Vessel Traffic Management Market

Market Leadership - Vessel Traffic Management Market

A vessel traffic service is a marine traffic management system established by different port authorities, similar to Air Traffic Control systems. The International Maritime Organization defines vessel traffic service as “ a service implemented by a component authority designed to improve the safety and efficiency of vessel traffic and protect the environment. The service shall have the capability to interact with the traffic and respond to traffic situations developing in the vessel service area.”. Most vessel traffic service systems use radar, RF communication, VHF communication and Automatic Identification System (AIS) to keep track and monitor vessel movements and provide navigation aid to the crew.

The Vessel Traffic Management Market is projected to grow from USD 5.8 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 8.4% during the forecast period. The shipping business, like the rest of the globe, is constantly evolving. The need for technologically advanced systems for port management, on shore and offshore traffic management, and navigational support are few of the factors driving the need for VTM systems.

Contracts, agreements, investments, new product launches and acquisitions are among some of the key strategies adopted by the leading market players and various stakeholders to strengthen and sustain their position in the Vessel Traffic Management Market. For instance, In October 2020, Saab won a contract to supply Halifax Port Authority with Port Management Information System (PMIS).

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These leading players have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, and Asia Pacific, and Middle East.

Major players operating in the vessel traffic management market include Kongsberg Gruppen (Norway) , Saab SA (Sweden), Leonardo S.p.A. (Italy), Wartsila (Finland) , Thales Group (France) among others. These key players offer VTMS solutions and services to different key stakeholders. These leading players have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, and Middle East

Kongsberg Gruppen is a technology company based in Norway. The company has three operating segments, Kongsberg Maritime, Kongsberg Defense & Aerospace, and other. The Kongsberg Maritime segment provides on-shore and off-shore solutions, merchant marine, subsea, navy, coastal marine, aquaculture, training services. Kongsberg Gruppen’s defense and Aerospace sector provides Vessel Traffic Services and local port services. Kongsberg Norcontrol provides C-Scope solution that ensures full maritime domain awareness, improving efficiency and safety in the operating area.

Wärtsilä is a smart technology company based in Finland. The Wärtsilä company has four operating segments which are Marine power, Marine Systems, Voyage, Energy. The Voyage segment provides solutions for port and vessel traffic management. Wärtsilä’s solutions for vessel traffic management system are fully customizable to fit the client’s needs. Being integrated with a global approach and innovative data handling methods Wärtsilä is able to provide seamless maritime traffic control, vessel, and coast monitoring and provide tools that ensure just-in-time arrivals.

Thales Group is a technology company based in France. Thales Group is a global technology company that develops and manufactures electrical equipment for the aerospace, defense, transportation, and security industries, as well as providing services. Thales has four operating segments which are Aerospace, Transport, Defense & security, and Digital Identity & Security. security and defense offer European and export military clients with sensors, mission systems, communications, and control systems. The Defense segment provides a solution called maritime traffic safety systems that has an integrated Vessel Traffic Service.

Leonardo S.p.A. is a multinational company based out of Italy. Leonardo S.p.A., which was formerly known as Leonardo-Finmeccanica is a company that specializes in aerospace and defense technology. Leonardo operates in four business segments which are Helicopters, Defense Electronics & Security, Aeronautics, and Space. The electronics segment within the Defense Electronics & Security provides the Vessel Traffic Management System (VTMS) for customers. The Leonardo Vessel Traffic Management System (VTMS) combines and integrates all assets necessary for the safe and secure management of Maritime Operations, including maritime environmental preservation, traffic management, law enforcement, port efficiency, and security at sea.

Saab is aerospace and defense company based in Sweden. Saab is an aerospace and defense company that caters to the military defense and civic security industries with its goods, services, and solutions. It provides air traffic management, national defense, jail security, offshore industrial, and maritime traffic management security solutions. Europe, North America, Latin America, Asia-Pacific, and Africa are all places where the corporation does business. Saab operates in five business segments which are Air, Land, Naval, Civil Security, Commercial Aeronautics. The Naval segment provides Saab’s Maritime traffic management solutions that offer an extensive list of products and solutions for maritime traffic management.

Related Reports:

Vessel Traffic Management Market by End User (Commercial, Defense), Component (Equipment, Solution, Service), Investment (Brownfield, Greenfield), System, Onboard Components (Equipment, Solution), and Region - Global Forecast to 2027

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Report Code
AS 6043
RI Published ON
5/10/2022
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