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. Free Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=226816165 Driver: Increased Vessel congestion at ports Port congestion is one of the most significant supply chain concerns that Fleet Operations managers encounter. Many ports have seen increased port congestion as a result of Covid-19 and strong demand. These delays are a problem because, aside from inefficiencies in terms of time, primarily result in greater costs at all stages of freight transport and delivery. Fleet Operations Managers may assess the amount of time spent at a major port, estimate probable delays, and make voyage-related choices, such as reducing speed to conserve fuel and improve vessel efficiency. Vessel Traffic Management solutions will assist ports in keeping track of vessels as they travel across the seas, planning efficient operations while accounting for bunkering costs and weather, and reviewing visual voyage reports to analyze incidents, performance, and charter party compliance. Restraint: Effect of natural disasters on ports Natural catastrophes such as hurricanes, typhoons, and earthquakes wreak havoc throughout the world on a regular basis, wreaking havoc on national and regional economy. High population density, economic expansion, and climate change are all factors contributing to natural catastrophes' rising economic toll. Firms, businesses, and people struggle to repair and rebuild their livelihoods in the aftermath of a disaster during the recovery phase. This involves a company's capacity to bring its goods to export markets, guaranteeing that it can continue to operate. Disasters in coastal locations, particularly port cities, will damage not just the companies in the devastated city, but also those in the surrounding region that use the city's port services. The subsequent interruptions have the potential to extend across supply systems, causing massive economic damage. 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. Full Report @ https://www.marketsandmarkets.com/Market-Reports/vessel-traffic-management-market-226816165.html About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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