DUBLIN--(BUSINESS WIRE)--The "Vessel Traffic Management Market by Component (Equipment, Solution, Service), Investment (Brownfield, Greenfield), Systems (PMIS, RIS, GMDSS, Aton Management), End User (Commercial, Defense), Component, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The vessel traffic management market is projected to grow from an estimated USD 2.87 Billion in 2018 and to USD 4.12 Billion by 2023, at a CAGR of 7.5% during the forecast period.
Based on component, the equipment segment is estimated to lead the vessel traffic management market in 2017. Growth of this segment can be attributed to increase in the adoption of Automatic Identification Systems (AIS) and VHF communication systems CCTV surveillance cameras, Radars (X- and S-band) in ports and offshore platforms.
Based on systems, the port management information systems segment of the vessel traffic management market is estimated to lead the vessel traffic management market during the forecast period. Growth of this segment is driven by factors, such as increase in port expansions due to vessel congestions at ports.
Based on investment, the brownfield vessel traffic management segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to saturation of vessel movements in ports.
Based on end user, the commercial segment of the market is projected to grow at the highest CAGR during the forecast period. The increase in sea trade, rise in commercial vessel around offshore, fishery ports, and inland waterways are expected to drive the demand for commercial vessel traffic management.
- Maritime Situational Awareness and Safety
- Rising Freight Transport Activities by Sea
- Increasing Investment in Port Construction and Expansion
- High Cost of the VTM Equipment and Installation
- Development of Integrated Solutions
- Adoption of 3D VTM Systems by Port Authorities
- Hardware Failures and Software Errors in VTM Systems
- Time Consuming Process and Delay in Approvals for Port Construction Projects
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Vessel Traffic Management Market, by Component
8 Vessel Traffic Management Market, by System
9 Vessel Traffic Management Market, by Investment
10 Vessel Traffic Management Market, by End User
11 Regional Analysis
12 Competitive Landscape
13 Company Profile
- Indra Sistemas
- Japan Radio
- Kelvin Hughes
- Kongsberg Gruppen
- L3 Technologies
- Rolta India
- Thales Group
- Tokyo Keiki
For more information about this report visit https://www.researchandmarkets.com/research/6gqkhz/global_vessel?w=4