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Maritime Surveillance Demand
OREGAON, PORTLAND, UNITED STATES, May 26, 2023 /einpresswire.com / -- The global maritime surveillance market size was valued at $19.20 billion in 2018, and is projected to reach $40.61 billion by 2026, registering a CAGR of 9.5% from 2019 to 2026. By application, the coastguard segment was the highest revenue contributor in 2018, accounting for $17.07 billion, and is estimated to reach $34.47 billion by 2026, registering a CAGR of 8.9% during the forecast period. In 2018, the Asia-Pacific region was anticipated to account for the major market share.
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The Europe region is expected to dominate the market, followed by Asia-Pacific, North America, and LAMEA. In Asia-Pacific, Japan dominated the maritime surveillance market in 2018, whereas India is expected to grow at a significant rate during the forecast period.
The transportation industry is changing at a rapid pace due to globalization. Therefore, increase in smart boat and advance facilities at seashore and improvement in security & safety regulations at marine in most of the emerging countries such as Japan, Norway, China, India, and Brazil are some of the factors that drive the growth of the maritime surveillance market.
The company named Yaltes offers the integrated maritime/coastal surveillance system that have the basic characteristics of Command & Control Systems and sensor functionalities to detect and process surface targets (also underwater and air targets when needed). The marine surveillance system work efficiently by data gathering from sensors such as radar, EO, RDF, AIS, GPS, ESM device, and active/passive sonar, and are processed by a Command & Control System to establish the tactical picture. Tactical picture is distributed to users with various purposes via wide area network. In addition, implementation of various rules and regulations for the better integration and regulation of maritime security boosts the maritime surveillance market share.
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Developing countries such as China and Brazil are the most promising countries for the transportation sector, owing to increase in development and adoption of latest technologies used for ships, implantation at coast side. Furthermore, rise in deployment of autonomous marine devices from giant companies is expected to fuel the growth of the market. In the recent years, consumers have shifted their interest toward technologically advanced, safe, and secured transportation service-based vehicles for various applications in the marine industry. The report study presents analytical depiction of the maritime surveillance market analysis along with the current trends and future estimations to depict the imminent investment pockets.
KEY FINDINGS OF THE STUDY :
In 2018, by component, the radar type segment generated the highest revenue.
In 2018, by application, the coastguard segment was the highest revenue contributor.
In 2018, by type, the surveillance & tracking segment was the highest revenue contributor.
In 2018 region-wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.
The key players analyzed in the report include SRT Marine Systems Plc, Kongsberg, Raytheon, Thales Group, SAAB, Elbit Systems, Indra, Furuno, TERMA, and Bharat Electronics.
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