Market Size of Maritime Surveillance Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Maritime Surveillance Market Analysis
The Maritime Surveillance Market is anticipated to grow at a CAGR of 9.5% during the forecast period.
The COVID-19 pandemic has had a negative effect on the maritime surveillance market. The pandemic led to various governments around the world imposing stringent regulations and banning the import and export of raw materials, which led to a sudden downfall regarding the valuable parts needed for the manufacturing of maritime surveillance systems. Additionally, manufacturers in various nations were forced to shut down their businesses wholly or partially due to the global lockdown. Furthermore, the pandemic also led to delays in terms of activities as well as initiatives concerning the development of advanced maritime surveillance systems. The decline in the COVID-19 pandemic led various governments worldwide to ease up on the stringent regulations which were in place and open up the borders, which led to a free flow of trade and availability of raw materials, parts, and components for manufacturers to resume production and meet the increasing maritime surveillance procurement demand. Thus, this will lead to the market growing steadily in the years to come.
The maritime traffic worldwide is expected to grow due to global sea trade. The growth in seaway transportation has led to expansion in the presence of various trader vessels at sea, which has increased the number of oceanic criminal activities in recent years. These challenges have prompted nations worldwide to develop and upgrade their surveillance and intervention solutions to prevent criminal activities. This will lead to the market witnessing growth in the long run.
