Yahoo Finance Maritime Surveillance Market size is set to grow by USD 1.48 bn from 2023-2027, growing marine threats to boost the market growth, Technavio
NEW YORK, May 17, 2024 /PRNewswire/ -- The global maritime surveillance market size is estimated to grow by USD 1.48 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 3.65% during the forecast period.
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Forecast period | 2023-2027 |
Base Year | 2022 |
Historic Data | 2017 - 2021 |
Segment Covered | Component (Sensors, Radar, AIS receiver, and Software and others), End-user (Defense, Customs, Fisheries, Intelligence, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) |
Region Covered | North America, Europe, APAC, Middle East and Africa, and South America |
Key companies profiled | Airbus SE, BAE Systems Plc, Elbit Systems Ltd., Furuno Electric Co. Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Systems Corp., Raytheon Technologies Corp., Saab AB, Safran SA, Sonardyne International Ltd., SRT Marine Systems Plc, Teledyne Technologies Inc., Terma AS, Thales Group, and The Boeing Co. |
Key Market Trends Fueling Growth
The maritime surveillance market is experiencing significant growth due to increasing maritime threats, such as piracy, sabotage, and unlawful acts, in critical regions like the South China Sea and the Indian Ocean. China's naval fleet expansion and aggressive deployment in these areas have led to concerns regarding maritime safety and security. Furthermore, ports and coastal surveillance technologies are essential for monitoring international trade and ensuring the protection of vital resources. The use of advanced technologies, including radio communication systems and satellite communication systems, plays a crucial role in real-time onshore and underwater surveillance. Maritime transport, trade restrictions, raw material shortages, and equipment shortages also impact market growth. Labor shortages and transport capacity constraints are additional challenges. Digital technologies are increasingly being adopted to enhance communication, crew changes, and seafarer employment contracts. Overall, the maritime surveillance market is driven by the need to ensure safety, security, and efficiency in global maritime operations.
Market Challenges
Maritime surveillance markets encompass solutions for effective information sharing, communications, and incident management in major ports and waterways. Key technologies include radar, sonar, and combat management systems for detecting incidents, ensuring situational awareness, and combating maritime terrorism and piracy. These systems support safe transit of goods, people, and vessels, while addressing risks such as navigational errors, adverse sea conditions, and collisions. Additionally, they aid in the detection of illegal activities, providing live video streaming and imagery data for law enforcement processes. Remote workers and traveling employees benefit from these systems, ensuring safety in the context of global sea trade and criminal activities. Furthermore, sensors and multi-purpose vessels (MPV) are utilized for underwater detection and surveillance of artificial structures and animal life, enhancing overall maritime safety standards.
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Segment Overview
This maritime surveillance market report extensively covers market segmentation by
Component
1.1 Sensors
1.2 Radar
1.3 AIS receiver
1.4 Software and others
End-user
2.1 Defense
2.2 Customs
2.3 Fisheries
2.4 Intelligence
2.5 Others
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1 Sensors- In the maritime industry, component market segmentation plays a significant role in enhancing maritime safety and security. Components such as sensors, communication systems, and surveillance technologies are integral to ports, coastal surveillance, and maritime transport. These technologies aid in real-time detection of maritime threats, including piracy, sabotage, and unlawful acts. Maritime safety is paramount in international trade, with patrols by coast guards and sea marshals employing semaphore techniques and technological proliferation to ensure security. Advanced technologies like radio communication systems and satellite communication systems facilitate continuous, real-time analysis of data. Detection techniques, including underwater surveillance, are crucial in addressing maritime threats. Maritime transport faces challenges such as transport capacity constraints, equipment shortages, labor shortages, and communication issues. Digital technologies are transforming the industry, with applications in crew changes, employment contracts, closed borders, airports, ships, planes, and global trade. Commercial fishing and cruise ships also benefit from these advancements, ensuring the safety and efficiency of maritime operations.
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Research Analysis
The Maritime Surveillance Market encompasses advanced technologies and solutions designed to ensure maritime safety and security at ports and coastal areas. This market caters to the needs of various stakeholders, including governments, businesses, and international organizations. Maritime threats such as piracy, sabotage, unlawful acts, maritime terrorism, and attacks on vessels continue to pose significant challenges to international trade and commerce. To mitigate these risks, maritime surveillance technologies are being increasingly adopted for data collection and monitoring. These solutions employ various sensors and platforms, such as satellite imagery, unmanned aerial vehicles (UAVs), and automated identification systems (AIS), to detect and respond to potential threats in real-time. The market is expected to grow significantly due to the increasing demand for enhanced maritime security and the rising volume of international trade by sea.
Market Research Overview
The Maritime Surveillance Market encompasses technologies and solutions designed to monitor and protect coastal areas, ports, and offshore assets. These systems utilize various sensors and technologies such as radar, sonar, satellite imagery, and communication systems to detect and respond to potential threats. The market is driven by increasing security concerns, growing trade and maritime traffic, and advancements in technology. The market also faces challenges such as high implementation costs and the need for interoperability between different systems. The future of maritime surveillance lies in the integration of advanced technologies like AI and machine learning to enhance situational awareness and improve response times.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Component
End-user
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
