The Maritime Surveillance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Maritime Surveillance Global Market Report 2024, 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 growth in the historic period can be attributed to increased globalization, security threats, environmental concerns, commercial industry adoption, 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 growth in the forecast period can be attributed to data integration and information sharing, commercial sector integration, geopolitical developments, environmental concerns, security challenges. Major trends in the forecast period include collaboration and information sharing, commercial industry adoption, geopolitical tensions, environmental protection, security concerns, increased global trade.
The increase in maritime commerce activity is expected to propel the growth of the maritime surveillance market in the coming future. Maritime commerce refers to the buying and selling of goods through the marine transport system. The increase in maritime commerce activity is expanding the maritime surveillance market, as it comprises all procedures required for identifying, tracking, and comprehending activities in the marine domain as well as in all other fields that have a bearing on the maritime environment. For instance, in November 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental body inside the United Nations Secretariat that advocates developing nations' interests in international commerce, the international maritime trade increased to 11 billion tons in 2021. Therefore, the increase in maritime commerce and freight transport activity is driving the maritime surveillance market.
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The maritime surveillance market covered in this report is segmented –
1) By Component: Sensors, Radar, Automatic Identification System (AIS) Receiver, Software, Other Components
2) By Application: Naval, Coast Guard, Other Applications
3) By End-User: Defense, Customs, Fisheries, Intelligence, Other End-Users
Product innovation is the key trend gaining popularity in the maritime surveillance market. Major companies operating in the maritime surveillance market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2023, Image Soft, a Finland-based maritime technology company launched, third generation UNWAS system. This system is equipped with entirely novel digital circuitry and software. The third-generation UNWAS system detects and warns of both underwater and surface hazards using a distributed modular sensor network with passive hydrophones and other sensors. It can handle rigorous acoustic underwater circumstances in numerous adverse settings.
The maritime surveillance market report table of contents includes:
1. Executive Summary
2.Maritime Surveillance Market Characteristics
3.Maritime Surveillance Market Trends And Strategies
4.Maritime Surveillance Macro Economic Scenario
5. Maritime Surveillance Market Size And Growth
6.Maritime Surveillance Segmentation
7.Maritime Surveillance Regional And Country Analysis
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27.Maritime Surveillance Competitive Landscape And Company Profiles
28.Maritime Surveillance Key Mergers And Acquisitions
29. Maritime Surveillance Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
- Thales Group
- Lockheed Martin Corporation
- Saab AB
- Elbit Systems Ltd.
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At an estimated value of over USD 29.46 billion in 2019, the Global Maritime Reconnaissance and Surveillance Technology Market is predicted to thrive at a CAGR of 5.5% and valued at over USD 48.93 billion over the forecast year 2020-2030.
The maritime reconnaissance and surveillance technology is a feedback system which consists of deployment of surveillance assets.
Hence, the reconnaissance and surveillance technologies have become the key to develop accurate and clear maritime situational awareness.
The rapid technological advancements has led to the shift in the way maritime forces manage and utilize Intelligence, Surveillance and Reconnaissance (ISR) capabilities.Access Full Description of this report at:- https://www.nextmsc.com/report/maritime-reconnaissance-and-surveillance-technology-market Top Companies: Boeing, Kongsberg Gruppen, SAAB, Thales SA, Raytheon Technologies, Indra Sistemas, Rheinmetall Air Defence, Kawasaki Heavy Industries, Ltd and others.The global maritime reconnaissance and surveillance technology market share is segmented on the basis of component, platform, and geography.
On the basis of component, the market is categorized into hardware (radar, sensors, AIS receiver, camera, SONOBUOYS/sonar, and others), software, and services (manage services/maintenance, integration and implementation, training and consulting).
This is attributed to the increasing deployment of advanced maritime surveillance systems along with the high government spending on defense sector.
