Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 6.93 Billion | USD 15.51 Billion | 8.4% | 2024 |
The global vessel traffic management market size was worth around USD 6.93 Billion in 2024 and is predicted to grow to around USD 15.51 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 8.4% between 2025 and 2034. The report analyzes the global vessel traffic management market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the vessel traffic management industry.
Vessel traffic management methods are utilized for determining & estimating myriad marine environments that are utilized for offering safety to marine borders along with upgrading the marine environment. Reportedly, vessel traffic management is used for collecting, storing, demonstrating, processing, and separating key data included in marine transportation. Apart from this, massive use of automatic identification systems, radars, VHF communication systems in offshore tools & ports, and CCTV surveillance cameras will promulgate the market size over the years ahead.
Burgeoning concerns about marine security and high focus on port security over illegal immigration activities along with fear of terrorist attacks has resulted in massive demand for vessel traffic management activities at sea ports, thereby driving the growth of vessel traffic management market in the recent years. In addition to this, surge in the sea trading activities, rapid port expansion & port development ventures, and surge in the number of defense & commercial boats or ships will enlarge the size of vessel traffic management industry in the years ahead.
Apparently, humungous need of improving, upgrading, and ensuring safety of marine ports has translated into large market demand in the recent years. Additionally, vessel traffic management system detects, links, and navigates vessels in the seas, thereby further steering the market trends. Surge in marine traffic coupled with increase in allocation of funds for construction of ports will proliferate the expansion of vessel traffic management industry over the forthcoming years. In addition to this, acceptance of 3-D vessel traffic management technologies by sea port authorities will provide new growth opportunities for vessel traffic management industry over the ensuing years.
The global vessel traffic management market is segmented based on Component, System Type, Application, End-user, and region.
Based on Component, the global vessel traffic management market is divided into Equipment (Radars, Automatic Identification Systems, Cameras, Sensors), Software, Services.
On the basis of System Type, the global vessel traffic management market is bifurcated into Port Management Information Systems, Global Maritime Distress Safety Systems, Aids to Navigation, River Information Systems.
By Application, the global vessel traffic management market is split into Port & Harbor Management, Coastal Surveillance, Offshore Platform Monitoring.
In terms of End-user, the global vessel traffic management market is categorized into Commercial Shipping, Defense, Fisheries, Port Authorities.
Report Attributes | Report Details |
---|---|
Report Name | Vessel Traffic Management Market |
Market Size in 2024 | USD 6.93 Billion |
Market Forecast in 2034 | USD 15.51 Billion |
Growth Rate | CAGR of 8.4% |
Number of Pages | 110 |
Key Companies Covered | Vaisala Oyj, Indra Sistemas, S.A., Saab AB, Rolta India Limited, Kongsberg Gruppen AS, Thales Group, L3 Technologies, Vissim AS, Japan Radio Co. Ltd., and Terma A/S., and others. |
Segments Covered | By Component, By System Type, By Application, By End-user, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA) |
Base Year | 2024 |
Historical Year | 2020 to 2023 |
Forecast Year | 2025 - 2034 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The expansion of vessel traffic management market in Asia Pacific zone over 2019-2025 is attributed to a rampant rise in the port construction ventures. Apart from this, rise in the transport through sea mode and large government funding for improving coastal as well as sea security will contribute sizably towards overall market revenue in the ensuing years. Countries such as China, India, and Japan are likely to influence the regional market growth in the years ahead.
The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the vessel traffic management market on a global and regional basis.
The global vessel traffic management market is dominated by players like:
The global vessel traffic management market is segmented as follows;
By Component
By System Type
By Application
By End-user
By Region
FrequentlyAsked Questions
Vessel traffic management methods are utilized for determining & estimating myriad marine environments that are utilized for offering safety to marine borders along with upgrading the marine environment
The global vessel traffic management market is expected to grow due to increasing maritime trade, need for safe navigation, and adoption of smart port technologies.
According to a study, the global vessel traffic management market size was worth around USD 6.93 Billion in 2024 and is expected to reach USD 15.51 Billion by 2034.
The global vessel traffic management market is expected to grow at a CAGR of 8.4% during the forecast period.
North America is expected to dominate the vessel traffic management market over the forecast period.
Leading players in the global vessel traffic management market include Vaisala Oyj, Indra Sistemas, S.A., Saab AB, Rolta India Limited, Kongsberg Gruppen AS, Thales Group, L3 Technologies, Vissim AS, Japan Radio Co. Ltd., and Terma A/S., among others.
The report explores crucial aspects of the vessel traffic management market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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