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Vessel Traffic Management Global Market Report 2022: Ukraine-Russia War Impact

Vessel Traffic Management Global Market Report 2022: Ukraine-Russia War Impact

  • December 2022
  • 175 pages
  • ID: 6371431
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the vessel traffic management market are Kongsberg Gruppen, Wartsila, Thales Group, Leonardo, Saab, Indra Sistemas, Rolta, Tokyo Keiki, L3harris Technologies, Signalis, ST Engineering, Marlan Maritime Technologies, Xanatos Marine Ltd., and Vissim.

The global vessel traffic management market is expected to grow from $ 4.00 billion in 2021 to $ 4.50 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The vessel traffic management market is expected to grow to $ 6.27 billion in 2026 at a CAGR of 8.7%.

The vessel traffic management market consists of sales of vessel traffic management services by entities (organizations, sole traders, and partnerships) that enable safe and efficient traffic management in a specified maritime area.Vessel traffic management contributes to the safety of life at sea, the efficiency of navigation, and the protection of the marine environment, including adjacent shore areas, work sites, and offshore installations, from possible adverse effects of maritime traffic.

Vessel traffic management systems are installed in some of the busiest waters in the world and are making a valuable contribution to safer navigation, more efficient traffic flow, and the protection of the environment.

The main types of systems in vessel traffic management are port management information systems, global maritime safety systems, river information systems, aton management and health monitoring systems, and others.The port control Port Management Information System (PMIS) is a comprehensive port automation solution that includes modules that may be set up to suit the requirements of the end customers.

The different components include solutions and services that are employed in several sectors, such as the commercial sector and the defense sector.

North America was the largest region in the vessel traffic management market in 2021.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 and Africa.

The rise in maritime traffic is expected to propel the growth of the vessel traffic management market going forward.Maritime traffic refers to all commercial shipping between two or more ports or moorings, excluding recreational boats, regular ferry services, coastal fishing, and inland waterway transportation.

Vessel traffic needs an efficient system to guarantee the security of both infrastructure and vessels where software is readily available to give vessel traffic management the resources they require.Ship tracking through vessel traffic systems employs AIS, radar, and video surveillance to seamlessly integrate into one software that can be handled remotely, whether it’s controlling marine traffic or protecting infrastructure.

For instance, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization intended to promote the interests of developing states in world trade, in 2020, 815.6 million TEUs (twenty-foot equivalent units) of containers were handled in ports worldwide. Also, 94.3 million twenty-foot equivalent units (TEUs) were handled in the main European Union (EU) ports. Therefore, the rise in marine traffic is expected to drive the demand for the vessel traffic management market.

The development of advanced vessel traffic management is the key trend gaining popularity in the vessel traffic management market.Various governments across the globe are focused on developing new and advanced vessel traffic systems to safeguard marine safety for smooth trade activities.

For instance, in August 2021, the government of Canada launched a system to improve trade at the port of Vancouver.The system will improve marine safety by reducing traffic, actively regulating marine traffic and reducing noise pollution.

It will increase the efficiency and dependability of the flow of commodities and safeguard the local killer whale habitat.Furthermore, in April 2019, the Singapore government launched a next-generation vessel traffic management system with the collaboration of ST Engineering and Kongsberg Norcontrol.

The system is intended to realize the development of new capabilities that will aid maritime authorities in further enhancing navigational safety, handling increased vessel traffic volumes within congested shipping lanes with increased safety, security, and efficiency, and enabling the seamless and autonomous exchange of information across unmanned vessels.

In January 2022, Leonardo, an Italy-based company that develops multi-domain operational capabilities in the aerospace, defense, and security sectors, acquired Hensoldt for a deal amount of $ 689 million.According to Leonardo, the deal is a step towards the company’s goal of establishing a presence in the European market for defense electronics.

Hensoldt is a UK-based company that provides state-of-the-art radar systems for the management, safety, and security of busy shipping lanes, ports, waterways, and coastlines.

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

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.

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