The global vessel traffic management system market size was US$ 5.9 billion in 2021. The global vessel traffic management system market is forecast to grow to US$ 8.9 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The global vessel traffic management system market is forecast to gain traction, owing to the rising port expansions in the industry. In addition, the growing trend of technologies will drive the growth of the market.

The increasing maritime traffic will surge the trade activities and freight transport operations. As a result, it will drive the growth of the global vessel traffic management system market.

Rising investment in port construction will benefit the overall vessel traffic management system market. Furthermore, the growing emphasis on enhancing maritime situational awareness will boost the growth of the vessel traffic management system market.

The global market will benefit from port authorities using integrated solutions and adopting a 3D vessel traffic management system.

The hefty implementation costs may limit the vessel traffic management system market's expansion.

COVID-19 Impact Analysis

COVID-19's rapid growth has wreaked havoc on the Vessel Traffic Management System, causing a global drop in demand and supply chain. The authorities of various countries imposed a lockdown, which limited the growth of the vessel traffic management system market. Travel restrictions banned people's movement, which ultimately affected the vessel traffic management system industry.

Regional Market

The market for vessel traffic management systems is dominated by Europe, followed by the Asia Pacific and North America. The growth of these regions is attributed to the increasing maritime traffic. Furthermore, the presence of prominent players is driving the growth of the industry.

Competitors in the Market

Saab AB
Thales Group
Rolta India Limited
Frequentis
TERMA
Tokyo Keiki Incorporated
Japan Radio Company Limited
Kongsberg Gruppen
L3 Technologies Incorporated
Transas
Indra Sistemas
Leonardo Finmeccanica
Kelvin Hughes Limited
Signalis
Vissim
Other Prominent Players
Market Segmentation

The global vessel traffic management system market segmentation focuses on Component, System, End-Users, and Region.

Based on the Components, the Vessel Traffic Management System market has been segmented into

Hardware
Communication
VHF Communication System
RF Communication
Microwave and Network
HMI (Human Machine Interface)
Servers
Navigation
Radars
X-band
S-band
Automatic Identification System (AIS) receivers and base stations
Direction Finders
Surveillance
CCTV Surveillance Cameras
Sensors
Meteorological Sensors
Multi Tracking Sensors
UAVs
Solutions
Sensor Integrators
Routing Monitors
Multi-Sensor Trackers
Electronic Navigation Charts
Service
Maintenance
Operating
Information Service
Traffic Organization Service
Navigation Advice
Assistance Service
Based on the Systems, the Vessel Traffic Management System market has been segmented into

Port Management Information Systems
Global Maritime Distress Safety Systems
River Information Systems
A to N Management & Health Monitoring Systems
Based on the End User industry, the Vessel Traffic Management System market has been segmented into

Commercial
Port & Harbor
Inland Port
Offshore
Fishing Port
Defense
Based on the Region, the Vessel Traffic Management System market has been segmented into

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America