Industry Background:
The maritime surveillance systems contains solutions for safety and security, monitoring and other. The components in maritime surveillance includes radars, sensors, cameras, Automated Identification systems and others. It is helpful in creating the awareness but has the competencies in space technologies and data fusion. It is useful in wide range of policies such as border control, fisheries, anti-piracy, oil pollution, smuggling and others. These wide range of applications are increasing the demand of maritime surveillance.This growth is primarily driven by Rising Trade and Freight Transport is Fueling the Market and Growing Concerns of Security is Further Contributing to the Growth.
Globally, a noticeable market trend is evident Integration with New Technologies like Smart Containers and GPS Tracking. Major Manufacturers, such as Northrop Grumman (United States), Raytheon (United States), Thales Group (France), Lockhood Martin (United States), SAAB (Sweden), Elbit Systems (Israel), Kongsberg (Norway), Indra Sistemas (Spain), Furuno (Japan) and Bharat Electronics (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On June 2018, Northrop Grumman Corporation has completed the acquisition of Orbital ATK Inc. which provides aerospace and defence technologies. Through this acquisition, the company is looking to develop enhanced mission capabilities.
On 19th January 2020, The Copernicus Maritime Surveillance service which is implemented by European Maritime Safety Agency has provided earth observation satellite images for improving the monitoring of activities at sea.
Market Drivers
- Rising Trade and Freight Transport is Fueling the Market
- Growing Concerns of Security is Further Contributing to the Growth
Market Trend
- Integration with New Technologies like Smart Containers and GPS Tracking
Restraints
- Growing Cyber Warfare Coupled with Maritime Tourism
- High Maintenance Costs
Opportunities
Rising Safety Awareness about the Maritime is boosting the Market and Strict Regulations for Trade by Maritime
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