Maritime Surveillance Market To Generate Revenue Worth $40,386.4 Million by 2030
- Published: July 2022
The global maritime surveillance market will generate revenue of $40,386.4 million in 2030, and the market size will advance at a CAGR of 6.8% during 2021–2030. This is attributed to the increasing importance of international trade by sea, which accounts for 90% of the global trade volume. Since seaborne trade has been increasingly coming under attack from different forces over the last few decades, the focus on deploying advanced communications and tracking technology, to safeguard vessels and seafarers, is rising.
APAC Witnesses the Fastest Growth
The APAC region is expected to grow the fastest in the market, with a CAGR of 7.2% in forecast period. Due to the surging need for cutting-edge technology to detect dangers and interact with officials, maritime security systems are becoming witnessing rapid procurement in many APAC countries. These systems provide ports, ships, and other shipping-related infrastructure with defense capabilities against terrorism, subversion, or sabotage.
Many countries in the APAC region have their own rules and regulations, which must be adhered to while coordinating international trade. Technological advancements in integrated solutions are some of the growth opportunities for the global maritime surveillance market of the region. Another opportunity that market players can look at is smart containers, which are integrated with sensors that track and report data, will also provide immense growth opportunities to the market.
For instance, China, in August 2021, revealed new maritime rules, which make it compulsory for vessels transporting radioactive materials, bulk oil, chemicals, and many other supplies to furnish the details of the freight upon entry in Chinese waters. Such regulations will drive the market for maritime safety solutions in the region in the coming years.
Rising Number of Security Issues during Seafaring Driving Market
New marine security plans have emerged in a number of developed and developing economies. In this regard, the U.S., the European Union, the African Union, and the U.K. have all had a significant impact on the market for marine security. Nations' disputes have often been masked by covert efforts to support maritime terrorism. Thus, different marine-related issues, the risk of pirates being one example, are garnering global attention as the root of inter-state tensions, particularly in China. The future growth possibilities in the maritime safety market will be shaped by the efforts to forge a global consensus regarding the steps to be taken to protect sailors, vessels, coasts, and, ultimately, entire nations.
In certain locations with a significant piracy danger, such as the South China Sea and the Gulf of Guinea, marine safety must be addressed. A global database on maritime piracy is now being created, and new tools and technologies are being deployed to examine piracy networks. This will make it easier for nations to find and apprehend pirates on the high seas.
Partnerships Are Most-Effective Strategic Measures for Market Players
Key players in the maritime surveillance market have been involved in partnerships and approvals to remain competitive. For instance:
- In October 2021, Thales and CS Group partnered to offer a cybersecure jam-resistant navigation system, which can be used in both civil and maritime navigation. It provides accurate navigational data, real-time data distribution, and resistance to external threats.
Some of the major players in the maritime surveillance market are Thales Group, Smiths Group plc, Elbit System Ltd., Northrop Grumman, Westminster Group PLC, Raytheon Technologies Corporation, Saab AB, and OSI Systems,INC.