A Vessel traffic service is a marine traffic management system established by different port authorities, similar to Air Traffic Control systems. The International Maritime Organization defines vessel traffic service as “ a service implemented by a component authority designed to improve the safety and efficiency of vessel traffic and protect the environment. The service shall have the capability to interact with the traffic and respond to traffic situations developing in the vessel service area.”. Most vessel traffic service systems use radar, RF communication, VHF communication and Automatic Identification System (AIS) to keep track and monitor vessel movements and provide navigation aid to the crew.
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Major players operating in the vessel traffic management market include Kongsberg Gruppen (Norway) , Saab SA (Sweden), Leonardo S.p.A. (Italy), Wartsila (Finland) , Thales Group (France) among others. These key players offer VTMS solutions and services to different key stakeholders. These leading players have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, and Middle East
The 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 shipping business, like the rest of the globe, is constantly evolving. The need for technologically advanced systems for port management, on shore and offshore traffic management, and navigational support are few of the factors driving the need for VTM systems.
Contracts, agreements, investments, new product launches and acquisitions are among some of the key strategies adopted by the leading market players and various stakeholders to strengthen and sustain their position in the Vessel Traffic Management Market. For instance, In October 2020, Saab won a contract to supply Halifax Port Authority with Port Management Information System (PMIS).
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