(MENAFN- America News Hour) The maritime situational awareness systems market
is expected to exhibit a growth rate of more than 4% during the forecast period.
– The growth in piracy, maritime boundary violations, smuggling and trafficking, terrorism, and rising tensions between countries over territorial waters, etc., is forcing the governments to enhance their maritime situational awareness capabilities, thereby propelling the growth of the market.
– Counties around the world are heavily investing in the development, expansion, modernization, and up gradation of their existing naval fleet. The development and procurement of new naval vessels such as frigates, submarines, etc. are expected to generate demand for newer generation sea-based situational awareness systems for surveillance and threat detection purposes.
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Key Market Trends
Command And Control Segment To Exhibit The Highest Growth Rate During The Forecast Period
The increasing need for coordination between different fighting assets during combat is expected to drive the market for command and control systems. Navies across the world are investing heavily in the development of new vessels and equipping them with state of the art battle management software and systems to increase their situational awareness. Western naval powerhouses are increasingly focusing on frigate building and are investing in the development of frigate command and control systems. In July 2019, the United States Naval Sea Systems Command announced a USD 15.7 million USD for Lockheed Martin for continuing the development of the Frigate Combat Management System based on COMBATSS-21 for the future guided-missile frigate FFG(X). As the size and capability of the United Kingdom's navy are increasing, it is focusing on the development of new command and control systems based on smaller platforms that will share information through virtual networks, that are resilient to cyber-attacks and will not be dependent on space-based networks. The aforementioned factors and instances are propelling the development of maritime command and control systems across the world.
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Asia-Pacific To Exhibit The Highest Growth Rate During the Forecast Period
Asia-Pacific is home to countries such as China, India, Australia, Japan, South Korea, etc. that are significantly increasing their spending on the development and procurement of naval situational awareness systems to increase their battle preparedness over the sea. The market in the region is driven by technological innovations and the procurement of technology from the United States and European countries. India is currently testing its maritime situational awareness system called Trigun which will enter the third phase of testing from December 2020. The system will utilize the movement data of naval assets of more than 20 years and will integrate Artificial Intelligence and Data Analytics to detect any change and predict any response related to the Indian naval and maritime ecosystem. 2019 witnessed China rolling out 18 new warships, the rate which was higher than in western countries. China has speeded up the integration process of its electro-optical sites, surface wave radars, and missile defense systems, a move that is expected to provide a significant boost to China's maritime situational awareness capabilities. In 2018, Saab entered into a 12-year contract with Luerssen Australia to provide situational awareness systems for Royal Australia Navy's 12 Offshore Patrol Vessels (OPV). Such instances are propelling the growth of maritime situational awareness systems market in Asia-Pacific region.
Competitive Landscape
Lockheed Martin Corporation, Elbit Systems Limited, BAE Systems PLC, Leonardo S.p.A, Thales Group, etc. ae some of the prominent players in the market. The market is driven by large scale investments in research and development from key players in the field of technologies such as space-based network-centric data sharing, artificial intelligence, etc. Market players are expected to enjoy a healthy growth in revenue owing to the fleet expansion and modernization efforts from navies across the world and several long term contracts that are awarded for situational awareness technologies.
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