The Vessel Traffic Management by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vessel Traffic Management , The vessel traffic management market size has grown strongly in recent years. It will grow from $4.66 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increase in global trade and maritime transportation, increase in vessel traffic, increase in demand for efficient port operations, increase in demand for safety and security in maritime transportation, increase in demand for environmental sustainability.
The vessel traffic management market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growth in the use of satellite-based communication and navigation systems, expansion of renewable energy projects at sea, impacting vessel traffic, increase in demand for digitalization in maritime transportation, growth in the use of big data analytics, surge in the adoption of autonomous vessels and unmanned systems. Major trends in the forecast period include use of data analytics for real-time decision-making, customization of traffic management solutions for specific maritime zones, collaboration between maritime authorities and technology providers, advancements in vessel traffic management technology, emphasis on cybersecurity measures for secure vessel communication.
The rise in maritime traffic is expected to propel the growth of the vessel traffic management market going forward. Maritime traffic refers to all commercial shipping between two or more ports or moorings, excluding recreational boats, regular ferry services, coastal fishing, and inland waterway transportation. Vessel traffic needs an efficient system to guarantee the security of both infrastructure and vessels where software is readily available to give vessel traffic management the resources they require. Ship tracking through vessel traffic systems employs AIS, radar, and video surveillance to seamlessly integrate into one software that can be handled remotely, whether it’s controlling marine traffic or protecting infrastructure. For instance, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization intended to promote the interests of developing states in world trade, in 2020, 815.6 million TEUs (twenty-foot equivalent units) of containers were handled in ports worldwide. Also, 94.3 million twenty-foot equivalent units (TEUs) were handled in the main European Union (EU) ports. Therefore, the rise in marine traffic is expected to drive the demand for the vessel traffic management market.
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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
The development of advanced vessel traffic management is the key trend gaining popularity in the vessel traffic management market. Various governments across the globe are focused on developing new and advanced vessel traffic systems to safeguard marine safety for smooth trade activities. For instance, in August 2021, the government of Canada launched a system to improve trade at the port of Vancouver. The system will improve marine safety by reducing traffic, actively regulating marine traffic, and reducing noise pollution. It will increase the efficiency and dependability of the flow of commodities and safeguard the local killer whale habitat.
The vessel traffic management market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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