Maritime Surveillance Market To Generate Revenue Worth $40.3 Billion by 2030
- Published: October 2023
The global maritime surveillance market is projected to generate USD 40.3 billion revenue by 2030, advancing at a CAGR of 7.4% during 2024–2030. This can be ascribed to the surging launches of maritime surveillance solutions, the increasing number of collaborations and partnerships, and the rising number of security issues during seafaring.
The journeys of maritime are dependent on weather conditions, so the role of meteorology has always been important in maritime businesses. Currently, methods of new age advanced ML with the wide range availability of microcontrollers and sensors created high perspectives for offering onboard reliable short-range prediction of main climatological variables, endorsing a lightweight on-board system for the forecasting of real-time weather.
The solution comprises a commercial weather station united with a business IoT-edge data processing module that calculates the speed forecasts and the wind direction without the requirement of internet connectivity. For example, the PortWeather system uses an online-learning ML weather forecast algorithm and local data for the training of the weather predictors, which produce forecasts. These solutions help measure and monitor offshore operations, extend operating life, and improve safety and efficiency.
Government Category Is Dominating Market
The government category held the largest revenue share, of 48.2%, in 2023. This is mainly because of the increase in the number of terrorist attacks and maritime threats. Over 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries. Therefore, governments are increasing their focus on maritime surveillance, thereby driving its demand.
Moreover, the maintenance and support category held the largest revenue share in 2022. This is mainly because it is widely used for the proper working of different surveillance systems. Also, due to components’ malfunction because of the salty water and adverse environmental conditions, maintenance and support services are in high demand in the industry.
Geographically, the APAC market is projected to witness the fastest growth in the coming years. This can be ascribed to the surging need for the identification of maritime hazards, the growing adoption of safety solutions, and developing countries being involved in numerous maritime activities, in the region. Moreover, the increasing launches of maritime surveillance plans all over the region are expected to further fuel the market growth. For instance, in May 2022, Quad launched an anti-China maritime surveillance plan to provide benefits to Indo-Pacific countries and allow them to track incursions by Chinese vessels and illegal fishing in real-time.
Furthermore, the Indian government took a number of measures for offshore, coastal, and maritime security strengthening. It includes enhanced technical surveillance of offshore and coastal areas, patrolling of the nation’s maritime zones, the capacity augmentation of maritime security organizations for surveillance, increased regulation of events in the maritime zones, the development of mechanisms for inter-agency coordination, and the incorporation of the coastal and fishing communities.
Also, the territorial sea area of India is 193,834 km² and has nine coastal states and two union territories. Due to the large sea area, the market is expected to grow. In addition, the Japanese coastline area is around 18,500 miles and no point anywhere in Japan is more than 93 miles from the sea; hence in Japan, the accessibility to maritime resources is everywhere.
Some major players operating in the maritime surveillance market include Leonardo S.p.A., ATLAS ELEKTRONIK GmbH, Raytheon Technologies Corporation, Indra Sistemas S.A., BAE Systems plc, L3Harris Technologies Inc., Elbit Systems Ltd., Thales Group, Bharat Electronics Limited, Saab AB, SRT Marine Systems plc, and Kongsberg Gruppen.