The global maritime surveillance market size is expected to reach USD 36 billion by 2030, expanding at a CAGR of 6.7% over the period, according to a new report by Grand View Research, Inc. The increasing need for national security and the protection of maritime borders is a significant driving factor of the maritime surveillance market. Governments worldwide are investing in advanced surveillance systems to monitor and secure their coastlines against illegal activities such as smuggling, piracy, and unauthorized fishing. The integration of artificial intelligence (AI) and machine learning (ML) is enabling the development of intelligent surveillance systems capable of processing large volumes of data and identifying potential threats with high accuracy. Another notable technology trend in maritime surveillance is the deployment of integrated surveillance solutions that combine multiple sensors and data sources. These solutions provide a comprehensive view of maritime activities by fusing data from radar, sonar, satellite imagery, and AIS (Automatic Identification System). In addition, the growing adoption of unmanned aerial vehicles (UAVs) and autonomous underwater vehicles (AUVs) for enhanced maritime domain awareness is also contributing to the market growth.
Regulatory trends are playing a significant role in shaping the sector. The International Maritime Organization (IMO) has introduced regulations such as the International Ship and Port Facility Security (ISPS) Code, which mandates the implementation of security measures for ships and port facilities.
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Key Maritime Surveillance Company Insights
Key players operating in the Maritime Surveillance Market include Indra Sistemas, SA, Raytheon Technologies Corporation, Saab AB, Elbit Systems Ltd., Bharat Electronics Limited, Thales Group, Dassault Aviation SA, Kongsberg Gruppen ASA, Furuno Electric Co., Ltd., SRT Marine Systems plc, among others. The market players are focusing on several strategic initiatives, including partnerships & collaborations, new product development, and geographic expansion to gain a competitive advantage over their rivals.
Recent Developments
In January 2024, PierSight, a provider of satellite-based surveillance for the maritime industry, raised USD 6 million in a seed funding round co-led by Elevation Capital and Alpha Wave Ventures. The funds would be used to develop and launch a constellation of satellites integrating Synthetic Aperture Radar (SAR) and Automatic Identification Systems (AIS) for continuous ocean monitoring. PierSight plans to procure and test essential hardware and design and launch both demonstration and operational satellites. The company's goal is to offer monitoring capabilities with 30-minute intervals to organizations in the shipping, insurance, defense, coastguard, and oil and gas sectors, among others.
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Key questions answered in this report
• How big is the market?
• What is the market growth?
• Which segment accounted for the largest market share?
• Who are the key players in the market?
• What are the factors driving the market?