What is Global Vessel Traffic Services (VTS) Market?
The Global Vessel Traffic Services (VTS) Market is an intriguing sector that has been gaining significant attention in recent years. Essentially, VTS is a marine traffic monitoring system established by harbour or port authorities, similar to air traffic control for aircraft. It is designed to enhance the safety and efficiency of navigation, safety of life at sea, and the protection of the marine environment. The VTS is equipped with advanced technologies such as radar, sensors, AIS, and communication devices to provide real-time information about vessel movements and other navigational safety information. The global VTS market was valued at US$ 279.2 million in 2022 and is projected to reach US$ 363.6 million by 2029. This indicates a steady growth with a CAGR of 4.5% during the forecast period from 2023 to 2029.
INS and NAS, TOS, Others in the Global Vessel Traffic Services (VTS) Market:
The Global Vessel Traffic Services (VTS) Market is segmented into INS and NAS, TOS, and others. INS and NAS refer to Integrated Navigation Systems and Nautical Aid to Shipping. These systems are designed to provide navigational assistance to vessels, ensuring their safe and efficient movement. TOS, on the other hand, refers to Terminal Operating Systems, which are used to manage and control the daily operations in a port or terminal. The "others" segment includes various other technologies and services related to vessel traffic management. Some of the well-known enterprises in this market include Signalis, Indra Company, Saab, Kongsberg, and Transas. These companies are recognized for their exceptional performance in providing vessel traffic services and related services, holding approximately 62% of the market shares.
Port Service, Coastal Service, Others in the Global Vessel Traffic Services (VTS) Market:
The Global Vessel Traffic Services (VTS) Market finds its application in various areas such as Port Service, Coastal Service, and others. Port Service refers to the services provided by the port authorities to ensure the safe and efficient movement of vessels within the port area. This includes vessel traffic monitoring, navigational assistance, and other related services. Coastal Service, on the other hand, refers to the services provided to vessels operating in the coastal areas. These services are primarily aimed at enhancing the safety and efficiency of navigation in these areas. The "others" segment includes various other areas where VTS finds its application.
Global Vessel Traffic Services (VTS) Market Outlook:
The global Vessel Traffic Services (VTS) market outlook highlights the steady growth of this market. The market was valued at US$ 279.2 million in 2022 and is expected to reach US$ 363.6 million by 2029. This growth is attributed to the increasing demand for efficient and safe navigation systems in the maritime industry. The market is witnessing a CAGR of 4.5% during the forecast period from 2023 to 2029. Some of the key players in this market include Signalis, Indra Company, Saab, Kongsberg, and Transas. These companies are known for their excellent performance in providing vessel traffic services and related services. They collectively hold about 62% of the market shares, indicating their strong presence in the market.
| Report Metric | Details |
| Report Name | Vessel Traffic Services (VTS) Market |
| Accounted market size in 2023 | US$ 279.2 million |
| Forecasted market size in 2029 | US$ 363.6 million |
| CAGR | 4.5 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Signalis, Indra Company, Saab, Kongsberg, Transas, Lockheed Martin, Tokyo Keiki, Frequentis, Vissim AS, SRT |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
