Marine Sensors Market Forecasts to 2030 - Global Analysis By Product Type, Platform, Application and By Geography

According to Stratistics MRC, the Global Marine Sensors Market is accounted for $35.3 billion in 2023 and is expected to reach $56.0 billion by 2028 growing at a CAGR of 6.8% during the forecast period. Small devices called sensors are employed aboard different types of ships to collect real-time data and monitor the environment. There are many different configurations and applications for these devices. Pressure, temperature, flow rates, acceleration, tilt, and other factors are measured using marine sensors. Moreover, sensors play a crucial part in enhancing a ship's performance and assessing the reliability of the marine vehicle because they are intentionally designed to withstand tough conditions. Marine sensors also aid in the real-time analysis of component data related to their applications and enhance the performance capabilities of ships, navy vessels, and other boats.

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Market Dynamics:

Driver:

Increasing demand for autonomous ships

The market for maritime sensors has expanded as a result of increased investments in R&D activities by numerous top shipbuilders and system developers globally for the expansion of fully autonomous ships. It is anticipated that autonomous ships will be put into operation as efficient, safe, and sustainable forms of operation for the maritime sector. Additionally, because IoT in marine technology is being adopted quickly, ports are increasingly investing globally in independent networks to support their distinct cloud-based IoT.

Restraint:

Sensor calibration and maintenance process

Without regular calibration and maintenance of sensors, no gear or system can be intelligent. All intelligent systems depend on smart sensors with sensing, self-processing signal processing, and communication capabilities to process data quickly and accurately with the central station. The more complicated smart sensor circuits require more frequent and time-consuming maintenance. Multiple safety issues can result from miscalibrated sensors. Increased spending on condition monitoring and preventative maintenance systems may slow market expansion.

Opportunity:

Adoption of AI-based sensors in ships

Construction of modern ships has been simpler thanks to technological advancements in robotics, big data, propulsion, smart shipping, and sensors. A lot of human jobs, like inspecting shipboard equipment, are now replaced by sensor technology. Furthermore, sensors employ machine learning and AI to carry out a variety of autonomous functions without the need for human assistance. The ability to interface to distant facilities, analyse data, and send alerts when any of the ship's components require maintenance is what is causing the market to grow.

Threat:

Lack of accuracy standards and transparency

The accuracy and range of each manufacturer's product are stated, but these specifics are typically vague and variable. Additionally, devices are put through a variety of testing stages. If these sensors were required to attain a specified performance level, developers and manufacturers would profit from specific standards and testing procedures when launching their products to marketplaces around the world. The segment's expansion is being hampered by the possibility of measurement errors.

COVID-19 Impact:

Lockdowns were instituted in response to the corona virus pandemic in order to stop the virus's spread. Due to a lack of workers, the crisis had an impact on marine sensor makers. Many producers and manufacturing facilities were shut down as a result of supply chain disruption. Additionally, international marine transportation systems are disorganised as a result of some nations' restrictions or outright bans on ship admission. Therefore, volatility in the marine and shipping industries imposed financial challenges, and some of them failed as a result of the drop in shipping and cargo demand. Due to this, there was a decline in the need for sensors during the epidemic.

The flow and levels segment is expected to be the largest during the forecast period:

The flow and levels segment is estimated to have a lucrative growth, due to it plays a relevant role in several fields in the aquatic environment. In marine fleets, these sensors are commonly employed. It has been discovered that underwater acoustics is a useful tool with a wide range of applications, including soundscape assessment utilising acoustic indicators, ecological assessment of noise pollution, and performance assessments of biomass estimations for fishing reasons.

The intelligence & reconnaissance segment is expected to have the highest CAGR during the forecast period:

The intelligence & reconnaissance segment is anticipated to witness the fastest CAGR growth during the forecast period, due to it tracks real-time data of the surrounding environment. Autonomous vessels are more dependable because to Artificial Intelligence (AI) technology. The analysis of information about the possible opponent, position, and other factors is made easier by evolving intelligence and reconnaissance sensors. During the projected period, the market is expected to increase due to current infrastructure and automation equipped with cutting-edge maritime sensors for accurate trip data.

Region with Largest share:

North America is projected to hold the largest market share during the forecast period owing to adoption of next-generation advanced autonomous underwater vehicles. The market is expected to grow as a result of rising demand for small, low-power sensors and major investments in R&D by key manufacturers to provide innovative military power solutions. Additionally, during the anticipated period, the market is expected to develop as a result of the federal government increasing funds for military purchase plans for all military platforms.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the increasing popularity of cruising. In the area, there have been several developments in the field of military sensors. The demand for advanced sensor applications is rising throughout the region due to the growing use of ships and unmanned underwater vehicles for naval threat defence, surveillance, and other applications.

Key players in the market

Some of the key players profiled in the Marine Sensors Market include Raytheon Company, Honeywell International Inc.., BAE Systems Plc, TE Connectivity Ltd., Gill Instruments, General Electric Company, NRG Systems Inc., Lockheed Martin Corporation, Saab AB, Garmin Ltd., Vectornav Technologies, LLC., Thales Group, Esterline Technologies Corporation, Imperx, Inc., Meggitt PLC., SST Sensing Ltd Company and Kongsberg Maritime.

Key Developments:

In October 2022, Teledyne FLIR Defense was awarded a firm-fixed-price contract to provide MARFLIR (Maritime Forward Looking Infrared) II sensors to the United States Coast Guard (USCG). The total value of the agreement was USD 48.7 million.

In September 2022, Tomahawk Robotics won a contract through the Marine Corps Warfighting Laboratory to provide sensors, payloads, and multiple unmanned systems. The two-year agreement was valued at USD 6.5 million.

Product Types Covered:

• Magnetometer
• Seismic
• Acoustic
• Sonars
• Temperature
• Flow and Levels
• Magnetic
• Pressure
• Gyroscope
• Altimeter
• Proximity
• Accelerometers
• Other Product Types

Platforms Covered:

• Munition
• Submarine
• Unmanned System
• Surface Warship
• Other Platforms

Applications Covered:

• Target Recognition
• Electronic Warfare
• Surveillance & Monitoring
• Combat Operations
• Intelligence & Reconnaissance
• Communication & Navigation
• Command & Control
• Simulation & training
• Cybersecurity
• Artillery System
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances