How Has The Vessel Traffic ManagementMarket Size Evolved In Recent Years?
The vessel traffic management market has seen considerable growth due to a variety of factors.
• In recent years, the vessel traffic management market has seen substantial growth. The market size is projected to increase from $4.87 billion in 2024 to $5.14 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.7%.
The growth in the past period was propelled by factors such as the surge in global trade and maritime transportation, the escalation of vessel traffic, the heightened demand for efficient port operations, the growing need for safety and security in maritime transportation, and the rising demand for environmental sustainability.
What Is The Projected Growth Of The Vessel Traffic Management Market?
The vessel traffic management market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations point towards a significant expansion in the vessel traffic management market in the upcoming years, with the market size projected to touch $7.42 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.6%.
The substantial growth expected during this period can be traced back to the increasing reliance on satellite-enabled communication and navigation systems, the burgeoning projects involving renewable energy at sea which influence vessel traffic, a rising call for the digital transformation in marine transportation, the expanded usage of big data analytics and the escalating adoption rates of autonomous vessels and unmanned systems. The forecast period also forecasts notable trends such as the application of data analytics in real-time decision making, the tailoring of traffic management solutions to cater to needs of specific maritime zones, the partnership between maritime authorities and technology providers, advancements in vessel traffic management technology, and an increased focus on cybersecurity protocols to secure vessel communication.
What Are The Primary Growth Drivers In The Vessel Traffic Management Market?
As maritime traffic increases, it's anticipated that the vessel traffic management market will expand as well. Maritime traffic encompasses all commercial shipping instances between two or more ports or moorings, except for recreational boats, routine ferry services, coastal fishing, and transportation within inland waterways. A system that effectively ensures the safety of both infrastructural elements and vessels is crucial for vessel traffic management, with software readily available to provide the necessary resources. AIS, radar, and video surveillance are utilized in ship tracking via vessel traffic systems, seamlessly blending into a single software that can be managed remotely for marine traffic control or infrastructure protection. For example, the Review of Maritime Transport 2023 report published by the UNCTAD (United Nations Conference on Trade and Development) in September 2023 predicted a 2.4% increase in maritime trade in 2023, with annual growth exceeding 2% from 2024 to 2028. Therefore, the growing maritime traffic is likely to stimulate the demand for vessel traffic management market.
What Is The Segmentation Of The Global Vessel Traffic Management Market?
The vessel traffic management market covered in this report 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
Subsegments:
1) By Port Management Information System: Berth Scheduling System, Cargo Management System, Port Security System
2) By Global Maritime Safety System: AIS (Automatic Identification System), VTS (Vessel Traffic Service), Navigation Safety Systems
3) By River Information System: Traffic Management System For Inland Waterways, Water Level And Flow Monitoring Systems
4) By ATON Management And Health Monitoring System: Aids To Navigation (ATON) Management Systems, Buoy And Light Health Monitoring Systems
5) By Other Systems: Environmental Monitoring Systems, Communication And Surveillance Systems, Integrated Maritime Operations Systems
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What Emerging Trends Are Shaping The Vessel Traffic Management Market Landscape?
The key trend that is growing in popularity in the vessel traffic management market is the creation of advanced vessel traffic management systems. Various governments worldwide are committed to developing advanced maritime traffic systems to ensure maritime safety and facilitate smooth trade. For instance, in August 2022, the Maritime and Port Authority of Singapore (MPA) and the Infocomm Media Development Authority (IMDA), both based in Singapore, entered into a collaboration. This partnership was aimed at developing and establishing a comprehensive 5G mobile network at the Port of Singapore. The goal of this initiative is to improve the effectiveness and safety of maritime operations using advanced digital technologies, thereby maintaining Singapore's position as a leading global centre for maritime trade and logistics. Both authorities plan to utilise the capabilities of 5G to enable real-time data transfer, streamline operational procedures, and assist in launching innovative solutions like autonomous vessels and intelligent logistics systems.
Who Are the Key Players in the Vessel Traffic Management Market?
Major companies operating in the vessel traffic management market include:
• Kongsberg Gruppen ASA
• Wartsila Corp
• Thales Group
• Leonardo SPA
• Saab AB
• Indra Sistemas SA
• Rolta India Ltd.
• Tokyo Keiki Power System Inc.
• L3harris Technologies
• Signalis GmbH
• Singapore Technologies Engineering Ltd.
• Marlan Maritime Technologies
• Xanatos Marine Ltd.
• Vissim UK Ltd.
• Transas Ltd.
• Kelvin Hughes Limited
• Frequentis AG
• Lockheed Martin Corporation
• Raytheon Company
• Japan Radio Co. Ltd.
• Marimatech AS
• MarineTraffic Ltd.
• Navis Holdings LLC
• Pharos Marine Automatic Power Inc.
• Pole Star Space Applications Ltd.
• Prisma Electronics SA
• Rutter Inc.
• SRT Marine Systems plc
• Tidetech Commercial Marine Pty Ltd.
• VesselBot Pte. Ltd.
What are the Regional Insights into the Vessel Traffic Management Market?
North America was the largest region in the vessel traffic management market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the vessel traffic management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
