“Vessel Traffic Management Market to grow at a lucrative rate over the forecast period”, says Visiongain
23 October 2019
Visiongain has launched a new Aerospace report Vessel Traffic Management Market Report 2019-2029Forecasts by Component (Communication Equip, Navigation Equip, Surveillance & Monitoring Equip, Solution, Service) by System (Port Management Information System (PMIS), Maritime Distress Safety System (GMDSS), River Information System (RIS), Aids to Navigation (ATON) Management & Health Monitoring, Others) by Investment (Greenfield, Brownfield), PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global Vessel Traffic Management market is expected to grow at a lucrative rate during the forecast period. Vessel Traffic management is the process sought to define a set of systems and procedures used to guide and monitor seal vessels like air traffic management.
This process became prominent when International Maritime Organization established regulations on Dec 2004 which required installation of Automatic Identification Systems Transponders on heavy cargo vessels. Need to maintaining coordination among ships reaching, departing, loading and discharging of ships with regards to inbound and outbound transportation is driving the growth of the market. These systems include both hardware and software solutions and require technical service for the effective working of the system. The system integrates data from sensors such as radar, AIS, CCTV, drone, VHF, and satellite and provides real-time monitoring of the sea to improve situational awareness.
These solutions are deployed on ships, ports and throughout the coast. Some of the main purposes of vessel traffic management are to assist with the safe and efficient vessel movements and the safety, security and resilience of our coastal waterways, enhance navigational safety by interacting with shipping to provide information on potential traffic conflicts and other navigational safety information, and minimise the risk of a maritime accident and consequential ship-sourced pollution and damage to the marine environment.
The global Vessel Traffic Management market is highly competitive with many players entering the market to cater to the growing consumer demand. Some of the major players operating in the market are Kongsberg Gruppen, Transas, Thales Group, Leonardo, Saab, Indra Sistemas, Rolta India, Tokyo Keiki, Kelvin Hughes. L3 Technologies, Signalis Frequentis, Japan Radio, Terma, and Vissim. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships to increase their presence in the global market.
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