02-Mar-2021 | Zion Market Research
According to Zion Market Research, the vessel traffic management market is estimated to attain USD 4.30 billion by the end of 2025 and grow at a CAGR of over 7.65% during the forecasted period 2019 to 2025. In the process to improve & safeguard maritime transport and environment, as well as sea borders, it is necessary to execute advanced data and communication technologies. The advanced technologies help in compiling, processing, storing, segregating, and presenting essential data in maritime transport. This incorporation process is implemented by the system called the vessel traffic management system. This system is open, flexible, and includes a modular structural design that gives a scope to update the system by using computer & communication systems.
Some of the leading companies in the market are Vaisala Oyj, Saab AB, Rolta India Limited, Thales Group, Vissim AS, Japan Radio Co. Ltd., L3 Technologies, Kongsberg Gruppen AS, Indra Sistemas, S.A., and Terma A/S.
The Augmenting Focus Toward Improving Maritime Safety To Drive The Global Vessel Traffic Management Market
Safety is the main factor taken into account while the transportation of goods or products is considered. The vessel traffic management serves as a safety tool for maritime transportation. There are some potential threats in sea transport such as inappropriate data regarding weather conditions & waterway, which is expected to hamper the sea transportation. Therefore, to deal with this, the higher focus is dedicated to augmenting security. The vessel traffic management improves security through presenting real time data, with an accurate and safe position of vessels coupled with well-organized traffic management, which eventually contribute toward a reduction in the accidents and surge in the maritime safety. As a result, the increasing focus toward enhancing safety is projected to boost the growth of the market in the estimated period.
The global vessel traffic management market is bifurcated on the basis of function, sensing components, application, and regional analysis. Based on the function, the market is divided into communication, navigation, and surveillance. Based on the sensing components, the market is divided into satellite, radar, AIS (automatic identification system), drone, weather station, RDF (radio direction finder), and others. Based on the application, the market is divided into ports & coastal traffic, offshore platform, coast guard & rescue, and others.
Asia Pacific Will Be The Fastest-Expanding Region In The Global Vessel Traffic Management Market
Based on geographical analysis, the global vessel traffic management market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The Asia Pacific region is anticipated to be the fastest-expanding vessel traffic management market over the forecasted time, which can be accredited to surging new port construction, port developments, and a rise in administration involvement toward coastal & port security.
Browse the full “Vessel Traffic Management Market - By Function (Communication, Navigation, And Surveillance), By Sensing Components (Satellite, Radar, Automatic Identification System, Drone, Weather Station, Radio Direction Finder, And Others), By Application (Ports & Coastal Traffic, Offshore Platform, Coast Guard & Rescue, And Others), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/vessel-traffic-management-market
The global vessel traffic management market is segmented as follows:
By sensing components:
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