PUBLISHER: The Business Research Company | PRODUCT CODE: 1414376
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414376
“Maritime Surveillance and Intervention Market 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 and intervention 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 and intervention market? 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 and intervention 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 and intervention is an activity aimed at optimizing maritime security. The primary objective of this endeavor is to attain a heightened level of situation awareness that facilitates the timely identification and prevention of events impacting maritime security, environmental concerns, and border control.
The main systems involved in maritime surveillance and intervention include detectors, combat management systems, surveillance and tracking technologies, and geographic information systems (GIS). Detectors in this context refer to systems providing visual and auditory signals, along with potential alarms in different areas of the vessel. They are designed to deliver visible and audible warnings on the vessel in case of specific failures or erratic movements. The associated services encompass risk assessment and investigation, maintenance and support, and security management. These systems find application in naval, coast guard, and various other sectors.
The maritime surveillance and intervention market research report is one of a series of new reports from The Business Research Company that provides maritime surveillance and intervention market statistics, including maritime surveillance and intervention industry global market size, regional shares, competitors with a maritime surveillance and intervention market share, detailed maritime surveillance and intervention market segments, market trends and opportunities, and any further data you may need to thrive in the maritime surveillance and intervention industry. This maritime surveillance and intervention market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The maritime surveillance and intervention market size has grown rapidly in recent years. It will grow from $26.18 billion in 2023 to $29.06 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The expansion observed in the historical period can be attributed to factors such as maritime security concerns, the prevalence of illegal activities and piracy, national defense initiatives, search and rescue operations, and environmental monitoring efforts.
The maritime surveillance and intervention market size is expected to see rapid growth in the next few years. It will grow to $43.29 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The anticipated growth in the forecast period can be attributed to geopolitical tensions, emerging threats, humanitarian assistance efforts, the adoption of technological innovations, and international collaborations. Major trends expected in the forecast period include the adoption of blockchain for enhanced maritime data security, the development of autonomous underwater vehicles, a focus on counter-drone technologies for maritime security, the introduction of high-frequency radar systems, and increased collaboration and information sharing among maritime nations.
The anticipated increase in trade and freight activities by sea is poised to drive the growth of the maritime surveillance and intervention market in the foreseeable future. Maritime trade involves the transportation of commodities by sea, offering lower emissions on long voyages and reduced transportation costs. The cost-effectiveness and environmental friendliness of sea transport make it a preferred method for long-distance commodity transportation. With the global commercial shipping fleet reaching 2,134,640 thousand dead-weight tons in 2021, a 3.04% increase from 2,071,638 in 2020, as per the Maritime Transport 2021 report by the United Nations Conference on Trade and Development (UNCTAD), there is a growing demand for maritime surveillance and intervention to ensure a prompt response to emergent maritime safety or security scenarios.
The upward trajectory of military expenditure is expected to contribute to the growth of the maritime surveillance and intervention market. Military expenditure involves allocating financial resources to fund a nation's military forces, defense infrastructure, and related activities. With geopolitical competition and security threats, rising military expenditure utilizes maritime surveillance and intervention to safeguard national interests and protect strategic sea routes. The Stockholm International Peace Research Institute reported that world military expenditure reached a new record high of $2,240 billion in 2022, marking a 3.7% increase in real terms compared to the previous year. The top three spenders in 2022 were the United States, China, and Russia, accounting for 56% of the world total. The escalating military expenditure acts as a driving force behind the growth of the maritime surveillance and intervention market.
Technological advancements stand out as a key trend gaining traction in the maritime surveillance and intervention market. Major players in this industry are concentrating on developing technologically advanced solutions that incorporate artificial intelligence, big data analytics, IoT, digital route management, surveillance satellites, and autonomous control systems to enhance their market positions. For example, in July 2021, Elecnor Deimos, a Spain-based aerospace and defense company, introduced the Neptune CubeSat, a maritime surveillance satellite utilizing cutting-edge technologies such as 3D printing, new materials such as ULTEM®, artificial intelligence, and intelligent sensorization. This advanced satellite employs information technology capable of analyzing millions of data points collected by ground stations using artificial intelligence technology.
Strategic partnerships have become a notable approach among major companies in the maritime surveillance and intervention industry. These partnerships involve leveraging complementary expertise and combining resources to develop comprehensive solutions that address complex maritime security challenges globally. For instance, in November 2023, Aerodata AG, a Germany-based provider of flight inspection systems, partnered with Milkor (Pty) Ltd., a South Africa-based Defense and Aerospace company, to launch a Milkor 380-based MALE UAS focused on maritime surveillance. This UAS offers dual-mode operation at altitudes ranging from 10,000 to 30,000 ft, a 35-hour endurance, a 1,300 kg Maximum Take-Off Weight, and customizable payloads, presenting a significant enhancement to global surveillance aircraft fleets.
In January 2022, Torch.AI, a US-based artificial intelligence (AI) powered ultra-high-speed data processing company, acquired B23 for an undisclosed amount. This acquisition brought B23's experience in applying machine learning to real-world situations together with Torch.AI's software platform, Nexus, aiming to provide substantial support to the United States Navy in various ways. B23 is a Virginia-based maritime surveillance company.
Major companies operating in the maritime surveillance and intervention market market report are Indra Sistemas S.A., Saab Aktiebolag, Raytheon Technologies Corporation, Elbit Systems Limited, Furuno Electric Company Limited, SRT Marine Systems Public Limited Company, Kongsberg Gruppen ASA, Neptune Maritime Security Limited, Securewest International Limited, Dassault Aviation S.A., Naval Group, Hart Maritime Ltd., Seagull Maritime Security Ltd., Solace Global Maritime, Maritime/Air Systems & Technologies, Navantia S.A. Empresa Nacional Bazan de Construccion Naval Militar, Austal Limited, Damen Shipyards Group N.V., Huntington Ingalls Industries Inc., Mitsubishi Heavy Industries Ltd., Samsung Heavy Industries Co. Ltd., Hyundai Heavy Industries Co. Ltd., China Shipbuilding Industry Corporation, Bharat Electronics Limited, Larsen & Toubro Limited, Rolta India Limited, Zen Technologies Limited, Safran Electronics & Defense, ThalesRaytheonSystems, Airbus Defence and Space
North America was the largest region in the maritime surveillance and intervention market share in 2023. The regions covered in the maritime surveillance and intervention market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the maritime surveillance and intervention market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The maritime surveillance and intervention market includes revenues earned by entities by providing vessel traffic services, offshore energy, maritime security, atmosphere monitoring, emergency management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.