PUBLISHER: The Business Research Company | PRODUCT CODE: 1414375
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414375
“Maritime Surveillance Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on maritime surveillance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for maritime surveillance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The maritime surveillance market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Maritime surveillance is a comprehensive process that involves maintaining knowledge and awareness of all marine operations. It encompasses the systematic application of various tools, such as visual, auditory, digital, photographic, and others, to observe regions, people, or objects in aerospace, cyberspace, the physical world, or other locations.
The main components of maritime surveillance include sensors, radar, Automatic Identification System (AIS) receivers, software, and other technologies. Sensors, in this context, refer to instruments that detect inputs from the physical world and respond accordingly. They are used to detect individuals at distances of at least 2.8 miles and other boats up to 10 miles away. Supplementary indicators, including lasers and laser rangefinders, are capable of marking and measuring the distance between objects. Maritime surveillance finds applications in naval, coast guard, and various other sectors, serving defense, customs, fisheries, intelligence, and other end-users.
The maritime surveillance market research report is one of a series of new reports from The Business Research Company that provides maritime surveillance market statistics, including the maritime surveillance industry global market size, regional shares, competitors with a maritime surveillance market share, detailed maritime surveillance market segments, market trends, and opportunities, and any further data you may need to thrive in the maritime surveillance industry. This maritime surveillance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The maritime surveillance market size has grown strongly in recent years. It will grow from $23.05 billion in 2023 to $25.03 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The expansion observed in the historical period can be attributed to factors such as increased globalization, rising security threats, environmental concerns, adoption within the commercial industry, and efforts towards collaboration and cooperation.
The maritime surveillance market size is expected to see strong growth in the next few years. It will grow to $34.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be attributed to factors such as data integration and information sharing, the integration of the commercial sector, geopolitical developments, heightened environmental concerns, and security challenges. Major trends expected in the forecast period include increased collaboration and information sharing, greater adoption within the commercial industry, escalating geopolitical tensions, a focus on environmental protection, heightened security concerns, and the continued increase in global trade.
The anticipated surge in maritime commerce activity is poised to drive the expansion of the maritime surveillance market in the near future. Maritime commerce involves the exchange of goods through marine transport systems. The growing maritime commerce activity contributes to the expansion of the maritime surveillance market, encompassing all necessary procedures for identifying, tracking, and understanding activities in the maritime domain and related fields. For example, in November 2022, the United Nations Conference on Trade and Development reported an increase in international maritime trade to 11 billion tons in 2021. Consequently, the rise in maritime commerce and freight transport activity acts as a catalyst for the growth of the maritime surveillance market.
The increasing adoption of autonomous vessels and robots is expected to be a driving force behind the growth of the maritime surveillance market. Autonomous vessels are watercraft that operate without direct human control. Integrating maritime surveillance into autonomous vessels and robots provides benefits such as enhanced situational awareness, collision avoidance, improved navigation accuracy, remote monitoring and control, reduced human error, decreased risk in hazardous environments, and swift response to emergencies. According to a report by NATO in April 2022, the projection is for 21 autonomous ships by 2025, with an anticipated increase to 143 autonomous ships by 2045. This uptrend in the adoption of autonomous vessels and robots propels the growth of the maritime surveillance market.
A prominent trend in the maritime surveillance market is the emphasis on product innovation. Major companies in this market are concentrating on developing innovative products to fortify their market positions. For instance, in May 2023, Image Soft, a maritime technology company based in Finland, launched the third generation of its UNWAS system. This system, equipped with entirely novel digital circuitry and software, can detect and warn of both underwater and surface hazards using a distributed modular sensor network with passive hydrophones and other sensors. It excels in handling rigorous acoustic underwater circumstances in various adverse settings.
Major companies engaged in the maritime surveillance market are directing their efforts towards introducing advanced solutions, including underwater surveillance systems (UNWAS), to drive market revenues. An underwater surveillance system (UNWAS) is a highly automated marine surveillance system designed to detect, locate, and categorize all underwater dangers. In May 2023, Image Soft, a Finland-based underwater and maritime technology company, launched the third generation of its UNWAS system. This system provides a comprehensive underwater surveillance solution, enhancing global security and protecting critical infrastructure. The third-generation UNWAS system ensures around-the-clock protection for underwater pipelines and subsea cables, capable of detecting and classifying various underwater dangers, even in busy and noisy shipping lanes.
In February 2021, Ocean Power Technologies, a US-based company specializing in electric energy and communication solutions for distant offshore applications, acquired 3Dent Technology LLC for an undisclosed amount. This strategic move aimed to enhance market value, broaden the offering, and increase revenue. 3Dent Technology LLC, a US-based company offering offshore engineering services, vessel monitoring, and sensors, operated in the maritime surveillance market.
Major companies operating in the maritime surveillance market report are Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, Lockheed Martin Corporation, Saab AB, Elbit Systems Ltd., Kongsberg Gruppen ASA, Indra Sistemas S.A., Furuno Electric Co. Ltd., Bharat Electronics Limited, SRT Marine Systems plc, Terma A/S, Smiths Group plc, Westminster Group plc, OSI Maritime Systems Ltd., Safran SA, Sonardyne International Ltd., Hensoldt AG, Honeywell International Inc., L3Harris Technologies Inc., Mind Technology Inc., General Dynamics Corporation, BAE Systems plc, Leonardo SpA, FLIR Systems Inc., Israel Aerospace Industries Ltd., Teledyne Technologies Incorporated, CONTROP Precision Technologies Ltd., Kelvin Hughes Limited, Navico Holding AS, Harris Corporation, Pole Star Space Applications Ltd., Inmarsat plc, Orbcomm Inc., Iridium Communications Inc., Speedcast International Limited, Marlink AS, Intelsat SA, SES SA, Viasat Inc.
Asia-Pacific was the largest region in the maritime surveillance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global maritime surveillance market report during the forecast period. The regions covered in the maritime surveillance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the maritime surveillance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The maritime surveillance market includes revenues earned by entities by gathering, analyzing, consolidating, and sharing data, with the information captured using a wide range of sensors and sensor combinations working across multiple areas of the spectrum (electronic signals, pictures, interactions, acoustics and installed on multiple systems (satellites, ships, and airplanes,). The market value includes the value of related goods sold by the service provider or included within the service offering. The maritime surveillance market also includes sales of active sensors and platforms, communication links, and passive sensors and platforms. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.