Steady Expansion Forecast for Maritime Surveillance Market, Projected to Reach $37.06 Billion by 2029

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Maritime Surveillance Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the maritime surveillance market has undergone a significant expansion in the past few years. The market is projected to increase from $24.46 billion in 2024 to $26 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.3%. This notable growth during the historical phase can be credited to factors such as heightened globalization, emerging security concerns, growing environmental awareness, the commercial industry's adoption, and collective efforts and cooperation.

Maritime Surveillance Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for robust expansion in the maritime surveillance market size in the coming years. The market is projected to escalate to a value of $37.06 billion in 2029, with a compound annual growth rate (CAGR) of 9.3%. This growth during the forecast period can be linked to data amalgamation and information exchange, integration in the commercial sector, geopolitical progress, environmental issues, and security hurdles. The forecast period will witness significant trends such as collaboration and exchange of information, acceptance in the commercial sector, geopolitical strife, environmental conservation, security issues and the surge in global trade.

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What Are the Drivers Transforming the Maritime Surveillance Market?
The growing maritime trade activities are projected to fuel the expansion of the maritime surveillance market in the near future. Maritime trade implies the act of purchasing and selling goods via the sea transport system. This surge in maritime trade activities is leading to the growth of the maritime surveillance market which entails all measures needed for identification, monitoring, and understanding operations within the maritime realm, as well as other domains influencing the maritime surroundings. For example, in July 2024, Eurostat, a government agency based in Luxembourg, stated that the total weight of marine goods in the European Union amounted to 893.97 million tonnes in Q2 2022, an increase from 851.28 million tonnes in Q2 2021. Thus, the surge in maritime commerce and freight transport activities is fuelling the growth of the maritime surveillance market.

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What Long-Term Trends Will Define the Future of the Maritime Surveillance Market?
The primary trend gaining traction in the maritime surveillance market is product innovation. Several major firms in this market are concentrating their efforts on creating groundbreaking products to solidify their market position. For example, Image Soft, a maritime technology company based in Finland, unveiled their third-generation UNWAS system in May 2023. This updated system comes with advanced digital circuitry and software, providing detection and warning capabilities for both underwater and surface threats by leveraging a modular sensor network fitted with passive hydrophones and additional detectors. It's designed to reliably operate in adverse underwater acoustic conditions across various challenging environments.

Which Segments in the Maritime Surveillance Market Offer the Most Profit Potential?
The maritime surveillancemarket 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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Which Firms Dominate the Maritime Surveillance Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in the Maritime Surveillance Market?
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

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