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Maritime Surveillance Market Size, In-Depth Analysis And Demand Factors 2033
Maritime Surveillance Market Size
According to The Business Research Company's, The maritime surveillance market size has grown strongly in recent years. It will grow from $23.05 billion in 2023 to $25.03 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to increased globalization, security threats, environmental concerns, commercial industry adoption, collaboration and cooperation.
The maritime surveillance market size is expected to see strong growth in the next few years. It will grow to $34.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to data integration and information sharing, commercial sector integration, geopolitical developments, environmental concerns, security challenges. Major trends in the forecast period include collaboration and information sharing, commercial industry adoption, geopolitical tensions, environmental protection, security concerns, increased global trade.
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Market Drivers and Trends:
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. 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.
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Major Key Players of the Market:
Northrop Grumman Corporation; Raytheon Technologies Corporation; Thales Group; Lockheed Martin Corporation; Saab AB; Elbit Systems Ltd.; Kongsberg Gruppen ASA; Indra Sistemas S.A.; Furuno Electric Co. Ltd.; Bharat Electronics Limited; SRT Marine Systems plc; Terma A/S; Smiths Group plc; Westminster Group plc; OSI Maritime Systems Ltd.; Safran SA; Sonardyne International Ltd.; Hensoldt AG; Honeywell International Inc.; L3Harris Technologies Inc.; Mind Technology Inc.; General Dynamics Corporation; BAE Systems plc; Leonardo SpA; FLIR Systems Inc.; Israel Aerospace Industries Ltd.; Teledyne Technologies Incorporated; CONTROP Precision Technologies Ltd.; Kelvin Hughes Limited; Navico Holding AS; Harris Corporation; Pole Star Space Applications Ltd.; Inmarsat plc; Orbcomm Inc.; Iridium Communications Inc.; Speedcast International Limited; Marlink AS; Intelsat SA; SES SA; Viasat Inc.
Maritime Surveillance Market 2024 Key Insights:
• The maritime surveillance market will grow to $34.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• The Impact Of Increasing Maritime Commerce On The Maritime Surveillance Market
• Innovative Product Launches Propel The Maritime Surveillance Market Forward
• Asia-Pacific was the largest region in the maritime surveillance market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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