Maritime Situational Awareness Systems Market to Reach $4.0 Billion, Globally, by 2033 at 4.6% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Maritime Situational Awareness Systems Market by System Type (Vessel-based systems, Shore-based system, Airborne systems and Others), Level of Application (Collision Avoidance, Maritime Traffic Management, Search and Rescue Operations, Port Security and Surveillance and Others), End User (Commercial Shipping Companies, Ports and Harbors, Naval Forces and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the maritime situational awareness systems market was valued at $2.6 billion in 2023, and is estimated to reach $4.0 billion by 2033, growing at a CAGR of 4.6% from 2024 to 2033.
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Prime determinants of growth
The global maritime situational awareness systems market is experiencing growth due to several factors increasing maritime traffic, stringent regulations and mandates imposed by maritime authorities, and technological advancements. However, high implementation costs, and interoperability challenges restrain the development of the market. In addition, growing demand for maritime situational awareness system, and proliferation of data-driven technologies and analytics platforms will provide ample opportunities for the market's development during the forecast period.
Segment Highlights
The vessel-based systems segment is expected to grow faster throughout the forecast period.
Vessel-based systems is expected to experience the most significant growth. This could be due to advancements in vessel-mounted technologies such as radar, AIS (Automatic Identification System), and sonar, which enhance situational awareness for individual ships. Additionally, the increasing adoption of autonomous vessels and unmanned surface vehicles (USVs) could drive the demand for vessel-based situational awareness systems..
The maritime traffic management segment is expected to grow faster throughout the forecast period.
Maritime traffic management is likely to witness substantial growth. The rise in global maritime trade volume necessitates efficient management of vessel traffic to ensure safety, security, and smooth flow of goods. Situational awareness systems play a crucial role in monitoring and managing vessel movements, optimizing routes, and mitigating collision risks..
The commercial shipping companies segment is expected to grow faster throughout the forecast period.
Commercial shipping companies may experience the highest growth rate. With the expansion of global trade and increasing demand for efficient transportation services, commercial shipping companies are under pressure to enhance their operational efficiency and safety measures. Situational awareness systems aid these companies in optimizing their fleet operations, improving navigation safety, and complying with maritime regulations.
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Regional Outlook
The Maritime Situational Awareness Systems market in Europe is a vital segment within the global maritime industry. It encompasses various systems and solutions aimed at enhancing the awareness, safety, and security of maritime activities across European waters. Europe has stringent regulations governing maritime safety, security, and environmental protection. Compliance with these regulations drives the adoption of advanced situational awareness systems among maritime stakeholders. Europe's geopolitical landscape, including its extensive coastline, strategic waterways, and proximity to regions of geopolitical tension, underscores the importance of robust maritime surveillance and security measures.
Players:
- L3Harris Technologies,
- Raytheon Technologies Corporation,
- Leidos Holdings, Inc.,
- Northrop Grumman Corporation,
- General Dynamics Corporation,
- Lockheed Martin Corporation,
- BAE Systems plc,
- Thales Group,
- SAAB AB,
- Kongsberg Gruppen AS.
The report provides a detailed analysis of these key players in the global Maritime Situational Awareness Systems. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
- In October 2022, Turkish engineering company Titra selected to receive government subsidies to develop the country's first Maritime Situational Awareness Systems, named the Alpin. This initiative has been designated as a "regional priority investment" by the Ankara government, indicating that it will receive support in the form of government incentives.
- In November 2023, Rotor Technologies achieved a significant milestone in autonomous aviation by completing an extensive flight campaign with its experimental R220Y autonomous helicopters. Rotor Technologies successfully conducted autonomous flights with its R220Y helicopters, marking the first time a full-scale civilian helicopter has been flown autonomously. This achievement highlights advancements in automation technology within the aviation industry.
- In September 2020, China successfully conducted the maiden flight of its first Maritime Situational Awareness Systems drone designed specifically to operate in plateau areas. This Maritime Situational Awareness Systems, named the AR500C, is equipped with capabilities for conducting reconnaissance and firing from high altitudes. The AR500C Maritime Situational Awareness Systems drone is developed by the Aviation Industry Corp of China (AVIC) . It has been specifically designed to operate effectively in plateau areas, which are characterized by high elevations and challenging environmental conditions.
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