New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Maritime Surveillance Global Market Report 2023" - https://www.reportlinker.com/p06480020/?utm_source=GNW
Ltd., Bharat Electronics Limited (BEL), SRT Marine Systems Plc, Terma A/S, Smiths Group plc, Westminster Group PLC, OSI Maritime Systems, Safran SA, Sonardyne, Hensoldt AG, Honeywell International Inc., L3Harris Technologies Inc., and Mind Technology Inc.
The global maritime surveillance market is expected to grow from $21.17 billion in 2022 to $23.05 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The maritime surveillance market is expected to reach $31.41 billion in 2027 at a CAGR of 8.0%.
The maritime surveillance market includes revenues earned by entities by gathering, analyzing, consolidating, and sharing data, with the information captured using a wide range of sensors and sensor combinations working across multiple areas of the spectrum (electronic signals, pictures, interactions, acoustics, etc.) and installed on multiple systems (satellites, ships, and airplanes,). The market value includes the value of related goods sold by the service provider or included within the service offering. The maritime surveillance market also includes sales of active sensors and platforms, communication links, and passive sensors and platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Maritime surveillance is a procedure that includes both knowledge and awareness of all marine operations. It involves the methodical application of visual, auditory, digital, photographic, or other tools to observe regions, people, or objects in aerospace, cyberspace, the physical world, or other locations.
Asia-Pacific was the largest region in the maritime surveillance market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the maritime surveillance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of maritime surveillance are sensors, radar, automatic identification system (AIS) receivers, software, and others. A sensor is an instrument that detects input of any kind from the physical world and reacts to it that is used to detect persons at least 2.8 miles away and other boats up to 10 miles away, with supplementary pointers that use lasers and laser rangefinders that are capable of marking and measuring the distance between objects. It is used for the naval, coast guard, and other applications by defense, customs, fisheries, intelligence, and other end-users.
The increase in maritime commerce activity is expected to propel the growth of the maritime surveillance market in the coming future.Maritime commerce refers to the buying and selling of goods through the marine transport system.
The increase in maritime commerce activity is expanding the maritime surveillance market, as it comprises all procedures required for identifying, tracking, and comprehending activities in the marine domain as well as in all other fields that have a bearing on the maritime environment. For instance, in November 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental body inside the United Nations Secretariat that advocates developing nations’ interests in international commerce, the international maritime trade increased to 11 billion tons in 2021, a 3.2 percent increase from 2020. Therefore, the increase in maritime commerce and freight transport activity is driving the maritime surveillance market.
Product innovation is the key trend gaining popularity in the maritime surveillance market.Major companies operating in the maritime surveillance market are focused on developing innovative products to strengthen their position in the market.
For instance, in May 2023, Image Soft, a Finland-based maritime technology company launched, third generation UNWAS system.This system is equipped with entirely novel digital circuitry and software.
The third-generation UNWAS system detects and warns of both underwater and surface hazards using a distributed modular sensor network with passive hydrophones and other sensors. It can handle rigorous acoustic underwater circumstances in numerous adverse settings.
In February 2021, Ocean Power Technologies, a US-based company that offers electric energy and communication solutions, services, and associated items for distant offshore applications acquired 3Dent Technology LLC for an undisclosed amount. Through the acquisition, Ocean Power Technologies aimed to increase market value offer and increase revenue. 3Dent Technology LLC is a US-based company that offers offshore engineering services, vessel monitoring, and sensors, operating in the maritime surveillance market.
The countries covered in the maritime surveillance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The maritime surveillance market research report is one of a series of new reports that provides maritime surveillance market statistics, including the maritime surveillance industry global market size, regional shares, competitors with a maritime surveillance market share, detailed maritime surveillance market segments, market trends, and opportunities, and any further data you may need to thrive in the maritime surveillance industry. This maritime surveillance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06480020/?utm_source=GNW
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