A closer look at the economic turmoil of Vessel Traffic Management System Market, with a focus on the recent COVID-19 pandemic disruptions.
Online PR News – 04-June-2020 – Pune – Vessel Traffic Management System (VTMS) offers various services and solutions in order to safeguard coasts from illegal immigration and other fringe activities that hamper the security at international sea borders. Vehicle Traffic Services (VTS) have been developed under the guidelines of IALA (International Association of Marine Aids to Navigation and Lighthouse Authorities) standards. The sole purpose of developing a VTS is to enhance the maritime security and increase the proficiency of the navigation system and safeguard marine conditions. Additionally, the VTMS possesses certain features, such as remote monitoring and control, real-time and offline data fetching, comprehensible pictures and view, necessary support to operators to make decision, and presentation of traffic navigation and vessel information. In the light of these factors, the VTMS market is expected to witness a significant growth over the forecast period.
The VTMS market is segregated as component, system, and end-user.
By component, the Covid-19 Impact on Vessel Traffic Management System market is categorized into equipment, solutions, and service. The equipment of VTMS comprises sensors (which include a marine radar sub-system and automatic identification sub-system, communication and computer networks, operator consoles, servers, databases, and video walls). Solution sub-segment consists of sensor integrators, routing monitor, multi-sensor tracker, and electronic navigation charts. Furthermore, service sub-segment includes maintenance and operating services.
By systems, the market is sub-segmented into Port Management Information Systems, Global Maritime Distress Safety System, River Information Systems (RIS), and A to N Management & Health Monitoring Systems. By end-user, the market is sub-segmented into commercial and defense.
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However, River Information System (RIS) is anticipated to be the fastest growing sector in Asia Pacific region, particularly in India, due to rapid development in Namami Gange Programme and regulation policy of interlinking rivers in the country. Recently, The Inland Waterway Authority of India under the Ministry of Shipping introduced the River Information System (RIS) along the 145-kilometre long river Ganges, from Farakka to Haldia in West Bengal. The information system aims to enhance the navigational proficiency in inland waterways, as the central government is ready to leverage river network across the country under the provisions of the National Waterways Bill, 2015.
Nevertheless, high installation cost and limited technical expertise are anticipated to be the challenging factors through the forecast period.
According to Market Research Future analysis, Covid-19 Impact on Vessel Traffic Management System market has been valued at approximately over USD 3.4 billion growing with an 8% CAGR during the forecast period, 2017-2023.
Market research future identifies some of the key players of Covid-19 Impact on Vessel Traffic Management System market as Saab AB (Sweden), Thales (France), Rolta India (India), Frequentis (Austria), TERMA (Denmark), Tokyo Keiki Inc. (Japan), Japan Radio Co. Ltd. (Japan),Kongsberg (Norway), L3 Technologies (U.S.), Transas (Ireland),Indra (Spain), Leonardo Finmeccanica (Italy), and Kelvin Hughes (U.K)