June 02, 2020
According to the research report titled ‘Global Vessel Traffic Services Market Size study, by Type (INS & NAS, TOS, Others) Application (Port Service, Coastal Service, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global vessel traffic services market is expected to generate substantial revenues by the year 2026.
Notably, VTS (vessel traffic service) is a type of marine traffic monitoring system which is used by port authorities. These systems utilize automatic identification system, CCTV (closed-circuit television), and radiotelephony radar to keep track of vessel movements as well as to offer navigational safety in a limited space. VTL services also help in improving the efficiency and safety of vessel transport and aids in preserving the environment.
Increasing import and export is a major factor driving the growth of vessel traffic services industry. According to International Maritime Organizations, around 90% of global trade is carried out through seaways. Similarly, as per U.S. Bureau of Transport Statistics, up to 41.9% freight was transferred by vessels which grew to 70.7% in the year 2018. Vessel traffic services can interact and respond to traffic conditions in real-time that allows for efficient protection of water resources, improvement of navigation safety, enhances the security of port infrastructures, and in vessel traffic planning.
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Advancements in technology pertaining to management services owing to rising adoption of IoT solutions is also fueling the market size. However, high deployment costs may act as a restraining factor to the vessel traffic services industry growth.
Based on the type, the market is split into TOS, INS & NAS, and others. Based on application landscape, the industry is divided into coastal service, port service and others.
Elaborating on the regional spectrum, the vessel traffic services industry in North America is set to record momentous growth during 2020-2026, owing to rising adoption of advanced technologies and availability of state-of-the-art infrastructure. On the other hand, the Asia-Pacific vessel traffic services industry is slated to showcase robust growth in the subsequent years. Rising import & export activities have impelled the vessel traffic, which in turn is augmenting the regional demand.
SR Technologies, Vissim AS, Frequentis AG, Vissim Tokyo Keiki, Lockheed Martin Corp., Transas, Kongsberg Gruppen, Saab AB, Indra Sistemas S.A. and Signalis are the eminent companies in global vessel traffic services industry.