Maritime Surveillance Market Size to grow by USD 1320.6 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Maritime Surveillance Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The maritime surveillance market is a significant segment of the global aerospace and defense industry, which falls under the broader umbrella of the capital goods market. The aerospace and defense sector comprises businesses involved in the manufacture and provision of aerial and naval platforms, defense electronics, arms and ammunition, defense logistics equipment, space platforms, and related MRO activities. Technavio's calculation of the capital goods market size includes the combined revenue generated by companies in industries such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. - The Maritime Surveillance Market is experiencing significant growth, fueled by the Growing marine threats. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Growing marine threats
  • Increased maritime traffic in Arctic Ocean
  • High installation cost of maritime surveillance systems
  • Need to comply with stringent regulations
• Growth Projections

The market size is estimated to grow by USD 1320.6 million, at a CAGR of 3.2% during the forecast period. China's commitment to expanding its naval fleet, as announced by its President in 2012, aims to establish China as a maritime powerhouse. This expansion has led China to assert its influence in strategic regions, including the South China Sea and the Indian Ocean, where territorial disputes exist. Notably, the Indian Ocean has seen an increase in the deployment of Chinese naval vessels, causing concern for neighboring countries like India. In response, the Indian Navy has intensified its mission-based deployments to monitor the People's Liberation Army Navy's (PLAN) presence. This heightened naval activity in critical regions is expected to fuel the growth of the global maritime surveillance market during the forecast period.

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• Regional Insights

The North American maritime surveillance market is projected to expand significantly over the forecast period, driven by heightened security concerns following the increasing threat of terrorist attacks in the region, particularly in the United States. Maritime surveillance technologies play a crucial role in enhancing safety and security through continuous monitoring and visualization. Post the September 11, 2001, attacks, the US Coast Guard, a key security agency, recognized the significance of Automatic Identification System (AIS) and Long Range Identification and Tracking (LRIT) devices. This recognition led to a substantial increase in the adoption of advanced maritime surveillance systems by US ports to strengthen their security measures.

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