The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

The maritime surveillance market has seen significant growth in recent years, driven by various factors including increased globalization, security threats, and environmental concerns. This market is poised to expand from $23.05 billion in 2023 to $25.03 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.6%.

Historic Growth Factors

• Globalization: Expansion of international trade and movement.
• Security Threats: Rising concerns over piracy, smuggling, and other maritime threats.
• Environmental Concerns: Enhanced focus on monitoring and protecting marine environments.
• Commercial Industry Adoption: Increasing use of surveillance technologies in the commercial sector.
• Collaboration and Cooperation: Enhanced international cooperation in maritime security efforts.

Forecast Growth Projections

The market is expected to continue its strong growth trajectory, reaching $34.05 billion by 2028 with a CAGR of 8.0%. Several factors are expected to drive this growth during the forecast period:

• Data Integration and Information Sharing: Improved data sharing mechanisms among maritime stakeholders.
• Commercial Sector Integration: Increased adoption of surveillance technologies by commercial entities.
• Geopolitical Developments: Rising geopolitical tensions impacting maritime security needs.
• Environmental Concerns: Ongoing focus on environmental monitoring and protection.
• Security Challenges: Persistent and evolving maritime security threats.

Read The Full Maritime Surveillance Market Report Here:

https://www.thebusinessresearchcompany.com/report/maritime-surveillance-global-market-report

Emerging Trends in Maritime Surveillance

Key trends shaping the market include:

• Collaboration and Information Sharing: Enhanced cooperation among nations and organizations.
• Commercial Industry Adoption: Greater integration of surveillance technologies in commercial operations.
• Geopolitical Tensions: Heightened focus on surveillance due to geopolitical instabilities.
• Environmental Protection: Increased efforts to monitor and protect marine ecosystems.
• Security Concerns: Continuous advancements to address growing security threats.
• Increased Global Trade: Expansion of international maritime trade requiring robust surveillance solutions.

The Impact of Increasing Maritime Commerce

The growth in maritime commerce is a significant driver for the maritime surveillance market. As maritime trade activities expand, the need for comprehensive surveillance solutions becomes more critical.

• Global Maritime Trade: In 2021, international maritime trade increased to 11 billion tons, highlighting the scale of activities.
• Surveillance Needs: Enhanced identification, tracking, and monitoring capabilities are required to manage the increasing volume of maritime traffic.

Leading Companies in Maritime Surveillance

• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Thales Group
• Lockheed Martin Corporation
• Saab AB
• Elbit Systems Ltd.
• Kongsberg Gruppen ASA
• Indra Sistemas S.A.
• Furuno Electric Co. Ltd.
• Bharat Electronics Limited

Innovative Product Launches

Product innovation is crucial for maintaining competitive advantage in the maritime surveillance market. Major companies are focused on developing new and advanced products.

• Image Soft’s UNWAS System: In May 2023, Image Soft launched the third-generation UNWAS system, featuring novel digital circuitry and software to detect and warn of underwater and surface hazards using a modular sensor network.

Strategic Acquisitions

Strategic acquisitions are also a key strategy for expanding market capabilities and offerings.

• Ocean Power Technologies: In February 2021, Ocean Power Technologies acquired 3Dent Technology LLC, enhancing their market value and expanding their surveillance capabilities.

Market Segmentation

The maritime surveillance market can be segmented by component, application, and end-user:

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

Regional Insights

• Asia-Pacific: The largest and fastest-growing region in the maritime surveillance market as of 2023, expected to maintain its lead during the forecast period.

In conclusion, the maritime surveillance market is set for substantial growth driven by technological advancements, increasing maritime commerce, and heightened security needs. Continuous innovation and strategic collaborations will be pivotal in shaping the future landscape of this dynamic market.

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The Maritime Surveillance Global Market Report 2024  provides an overview of the maritime surveillance market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The maritime surveillance market forecast analyzes maritime surveillance market size, maritime surveillance market share, leading competitor and their market positions.

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