evolved over the years on the basis of client-server architecture. In this architecture the server gives services to clients who are not connected to the server. The client and the server are entirely independent from each other. Furthermore, the vessel traffic management system comprises of several information system, which is processed, integrated, and correlated to each other. Various information system make use of components such as radars, direction finders, automatic identification system, electro-optical systems, port management & information system, and surveillance networks sharing radar and AIS data.
Key Players:The global vessel traffic management system market consists of both the global players and several regional players including Kongsberg, L3 Communication, Transas, Saab AB, Thales, Rolta India, Japan Radio Co. Ltd., Frequentis, TERMA, Tokyo Keiki Inc., Indra, Leonardo Finmeccanica, and Kelvin Hughes among others.
The global vessel traffic management system market is segmented based on component, end-user, systems and geography. The global vessel traffic management system market is segmented into North America, Europe, Asia-Pacific and Middle East & Africa, Latin America.
Vessel Traffic Management Market Key Segments:
On the Basis of Systems:
Port Management Information Systems
Global Maritime Distress Safety System
River Information Systems
A to N Management & Health Monitoring System
On the Basis of End-user:
On the basis of Component:
Marine radar sub-system and automatic identification sub-system
Communication and computer networks
Electronic navigation charts.
On the Basis of Region:
Rest of Europe
Rest of Asia-Pacific
Rest of Latin America
Middle East and Africa (MEA)
Rest of MEA
The global vessel traffic management system market is witnessing major growth trends mainly by the escalated demand for integration of technologies including e-navigation, cloud computing, Global Navigation Surveillance Systems (GNSS), Internet of Things (IoT) in commercial ports witnessing high traffic. However, cost factors such as high costing Vessel Traffic Management (VTM) instruments is a major factor restraining the rapid growth of the market.