Global Maritime Surveillance Market Projected to Surpass $37.76 Billion by 2029 with 10% Annual Growth

Which drivers are expected to have the greatest impact on the over the maritime surveillance market's growth?
The surge in marine trade operations is predicted to drive the expansion of the maritime surveillance market in the upcoming period. Marine trade is based on the process of purchasing and selling goods via the sea transportation system. This surge in marine trade operations is broadening the maritime surveillance market, which consists of all measures necessary for identifying, monitoring, and understanding activities in the marine sector, as well as other areas that impact the marine environment. For example, Eurostat, a government agency based in Luxembourg, indicated that the overall weight of goods transported by sea within the European Union escalated to 893.97 million tonnes in Q2 2022 from 851.28 million tonnes in Q2 2021. Consequently, the rise in marine trade activities and freight transportation is stimulating the growth of the maritime surveillance market.

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What is the future CAGR of the maritime surveillance market, and how will it impact industry expansion?
Over the past few years, the maritime surveillance market has experienced significant expansion. It is projected to rise from a value of $24.46 billion in 2024 to $26.22 billion in 2025, maintaining a compound annual growth rate (CAGR) of 7.2%. Factors such as heightened globalization, security risks, environmental issues, adoption by the commercial sector, and increased collaboration and cooperation have contributed to the growth observed in the historical period.

Anticipations are high for the maritime surveillance market to experience robust expansion in the coming years, with the projection standing at "$37.76 billion by 2029, reflecting a compound annual growth rate (CAGR) of 9.5%. The predictable expansion during the forecast span is credited to factors such as the integration of data and information sharing, the amalgamation of the commercial sector, geopolitical unfolding, environmental apprehensions, and security quandaries. Other prominent trends expected within this period encompass collaboration and data sharing, commercial sector embracement, geopolitical strains, environmental preservation, security worries, and a surge in global commerce.

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What are the most significant trends transforming the maritime surveillance market today?
In the maritime surveillance sector, product innovation is increasingly becoming a significant trend. Big players in the market are prioritizing creative product development to consolidate their stand. For example, in May 2023, the maritime tech firm from Finland, Image Soft, debuted its third generation UNWAS system. This system, boasting completely new digital circuitry and software, is proficient at detecting and alerting to both undersea and surface dangers through the use of a distributed modular sensor network that incorporates passive hydrophones and additional sensors. It is engineered to deal with intense underwater acoustics in various challenging environments.

Which key market segments comprise the maritime surveillance market and drive its revenue growth?
The maritime surveillance market covered in this report is segmented -

1) By Component: Sensors, Radar, Automatic Identification System (AIS) Receiver, Software, Other Components
2) By Application: Naval, Coast Guard, Other Applications
3) By End-User: Defense, Customs, Fisheries, Intelligence, Other End-Users

Subsegments:
1) By Sensors: Optical Sensors, Infrared Sensors, Acoustic Sensors, Other Sensors
2) By Radar: Ground-Based Radar, Airborne Radar, Shipborne Radar
3) By Automatic Identification System (AIS) Receiver: Class A AIS Receiver, Class B AIS Receiver
4) By Software: Surveillance Software, Analytics Software, Integration Software
5) By Other Components: Communication Systems, Data Processing Units, Power Supply Systems

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What regions are at the forefront of maritime surveillance market expansion?
Asia-Pacific was the largest region in the maritime surveillance market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global maritime surveillance market report during 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, Africa

Who are the leading players fueling growth in the maritime surveillance market?
Major companies operating in the maritime surveillance market include 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.

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What Is Covered In The Maritime Surveillance Global Market Report?

• Market Size Forecast: Examine the maritime surveillance market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the maritime surveillance market for a structured understanding.
• Key Players Overview: Analyze major players in the maritime surveillance market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the maritime surveillance market.
• Segment Contributions: Evaluate how different segments drive overall growth in the maritime surveillance market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the maritime surveillance market.
• Industry Challenges: Identify potential risks and obstacles affecting the maritime surveillance market.
• Competitive Landscape: Review strategic developments in the maritime surveillance market, including expansions, agreements, and new product launches.

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