DUBLIN, March 6, 2020 /PRNewswire/ -- The "Maritime Surveillance Market by Application, Component and Type: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global maritime surveillance market size was valued at $19.2 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 contributor to the market 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 maritime surveillance market share was accounted highest for the Asia-Pacific region.
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.
Developing countries such as China and Brazil are the most promising countries for the transportation sector, owing to an 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.
Furthermore, the global maritime surveillance market is driven by safety awareness for maritime and rise in trade & fright transport activities through sea. Moreover, increase in enhanced security concerns, rapid increase in international trade by sea, and regulatory compliances for trade by maritime fuel are the factors responsible for the maritime surveillance market growth. In addition, implementation of various rules and regulations for the better integration and regulation of maritime security boosts the growth of the market.
The growth of the maritime surveillance market is driven by supportive regulatory compliances. For instance, the JRC contributes to the implementation of the Integrated Maritime Policy, in particular related to Integrated Maritime Surveillance with its competencies in space technologies and data fusion.
Many companies are conducting R&D activities to provide safety at sea level. For instance, Indra has designed an integrated state of-the-art border surveillance systems for coastal and terrestrial supervision. Moreover, the SIVE system consists of a single or multiple Command and Control Centers (CCC) and a set of Sensor Stations (SS) forming a hierarchical architecture and can be deployed across the surveillance area and adapted for ground or coastal surveillance. The Porter's five forces analysis illustrates the potency of the buyers and suppliers in the Maritime surveillance industry.
In addition, the introduction of autonomous marine devices, especially in cargo vessels, are expected to create demand for transportation of cargo by sea routes. Thus, all these parameters fuel the demand for surveillance solutions for applications in real-time monitoring.
- 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.
Key Players Profiled
- SRT Marine Systems PLC
- Thales Group
- Elbit Systems
- Bharat Electronics
For more information about this report visit https://www.researchandmarkets.com/r/rvtsge
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