Vessel Traffic Management is anticipated to have CAGR of ~7.3% over 2019-2028. The growth in the market is attributed to the increase in the demand for the Internet Of Things (IOT), artificial intelligence and e-navigation. The advancement in these key factors is anticipated to provide better working pattern for the vessel traffic management and hence would boost the industry in the forecast period. The steep increase in the maritime situational awareness and safety posed in the current trend would help the industry to boost in the coming years. Furthermore, surge in the investment in the Port construction and expansion is expected to help the market. There is a higher rate of freight transport activities by the sea route, which need vessel traffic management and hence help the industry flourish. However, the higher cost of installation of the system may hinder the growth.
Top Driver: Surge in security for illegal immigration and terrorist activities to boost the industry
Vessel Traffic Management is projected to grow with the threat faced by the increase in the terrorist activities in various regions, which is expected to help the market gain maximum revenue share in the coming years. The increase in the security concerns due to the illegal immigration observed in the forecast period, which poses problems for the government of the specific region to manage the population with the gained taxations, and hence rise in the demand for the vessel traffic management is posed. It is easier to enter through the sea route, whether terrorists or even the illegal immigrants and hence the management of the traffic route is a necessity.
Commercial to Make Crucial Contribution to Growth of Global Vessel Traffic Management Market
Among end user segments of the global Vessel Traffic Management market, commercial segment is anticipated to grow further in the forecast period. The surge in sea trade is observed in the trend and hence is anticipated to help the industry grow. The rise in commercial vessel around offshore, fishery ports, and also further through the inland waterways are anticipated to drive the demand for commercial vessel traffic management. The defense segment is anticipated to grow at the highest CAGR in the forecast period, owing to the increase in the war threats among various developed and developing countries.
Expansion of the ports to Benefit Asia-Pacific Market
Asia-Pacific is experiencing highest revenue growth than any other country and is anticipated to boost further in the coming years. It is estimated to continue to lead during the forecast period, due to the increase in the expansion of the port and port development projects in the developing and developed countries. Furthermore, the vessel traffic management market in the Asia Pacific is estimated to grow at the highest CAGR in the next few years, owing to the surge in sea transport, and also government involvement in coastal and port security. This owes to increase in the terrorist activities through the sea route, which is a major concern for the government and hence is anticipated to help the industry flourish further in the near future.
Due to outbreak of COVID-19 the vessel traffic management has been drastically affected following a steep downfall. The various industries, especially commercial sites have been drastically affected due to the steep downturn in the demand and the lockout situation imposed by the government in the current scenario. However, slowly after the pandemic the sea route demand would increase and would hence help the market to boost in the coming years.
Players to Focus on advanced Vessel Traffic Management
The global Vessel Traffic Management market leaders include L3 Technologies, Kongsberg, Transas, Saab AB, Thales, Rolta India, Frequentis, Tokyo Keiki Inc., Japan Radio Co. Ltd., Indra, Leonardo Finmeccanica, TERMA, and Kelvin Hughes
L3Harris Technologies: In July 2019, L3Harris Technologies announced the successful completion of the all-stock merger between Harris Corporation and L3 Technologies, headquartered in Melbourne, Florida. ASV Ltd was acquired by L3 Technologies in September 2018 – now, ASV is a subsidiary of L3Harris Technologies Inc. The ASV business is part of the Unmanned Maritime Systems (UMS) division, also consisting of the former OceanServer, Adaptive Methods and Open Water Power businesses. UMS falls under Maritime Systems in the Integrated Mission Systems segment of L3Harris Technologies.
Kongsberg Gruppen ASA: In July 2018, Kongsberg Gruppen ASA, entered into agreement with Rolls-Royce plc. to acquire Rolls-Royce Commercial Marine, a world leading technology business within maritime operations.
Thales: In May 2018, Thales acquired Cubris, paving the way for Autonomous Train. Thales is strengthening further its offering and positioning within the Rail Traffic Management segment, building upon the recent market successes and positioning strongly in one of the key technologies driving the performance optimisation of its customers.
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