Maritime Surveillance Market to Cross $40,386 Million Revenue by 2030, says P&S Intelligence

NEW YORK, July 22, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the size of the maritime surveillance market was about $22,255 million, and it is predicted to grow at a rate of about 7%, to reach approximately $40,386 million by 2030. The key factors for the market growth are the increasing count of piracy attacks and other maritime threats and strict mandates that govern international sea trade.

Japan and China are amongst the top five shipping economies, while Asian companies own 0% of the global shipping tonnage. Additionally, almost all of the world's busiest ports, including those of Singapore, Hong Kong, Beijing, Tokyo, and Shanghai are located in APAC.

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Surveillance and tracking solutions dominated the maritime surveillance market with an around 32% share in 2021, because of the use of tracking software for monitoring and giving the required alerts to guard ports, vessels, offshore rigs, and other pieces of maritime infra. The key means of transportation for goods is ships, which move almost 90% of the goods traded around the world.

While countries in Europe and North America adopt pioneering maritime security technologies, APAC has been the main driving force for the market growth, because of the booming trade and increasing maritime tensions. An extensive variety of cameras, such as fisheye, pan-tilt-zoom, and infrared, cameras, are used at ports. Moreover, the LRIT system is a ship tracking system accepted by the IMO to promptly track ships all around the globe.

Solutions hold the major share in the maritime surveillance market. In the years to come, there will be a high requirement for systems with the ability to detect targets, for helping authorities efficiently monitor criminal actions, such as smuggling, drug trafficking, piracy, illegal immigration, terrorism, and illicit fishing.

Risk assessment and investigation services will have the highest maritime surveillance market growth rate in the coming years, and their revenue contribution will reach about $1,193 million in 2030. The assessment of risks is vital while tracking the transportation of valuable goods, as the danger of maritime gunrunning, terrorism, piracy, and unpredictable seaborne attacks has risen massively in the last decade. The security of a country and its people depends on its coastline, which is also responsible for financial growth since it impacts sea traffic.

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Hence, the use of advanced software to identify the risks in seafaring and investigate incidents, by keeping track of the instantaneous location of ships, is surging. The assessment of risk allows agencies to plan security actions more efficiently and identify procedures that must be applied to the entire system to ensure the safety of maritime transport and offshore facilities.

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SOURCE P&S Intelligence