DUBLIN--(BUSINESS WIRE)--The "Global Vessel Traffic Management Market by End-user (Commercial, Defense), Component (Equipment, Solution, Service), Investment (Brownfield, Greenfield), System, Onboard Components (Equipment, Solution), and Region (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The Global 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 COVID-19 outbreak has led to several challenges for various industries such as aviation and consumer electronics. These industries faced many economic problems post the COVID-19 outbreak. Since the beginning of the outbreak, the transportation industry has been among the most severely hit sectors globally. Due to most countries imposing nationwide lockdowns and travel and transportation restrictions, the shipping industry was affected extremely. This outbreak has also put the shipping and marine industries in worse position since their workforces have been shut down for the sake of safety and preventing the spread of COVID-19.

With the support of the Maritime and Port Authority of Singapore, Fujitsu Limited, Singapore Management University (SMU), and A*STAR's Institute of High-Performance Computing (IHPC) announced their collaboration to develop innovative new technologies for vessel traffic management in the Port of Singapore (MPA). These predictive technologies will use artificial intelligence (AI) and big data analytics to help manage Singapore's port and surrounding seas, which see a lot of seaborne trade and traffic.

The technologies will also be evaluated using real-world data in order to enhance congestion predictions and the detection of probable accidents and other danger hotspots before they happen at sea. The Urban Computing and Engineering Centre of Excellence (UCE CoE), a public-private collaboration comprising of the Agency for Science, Technology and Research (A*STAR), SMU, and Fujitsu, was founded in 2014 to perform research and development for these new marine technologies.

Based on component, service segment is expected to have the largest market share in 2022 as well as witness the highest CAGR growth across the forecast period. Many ports are equipping VTMS systems to make their ports more efficient and reliable. With new systems require operation and maintenance services. These factors drive the market growth.

Based on system, Port management information system is expected to grow with largest CAGR. Most ports across the world have adopted some form port management information system for the efficient and reliable working of their ports.

Market Dynamics

Drivers

• Increased Vessel Congestion at Ports
• Need for Automation

Restraints

• Effect of Natural Disasters on Ports

Opportunities

• Next-Generation Vessel Traffic Management Systems
• Technological Advances in Maritime Traffic Management

Challenges

• VTMS Facility Location
• Automated Identification System (AIS) Disadvantages

Companies Mentioned

• A.St.I.M. S.R.L.
• Elcome International LLC
• Elman S.R.L.
• Frequentis
• Furuno
• Gem Elettronica
• Hensoldt
• Horizonte AS
• Indra Sistemas
• Japan Radio Co. Ltd.
• Kongsberg Gruppen
• Leonardo S.P.A.
• M-Nav Solutions
• Marico Marine
• Marlan Maritime Technologies
• Saab
• Scortel
• Sea Surveillance AS
• ST Engineering
• Terma
• Thales Group
• Tokyo Keiki
• Vissim
• Wartsila
• Xanatos Marine Ltd.

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