5 Key Takeaways From The Maritime Surveillance Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Maritime Surveillance Global Market Report 2023, the maritime surveillance market is expected to show significant growth in the forecast period.
The global maritime surveillance market is on a growth trajectory, with its size expected to increase from $21.17 billion in 2022 to $23.05 billion in 2023 at a CAGR of 8.9%. Projections suggest that this upward trend will persist, reaching $31.41 billion by 2027 with a CAGR of 8.0%. A significant driver for this expansion is the surge in maritime commerce activity.
- Defining Maritime Commerce: This involves the exchange of goods via marine transport systems. It encompasses processes for identifying, tracking, and understanding activities in the marine domain, crucial for the maritime surveillance market’s growth.
- UN Conference on Trade and Development Data: In November 2022, the United Nations Conference on Trade and Development reported an increase in international maritime trade to 11 billion tons in 2021, marking a 3.2% rise from 2020. This surge underscores the pivotal role of maritime commerce in propelling the maritime surveillance market.
Players in the Field
Numerous major players contribute to the maritime surveillance market’s dynamics. Companies such as Northrop Grumman, Raytheon Technologies Corporation, and Thales Group are at the forefront, shaping the industry landscape.
- Leading the Charge: Major Players include Northrop Grumman, Raytheon Technologies Corporation, Thales Group, Lockheed Martin, and more. These industry giants play a crucial role in steering the maritime surveillance market.
Innovations on the Horizon
One notable trend shaping the maritime surveillance market is a focus on product innovation. Companies are investing in developing cutting-edge products to enhance their market position. An illustrative example is Image Soft, a Finland-based maritime technology company.
- Product Innovation Spotlight: In May 2023, Image Soft unveiled its third-generation UNWAS system. Equipped with novel digital circuitry and software, this system can detect and warn of both underwater and surface hazards. Its distributed modular sensor network, featuring passive hydrophones and other sensors, enables it to navigate challenging underwater circumstances in various adverse settings.
Segmentation for Precision
The global maritime surveillance market is intricately segmented to cater to diverse needs and applications.
- By Component:
- Automatic Identification System (AIS) Receiver
- Other Components
- By Application:
- Coast Guard
- Other Applications
- By End-User:
- Other End-Users
As of 2022, Asia-Pacific holds the crown as the largest region in the maritime surveillance market. Furthermore, projections indicate that Asia-Pacific is poised to be the fastest-growing region in the coming years.
- Asia-Pacific Dominance: The region’s prominence in 2022 is expected to continue, with forecasts pointing towards it being the frontrunner in the global maritime surveillance market during the forecast period.
View More On The Maritime Surveillance Market Report 2023 – https://www.thebusinessresearchcompany.com/report/maritime-surveillance-global-market-report
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The Maritime Surveillance Global Market Report 2023 provides an in-depth analysis on the maritime surveillance market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the maritime surveillance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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