The Business Research Company’s Vessel Traffic Management Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LANDON, GREATER LANDON, UK, November 28, 2023 /EINPresswire.com/ — The global vessel traffic management market is poised for substantial growth, escalating from $4.46 billion in 2022 to $4.87 billion in 2023 at an impressive Compound Annual Growth Rate (CAGR) of 9.2%. This upward trajectory is expected to persist, with the market size projected to reach $6.47 billion by 2027, sustaining a robust CAGR of 7.4%.
Driving Force: Surge in Maritime Traffic
The anticipated growth of the vessel traffic management market is fueled by the increasing volume of maritime traffic. The term encompasses all commercial shipping activities between multiple ports or moorings, excluding recreational boats, regular ferry services, coastal fishing, and inland waterway transportation. Managing vessel traffic efficiently is crucial for ensuring the safety of both infrastructure and vessels. Advanced software equipped with ship-tracking technologies, such as AIS (Automatic Identification System), radar, and video surveillance, integrates seamlessly to provide a comprehensive solution. This aids in controlling marine traffic and safeguarding critical infrastructure. Notably, according to the United Nations Conference on Trade and Development, global ports handled a substantial 815.6 million TEUs (twenty-foot equivalent units) of containers in 2020. The European Union’s main ports alone handled 94.3 million TEUs during the same period. The surge in marine traffic is anticipated to drive the demand for vessel traffic management systems.
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Key Players Shaping the Market Landscape
Major players contributing to the dynamics of the vessel traffic management market include Kongsberg Gruppen, Wartsila, Thales Group, Leonardo, Saab, Indra Sistemas, Rolta, Tokyo Keiki, L3harris Technologies, Signalis, ST Engineering, Marlan Maritime Technologies, Xanatos Marine Ltd., and Vissim.
Key Trend: Development of Advanced Vessel Traffic Management
An essential trend gaining traction in the vessel traffic management market is the development of advanced systems. Governments worldwide are increasingly investing in innovative vessel traffic management solutions to enhance maritime safety, facilitate smooth trade activities, and address environmental concerns. For example, in August 2021, the government of Canada introduced a system aimed at improving trade operations at the port of Vancouver. This initiative is set to enhance marine safety by reducing traffic, actively regulating marine traffic, and minimizing noise pollution. The system is expected to boost the efficiency and reliability of commodity flow while protecting the habitat of local killer whales.
Regional Dynamics and Market Segmentation
In 2022, North America emerged as the largest region in the vessel traffic management market, with Asia-Pacific projected to be the fastest-growing region in the forecast period. The regions covered in the vessel traffic management market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global vessel traffic management market is segmented –
1) By System: Port Management Information System, Global Maritime Safety System, River Information System, ATON Management and Health Monitoring System, Other Systems
2) By Component: Solution, Service
3) By End User: Commercial Sector, Defense Sector
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Vessel Traffic Management Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Vessel Traffic Management Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on vessel traffic management market size, vessel traffic management market drivers and trends, vessel traffic management market major players, vessel traffic management market competitors’ revenues, vessel traffic management market positioning, and vessel traffic management market growth across geographies. The vessel traffic management market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Originally published at https://www.einpresswire.com/article/671340429/vessel-traffic-management-market-set-to-expand-with-surge-in-maritime-traffic
