Vessel Traffic Management Global Market Report 2024

Vessel traffic management refers to a system designed to ensure safe and efficient traffic management within a specified maritime area. This system is crucial for enhancing the safety of life at sea, optimizing navigation efficiency, and safeguarding the marine environment, including nearby shore areas, work sites, and offshore installations, from potential adverse effects of maritime traffic. Vessel traffic management systems have been implemented in some of the world's busiest waters, contributing significantly to safer navigation, improved traffic flow, and environmental protection.

The main types of systems in vessel traffic management include port management information systems, global maritime safety systems, river information systems, aton management and health monitoring systems, and others. The Port Management Information System (PMIS) for port control is a comprehensive port automation solution that features modules customizable to meet specific end customer requirements. Various components, including solutions and services, are utilized across different sectors, such as the commercial and defense sectors.

The vessel traffic management market research report is one of a series of new reports that provides vessel traffic management market statistics, including vessel traffic management industry global market size, regional shares, competitors with vessel traffic management market share, detailed vessel traffic management market segments, market trends, and opportunities, and any further data you may need to thrive in the vessel traffic management industry. This vessel traffic management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 expansion observed in the historical period can be attributed to several factors, including the increase in global trade and maritime transportation, a rise in vessel traffic, growing demand for efficient port operations, an increased emphasis on safety and security in maritime transportation, and a heightened 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 anticipated growth in the forecast period can be attributed to several factors, including the increased use of satellite-based communication and navigation systems, the expansion of renewable energy projects at sea affecting vessel traffic, growing demand for digitalization in maritime transportation, increased utilization of big data analytics, and a surge in the adoption of autonomous vessels and unmanned systems. Key trends expected in the forecast period encompass the use of data analytics for real-time decision-making in vessel traffic management, the customization of traffic management solutions for specific maritime zones, collaboration between maritime authorities and technology providers, advancements in vessel traffic management technology, and an emphasis on cybersecurity measures to ensure secure vessel communication.

The growth of the vessel traffic management market is anticipated to be driven by the increasing maritime traffic. Maritime traffic, encompassing all commercial shipping activities between ports or moorings, requires an efficient system to ensure the safety of vessels and infrastructure. Vessel traffic management systems (VTMS) utilize technologies such as AIS, radar, and video surveillance to seamlessly integrate into software, allowing for remote control of marine traffic and infrastructure protection. For instance, the United Nations Conference on Trade and Development reported that in 2020, global ports handled 815.6 million TEUs (twenty-foot equivalent units) of containers, with the main European Union (EU) ports handling 94.3 million TEUs. Therefore, the surge in maritime traffic is expected to fuel the demand for the vessel traffic management market.

The growth of the vessel traffic management market is further expected to be propelled by an increase in cargo transportation through waterways. Cargo transportation, a vital component for moving goods, is facilitated by vessel traffic management systems (VTMS), providing real-time information for informed decision-making and collision avoidance. According to the European Commission, inland waterway freight transport increased by over 3% in 2022 compared to the previous year, demonstrating a rise in both tonne-kilometers (4 billion) and tons (19 million). This surge in waterway cargo transportation is a significant driver for the vessel traffic management market.

A key trend gaining momentum in the vessel traffic management market is the development of advanced systems to enhance marine safety and streamline trade activities. Governments worldwide are focusing on deploying sophisticated vessel traffic management systems to regulate marine traffic, reduce congestion, and enhance safety. For example, the Canadian government launched a system in August 2021 to improve trade at the port of Vancouver, emphasizing marine safety by regulating traffic, reducing noise pollution, and enhancing efficiency in the flow of commodities.

Major companies in the vessel traffic management market are concentrating on developing port management information systems (PMIS) to optimize port operations. A PMIS is a comprehensive software application facilitating the planning and management of port activities. In April 2021, Wärtsilä partnered with Tanger Med, a port complex in Morocco, to develop an advanced PMIS. The collaboration aimed to transform Tanger Med into a smart port, leveraging modern technologies like Smart Port tools, Just-In-Time (JIT) solutions, machine learning, and AI to enhance operational efficiency, safety, and environmental sustainability.

In January 2022, Leonardo acquired Hensoldt for $689 million, signaling a strategic move to establish a presence in the European defense electronics market. Hensoldt, a UK-based company, specializes in state-of-the-art radar systems for managing and securing busy shipping lanes, ports, waterways, and coastlines.

Major companies operating in the in the vessel traffic management market report are 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.

North America was the largest region in the vessel traffic management market in 2023. 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

The countries covered in the vessel traffic management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The vessel traffic management market includes revenues earned by entities by providing services such as marine traffic monitoring, E-navigation, long-range identification and tracking, automated traffic systems thinking. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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