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Vessel Traffic Management System Market by End-user and Geography - Forecast and Analysis 2022-2026

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR71502
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The vessel traffic management system market share is expected to increase by USD 533.83 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.61%.

This vessel traffic management system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by end-user (commercial and military) and geography (APAC, Europe, North America, MEA, and South America). The vessel traffic management system market report also offers information on several market vendors, including Elcome International LLC, HENSOLDT AG, Indra Sistemas SA, Kongsberg Gruppen ASA, Leonardo Spa, Rolta India Ltd., Saab AB, Thales Group, Tokyo Keiki Inc., and Wartsila Corp. among others.

What will the Vessel Traffic Management System Market Size be During the Forecast Period?

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Vessel Traffic Management System Market: Key Drivers and Trends

The enhanced port and harbor security and safety is notably driving the vessel traffic management system market growth, although factors such as lack of training on VTMS may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the vessel traffic management system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Vessel Traffic Management System Market Driver

One of the key factors driving growth in the vessel traffic management system market is the enhanced port and harbor security and safety. The use of VTMS helps maintain the security and safety of vessels. A few VTMS can locate the vessels near the harbor within a specific radius. These vessels can be seen by harbors in a graphical overview, which helps identify if a vessel is in the wrong location or if its location information is incorrect. By viewing the vessels in the graphical overview, harbor managers can also monitor the direction in which the vessel is moving and alert sailors in case of a potential collision. VTMS also contributes to security by supporting enforcement agencies in identifying the vessels with illegal cargo or potentially dangerous vessels. This software helps forecast accurate and precise water behavior, which helps vessel operators in making an informed decision to safely guide vessels to the harbor. Such advantages help in the efficient management of harbor operations, which, in turn, encourages the adoption of this software.

Key Vessel Traffic Management System Market Challenge

The lack of training on VTMS will be a major challenge for the vessel traffic management system market. The implementation of VTMS in enterprises is complex, and end-users require extensive training to understand all its functionalities. Developing countries such as China and Brazil are still lagging in terms of the adoption of VTMS because of the lack of proper training in using this software. In addition, vendors in these countries are unaware of the benefits of employing this software, and those that have adopted the technology do not have sufficient knowledge to use it to its optimum efficiency. Hence, the lack of expertise is a major challenge to the adoption of VTMS.

This vessel traffic management system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Vessel Traffic Management System Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Elcome International LLC
  • HENSOLDT AG
  • Indra Sistemas SA
  • Kongsberg Gruppen ASA
  • Leonardo Spa
  • Rolta India Ltd.
  • Saab AB
  • Thales Group
  • Tokyo Keiki Inc.
  • Wartsila Corp.

 

This statistical study of the vessel traffic management system market encompasses successful business strategies deployed by the key vendors. The vessel traffic management system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The vessel traffic management system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Vessel Traffic Management System Market?

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45% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for vessel traffic management systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The economic expansion in countries such as Japan, China, and Indonesia will facilitate the vessel traffic management system market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating End-user Segments in the Vessel Traffic Management System Market?

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The vessel traffic management system market share growth by the commercial segment will be significant during the forecast period. The growing need to protect maritime resources from advanced security threats is driving companies to adopt VTMS. However, the complexity of the entire maritime infrastructure has increased with the high adoption of different types of advanced solutions, such as automatic identification systems (AISs), which has made it difficult for end-users to manage maritime information solutions. To overcome such challenges, companies are opting for converged management systems, which are a combination of multiple solutions. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the vessel traffic management system market size and actionable market insights on post COVID-19 impact on each segment.

 

Vessel Traffic Management System Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.61%

Market growth 2022-2026

$ 533.83 million

Market structure

Fragmented

YoY growth (%)

3.93

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 45%

Key consumer countries

US, China, Germany, UK, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Elcome International LLC, HENSOLDT AG, Indra Sistemas SA, Kongsberg Gruppen ASA, Leonardo Spa, Rolta India Ltd., Saab AB, Thales Group, Tokyo Keiki Inc., and Wartsila Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Vessel Traffic Management System Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive vessel traffic management system market growth during the next five years
  • Precise estimation of the vessel traffic management system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the vessel traffic management system industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of vessel traffic management system market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2021
    • Market outlook: Forecast for 2021 - 2026

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by End-user

    • Market segments
    • Comparison by End-user
    • Commercial - Market size and forecast 2021-2026
    • Military - Market size and forecast 2021-2026
    • Market opportunity by End-user

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2021-2026
      • Europe - Market size and forecast 2021-2026
      • North America - Market size and forecast 2021-2026
      • MEA - Market size and forecast 2021-2026
      • South America - Market size and forecast 2021-2026
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Elcome International LLC
      • HENSOLDT AG
      • Indra Sistemas SA
      • Kongsberg Gruppen ASA
      • Leonardo Spa
      • Rolta India Ltd.
      • Saab AB
      • Thales Group
      • Tokyo Keiki Inc.
      • Wartsila Corp.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The vessel traffic management system market growth will increase by $533.83 million during 2021-2026.
      The vessel traffic management system market is expected to grow at a CAGR of 4.61% during 2021-2026.
      Technavio has segmented the vessel traffic management system market by end user (Commercial and Military) and geographic (APAC, Europe, North America, MEA, and South America).
      Elcome International LLC, HENSOLDT AG, Indra Sistemas SA, Kongsberg Gruppen ASA, Leonardo Spa, Rolta India Ltd., Saab AB, Thales Group, Tokyo Keiki Inc., Wartsila Corp. are a few of the key vendors in the vessel traffic management system market.
      APAC will register the highest growth rate of 44.80% among the other regions. Therefore, the vessel traffic management system market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the vessel traffic management system market growth are:
      • Enhanced port and harbor security and safety
      The vessel traffic management system market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.
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