Wilmington, Delaware, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Maritime Surveillance Market by Application (Naval, Coast Guard and Others), Component (Radar, Sensors, AIS Receiver/Transponder and Others), and Type (Surveillance & Tracking, Detector and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the maritime surveillance market was valued at $18.7 billion in 2023, and is estimated to reach $37.5 billion by 2033, growing at a CAGR of 7.3% from 2024 to 2033.
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Prime determinants of growth
The rise in geopolitical tensions and territorial disputes often drives the growth of the maritime surveillance market. The tensions and disputes can lead to concerns about maritime security, including threats such as piracy, smuggling, illegal fishing, and terrorism. Governments and organizations invest in advanced surveillance systems to monitor and protect their maritime borders and assets.
Geopolitical tensions often necessitate a comprehensive understanding of maritime activities in disputed areas. Maritime surveillance technologies provide real-time situational awareness by monitoring vessel movements, identifying potential threats, and detecting unauthorized activities. Nations involved in territorial disputes seek to assert their sovereignty and monitor activities within contested waters. Maritime surveillance systems enable continuous monitoring of these areas, helping to enforce maritime laws and regulations and protect national interests.
Segment Highlights
Based on the component, the product segment held the highest market share in 2023 as there is rise in the advancements in surveillance technologies that led the development of innovative and highly effective maritime surveillance products. These products encompass a wide range of solutions, including radar systems, sonar systems, unmanned aerial vehicles (UAVs), satellite imaging systems, and integrated surveillance platforms, catering to diverse operational requirements. There is a growing demand for integrated maritime surveillance solutions that offer comprehensive coverage and real-time data analysis capabilities.
Products that combine multiple surveillance components into cohesive systems provide enhanced situational awareness and operational efficiency, driving their adoption across various maritime applications. Increased defense spending by governments worldwide, particularly in maritime security and defense sectors, has fueled the demand for advanced surveillance products. Governments invest in state-of-the-art surveillance systems to safeguard maritime borders, protect critical infrastructure, and counter emerging threats, contributing to the growth of the product segment.
Based on the application, the surveillance and tracking segment held the highest market share in 2023 as there is rise in demand for maritime surveillance for ensuring maritime security by monitoring vessel movements, identifying potential threats, and tracking suspicious activities. With increasing concerns over maritime threats such as piracy, smuggling, illegal fishing, and terrorism, the demand for robust surveillance and tracking solutions has surged, driving the growth of this segment. Increased geopolitical tensions, territorial disputes, and the proliferation of non-state actors have underscored the importance of preventive measures in maritime security.
Surveillance and tracking systems provide early warning capabilities, enabling authorities to detect and intercept threats before they escalate, thus bolstering maritime domain awareness and reducing security risks. Surveillance and tracking technologies offer comprehensive situational awareness across vast maritime domains, allowing authorities to monitor maritime traffic, enforce regulatory compliance, and respond effectively to emergencies or security incidents. The ability to track vessels in real-time and analyze their behavior enhances decision-making and operational efficiency, contributing to the segment's growth.
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Based on the end user, the military segment held the highest market share in 2023 as government agencies, and maritime authorities prioritize the protection of maritime borders, territorial waters, Exclusive Economic Zones (EEZs), and critical maritime infrastructure against various security threats. ations worldwide place a high emphasis on safeguarding their maritime interests, asserting sovereignty over territorial waters, and protecting maritime resources. The maritime segment encompasses a wide range of end users involved in safeguarding national security, combating illegal activities, and enforcing maritime laws and regulations, driving the demand for surveillance and monitoring solutions.
The increasing complexity and diversity of maritime threats, including piracy, smuggling, terrorism, illegal fishing, and territorial disputes, necessitate robust surveillance capabilities. Maritime end users require advanced surveillance solutions to detect, track, and respond to evolving threats effectively. The escalating maritime challenges drive the adoption of surveillance technologies across government and military sectors, fueling the growth of the maritime segment.
Regional Outlook
North America holds a significant share of the maritime surveillance market, driven by robust defense spending, technological innovation, and the presence of key market players. The United States, in particular, invests heavily in maritime security and surveillance capabilities to protect its extensive coastlines, maritime borders, and strategic interests.
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Players:
- Kongsberg
- SAAB
- Raytheon
- Furuno
- Thales Group
- Indra
- Elbit Systems
- Bharat Electronics
- TERMA
- SRT Marine Systems Plc
The report provides a detailed analysis of these key players in the global maritime surveillance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In November 2023, Thales was awarded a contract to equip the new offshore patrol vessels of the French Navy with advanced surveillance and identification technology. Specifically, Thales will supply its Bluewatcher hull sonar, NS50 radar, and TSA 3522 Identification Friend or Foe (IFF) system. The Bluewatcher hull sonar will provide active and passive detection of underwater threats such as submarines and mines, while the NS50 radar will ensure comprehensive surveillance of aerial and surface threats, enabling effective monitoring of the patrol vessels' surroundings.
- In May 2023, Leonardo secured a contract with the Ministry of Defence of Malaysia to deliver two ATR 72 Maritime Patrol Aircraft (MPA) . The contract signing occurred at the Langkawi International Maritime and Aerospace Exhibition (LIMA) 2023, a significant defense event held in Langkawi, Malaysia. The ATR 72 MPA, a specialized variant of the ATR regional transport aircraft, is tailored for maritime patrol missions, leveraging its twin-turboprop design.
- In November 2023, Saab Australia announced a partnership with ThayerMahan, a leading U.S. company specializing in autonomous maritime and undersea surveillance, to enhance Australia's sovereign undersea warfare capabilities. This collaboration seeks to combine Saab's expertise in system integration and autonomous maritime technology with ThayerMahan's state-of-the-art underwater surveillance technology.
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