PUBLISHER: The Insight Partners | PRODUCT CODE: 1153751
PUBLISHER: The Insight Partners | PRODUCT CODE: 1153751
The collision avoidance and object detection maritime market is projected to reach US$ 722.09 million by 2028, growing at a CAGR of 8.2% from 2022 to 2028.
Collision avoidance and object detection solutions focus on ensuring the safety of sea-faring vessels. It can aid in the early detection of objects in the path of the vessel, coupled with accurate identification of the type of object. The accurate identification of the type of an object is very important, since not all objects necessitate the movement of vessels from their designated path, while in other cases, only speed modification would suffice. For instance, if another vessel is crossing the path of a vessel, lowering of speed can allow the other vessel to pass, while the first vessel can remain on course. However, due to low tides, if a rock has surfaced and blocks the path of a vessel, the object detection technology can accurately identify the same and the vessel can change its course to navigate safely.
With the rising number of vessels and growing maritime-dependent trade, there is a rising demand for collision avoidance and object detection solutions. As per the UNCTAD Handbook of Statistics, in January 2021, the number of fleet ownership and vessel reached 53,973 units across the world. Also, per the UNCTAD statistics data from 2021, the number of ships increased from 53,275 in 2020 to 53,973 in 2021. 15 countries are primarily contributing to the growth in number of ships across the globe. An increasing number of ships increases the chances of collision. This is boosting the demand for collision avoidance and object detection systems, promoting collision avoidance and object detection maritime market growth.
Impact of COVID-19 Pandemic on Collision Avoidance and Object Detection Maritime Market Growth
The limitations imposed by governments to control the spread of COVID-19 affected the manufacturing of semiconductors in 2020. Stringent restrictions and supply chain disruptions jeopardized the manufacturing of electronic devices. The COVID-19 pandemic affected the economy, transportation, infrastructure, and electronics & semiconductor industries. Travel restrictions and business shutdowns disrupted the operations of electronics & semiconductor firms, severely hampering the production of systems based on radar and LiDAR. Further, the manufacturers of various electronics and semiconductor products experienced delays in lead time, which restrained the collision avoidance and object detection maritime market growth till mid-2020. According to the Marine Traffic data, ship arrivals decreased in nearly all of China's ports from January to March 2020. Container exports out of Chinese ports were severely disrupted during the second half of 2020, as the ports were under-staffed and were unable to forward and receive containers inland. The outlook post-COVID 19 for the collision avoidance and object detection maritime market growth seems favorable for most collision avoidance and object detection maritime market players. This is primarily owing to removal of travel restrictions and increasing consumer spending on cruise ships. Growth of passenger cruises and rise in tourism is favoring adoption these systems in cruise ships, positively impacting collision avoidance and object detection maritime market growth.
The collision avoidance and object detection market in APAC is expected to experience substantial growth opportunities with persistent developments in new technologies by various industry players. For instance, in August 2022, the Singapore marine industry received its first autonomous vessel verified with a smart (autonomous) notation of the Maritime and Port Authority of Singapore (MPA). The harbor tug was first rewarded with remote-control navigation and autonomous notation from ABS. Also, progress in the IT infrastructure with the implementation of 5G technology is bolstering the connectivity for real-time data collection and monitoring, encouraging the use of collision avoidance and object detection systems in maritime fleets for safety and real-time scheduling. Port docking, real-time traffic management, and collision avoidance (of two ships) can be mitigated by the collision avoidance and object detection systems. In February 2020, BSB Artificial Intelligence developed OSCAR, a sea-based system designed using FLIR thermal imaging technology, to detect floating objects on seawater. Such developments are expected to propel the collision avoidance and object detection maritime market growth in the coming years.
On the basis of application, the collision avoidance and object detection maritime market is segmented into blind spot detection, night vision, and others. The others segment accounted for the largest share of the market in 2021. The others segment includes systems such as fish tracking systems, mine detection systems, and thermal imaging systems. Thermal imaging technology is used to detect and avoid floating objects that are difficult to locate. Further, thermal imaging systems are highly effective in robust marine operations.
Benewake (Beijing) Co., Ltd.; Furono Electric Co., Ltd.; Garmin Ltd.; Orlaco Products BV; Raytheon Anschutz GmbH; Robopec SAS; Sea Machines Robotics, Inc.; Teledyne FLIR LLC; Terma A/S and Velodyne Lidar, Inc. are among the key collision avoidance and object detection maritime market players.
The overall collision avoidance and object detection maritime market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the collision avoidance and object detection maritime market. The process also serves the purpose of obtaining an overview and forecast of the collision avoidance and object detection maritime market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. Participants in this process include VPs, business development managers, market intelligence managers, national sales managers, external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the collision avoidance and object detection maritime market.
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