PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358979
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1358979
According to Stratistics MRC, the Global Maritime Surveillance Market is accounted for $33.09 billion in 2023 and is expected to reach $70.89 billion by 2030 growing at a CAGR of 11.5% during the forecast period. The systematic monitoring and observation of events and activities occurring in maritime or oceanic environments is referred to as maritime surveillance. Information about maritime activities, such as those involving ships, maritime borders, coastal regions, and maritime resources, is gathered, analyzed, and distributed. In addition to ensuring the security, safety, and effectiveness of marine operations, maritime surveillance also aims to prevent and identify unlawful acts like smuggling, piracy, illegal fishing, and uncontrolled vessel movement.
According to United Nations Conference on Trade and Development, maritime transportation trade would decrease to 1.4% growth in 2022.
In order to protect coastal communities, ports, and marine trade routes from hazards like piracy, smuggling, terrorism, and illegal fishing, it is more important than ever to have effective maritime surveillance systems. Additionally, the development of more sophisticated and efficient marine surveillance solutions has been made possible by advancements in sensor technologies, data analytics, communication systems, and unmanned platforms, improving situational awareness and operating capabilities.
Large investments in infrastructure, personnel, and equipment may be necessary to implement and maintain marine surveillance systems. Particularly for nations with low resources, the high cost of obtaining and maintaining these systems can be a considerable barrier. However, systems for maritime surveillance must integrate a variety of technologies, be platform-neutral, and have efficient data-sharing and analytic capabilities. Adoption and effectiveness of such systems may be hampered by the need to resolve technical issues and ensure smooth integration.
In order to track vessel movements, identify possible hazards, and provide effective traffic management, marine surveillance solutions are increasingly in demand as a result of the expansion of global trade and the rising number of products transported over sea routes. Additionally, to monitor and comprehend activity within their maritime domains, including territorial waters, exclusive economic zones (EEZs), and high-seas areas, governments and maritime authorities are placing an increasing emphasis on the development of comprehensive marine domain awareness capabilities.
International collaboration and the exchange of data are frequently necessary for successful surveillance in the field of maritime security, which is a worldwide problem. However, effective collaboration and coordination in maritime surveillance activities can be hampered by geopolitical tensions, territorial disputes, and varying national goals. Environmental risk monitoring, mitigation, and marine ecosystem preservation are important factors in maritime surveillance. However, the efficiency and dependability of surveillance systems can be impacted by unfavorable weather, natural disasters, and logistical difficulties in remote or challenging regions.
The marine surveillance market has suffered as a result of the COVID-19 outbreak. Due to the epidemic, numerous nations imposed strict rules and prohibited the import and export of raw materials, which caused an enormous decrease in the price of the valuable components required for the production of marine surveillance systems. Additionally, the global shutdown led manufacturers in a number of countries to completely or partially shut down their operations.
Due to the numerous tracking programs that monitor the location and issue appropriate alerts to protect ships, ports, and other transportation infrastructure, the surveillance and tracking segment held the largest share of the market. Additionally, many nations have updated their maritime tracking and surveillance systems as a result of the increasing prevalence of marine risks like piracy. In order to combat a variety of criminal activities, such as pirate attacks and illegal fishing trailers, surveillance is essential in maritime environments.
The market for sensors is anticipated to grow profitably throughout the forecast period. Sensors are employed in a number of maritime applications, including measuring the load on cranes and deck raises as well as the position of hydraulic cylinders and tank pressure. Additionally, near-lossless transmission, increased sensitivity during data collection, and ongoing real-time analysis are some of the primary benefits of sensors.
Due to the growing demand for innovative software to detect maritime dangers and ensure communication with all available officials across the maritime sector, the Asia-Pacific region is anticipated to hold the largest share during the forecast period. As part of its investment in enhancing its maritime capabilities, Japan also intends to upgrade naval patrol craft, ground force radars, and missile units, acquire and realign ISR assets to sensitive areas, and develop amphibious assault capability within a joint JSDF task force.
North America is estimated to witness lucrative growth over the projection period. The number of Americans that engage in water-related recreational activities has been identified by the US as the main factor influencing the growth of the marine surveillance market. Additionally, rising demands for maritime security in the US are anticipated to increase demand for marine surveillance in the region. Additionally, the increase in trade and freight transition activities through the sea, as well as increased marine safety awareness, are boosting the region's market growth.
Some of the key players in Maritime Surveillance Market include: Bharat Electronics, Elbit Systems, Furuno Electric Co Ltd, Indra Systemas, Kongsberg Gruppen, Lockhood Martin, Northrop Grumman, Raytheon Anschutz GmbH, SAAB, SRT Marine Systems Plc, Terma and Thales Group.
In November 2022, SRT Marine Systems, a marine surveillance and coastal monitoring technology company, announced that it had signed a contract with a significant coastguard in Asia to provide an initial SRT-MDA maritime monitoring system. The contract is for a small system that would enable the coastguard to coordinate several other national agencies when identifying and to schedule vessel inspections for safety, law enforcement, and security purposes.
In May 2022, The Defense Ministry of India announced a contract worth INR 887 crore with Larson & Toubro (L&T) Limited for procuring two multi-purpose vessels (MPV) for the Navy.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.