Maritime Surveillance Market to grow by USD 1.47 billion from 2022 to 2027 | North America is estimated to account for 33% of the global market growth - Technavio

NEW YORK, Nov. 30, 2023 /PRNewswire/ -- The maritime surveillance market is estimated to grow by USD 1.47 billion from 2022 to 2027. The market is estimated to be growing at a CAGR of 3.65% during the forecast period. North America is estimated to account for 33% of the global market growth during the forecast period. The US  is a major market for marine surveillance in the region. This growth can be attributed to the growth of the marine surveillance market is the large number of Americans participating in water-related recreational activities. Additionally, the growth of the marine surveillance market is the large number of Americans participating in water-related recreational activities. Hence, the growing demands for maritime security in the United States are expected to boost the demand for marine surveillance during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) - View Sample report

Maritime Surveillance Market - Vendor Landscape
The maritime surveillance market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Maritime Surveillance Market - Market Dynamics

Major Drivers & Challenges- 

Key Drivers boosting the market growth

• The growing marine threats are the major factor that drives the global maritime surveillance market growth.
• In national security, territorial integrity, global trade, immigration, and migration, maritime borders play an important role. Patrolling territorial water areas with state-of-the-art flying platforms is of increasing importance, for many countries with long coastlines. 
• For example, the oil rigs in the Gulf of Guinea in western Africa are highly vulnerable to the threat of piracy.
• Hence, such factors drive the market growth during the forecast period.

Major Challenges hindering the market growth

• The issues related to privacy can challenge the growth of the maritime surveillance market growth.
• In order to prevent and detect crime, but its use can lead to privacy concerns, ocean surveillance is used. Public surveillance systems may cover private areas such as homes and offices without the owner's consent, which leads to an invasion of privacy. 
• People's privacy is a fundamental right and the use of surveillance systems can violate it, which results in the line between legitimate surveillance and intrusion blurs.
• Hence, such challenges impede market growth during the forecast period.

Key Trends-

• The expansion of the Chinese naval fleet in critical regions is an emerging trend fueling the global maritime surveillance market growth.
• As the Chinese president announced in 2012 that China would become a maritime power, China has focused on expanding its naval fleet.
• Furthermore, the expansion of China's naval fleet has emboldened the country to assert dominance in key regions such as the disputed South China Sea and the Indian Ocean.
• Hence, such trends influence the growth of the market in focus during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Profiles

The maritime surveillance market report includes information on the product launches, sustainability, and prospects of leading vendors including Airbus SE, BAE Systems Plc, Elbit Systems Ltd., Furuno Electric Co. Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Systems Corp., Raytheon Technologies Corp., Saab AB, Safran SA, Sonardyne International Ltd., SRT Marine Systems Plc, Teledyne Technologies Inc., Terma AS, Thales Group, and The Boeing Co.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Maritime Surveillance Market - Market Segmentation

This maritime surveillance market report extensively covers market segmentation by component (sensors, radar, AIS receiver, and software and others), end-user (defense, customs, fisheries, intelligence, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The market share growth by the sensors segment is significant during the forecast period. Sensors are used in a wide range of maritime applications including hydraulic cylinder position measurement, marine machinery condition monitoring, crane and deck hoist load measurement, and tank pressure measurement. Some major benefits of sensors include near-lossless transmission, increased sensitivity during data collection, and continuous real-time analysis. Hence, such factors are expected to have a positive impact on the sensors segment of the maritime surveillance market during the forecast period. 

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Table of Contents

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Component
7. Market Segmentation by End-user
8. market Segmentation by Geography
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, and Trends
12. Company Landscape
13. Company Analysis
14. Appendix

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