The global maritime surveillance and intervention (MSI) market is likely to gain traction from its increasing usage by the coastline law enforcement teams to detect lockdown violators amidst the COVID-19 pandemic. This information is given by Fortune Business Insights™ in a new report, titled, “Maritime Surveillance and Intervention Market Size, Share &COVID-19 Impact Analysis, By System (Detectors, Combat Management System, Surveillance and Tracking, Geographic Information System (GIS), and Others), By Services (Risk Assessment and Investigation, Maintenance and Support, Security Management, and Others), By Application (Port and Critical Infrastructure Facility, Vessel Security, Coastal Surveillance, and Search and Rescue), and Regional Forecast, 2020-2027.” The report further states that the MSI market size was USD 18.80 billion in 2019 and is projected to reach USD 33.76 billion by 2027, exhibiting a CAGR of 9.86% during the forecast period.
Maritime surveillance and intervention refers to the use of various technologies and methods to monitor and control maritime activities for security, safety, and environmental protection purposes. The market for maritime surveillance and intervention is driven by the increasing threats to maritime security, such as piracy, terrorism, and illegal fishing, as well as the growing demand for efficient and effective management of maritime resources.
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Fortune Business Insights™ lists out the names of all the MSI solutions providers operating in the global market. They are as follows:
- Yaltes (Turkey)
- IndraSistemas, S.A. (Spain)
- Raytheon Technologies Corporation (The U.S.)
- Saab AB (Sweden)
- Elbit Systems Ltd. (Israel)
- Furuno Electric Co., Ltd. (Japan)
- Bharat Electronics Limited (Bengaluru)
- Dassault Aviation SA (France)
- Naval Group (France)
- Kongsberg Gruppen ASA (Norway)
- SRT Marine Systems plc (The U.K.)
Vessel Security Segment to Grow Rapidly Owing to Rising Cargo Vessels for Sea Trade
Based on application, the market is segregated into coastal surveillance, vessel security, port and critical infrastructure facility, and others. Out of these, the coastal surveillance generated 37.00%maritime surveillance and intervention market share in 2019. The vessel security segment is expected to showcase the fastest growth in the near future owing to the surging number of cargo vessels for sea trade. Therefore, to protect the vessels from cyber-attacks and terrorist attacks, the demand for MSI systems is increasing in this segment.
North America to Dominate Fuelled by High Demand for MSI Solutions in Canada
Regionally, North America held USD 5.83 billion in terms of revenue in 2019. The region is set to retain its dominant position throughout the forthcoming years backed by the increasing usage of state-of-the-art MSI systems for improving the protection measures of coastline operations. Canada possesses around 202,080 kilometers of coastline and it’s considered to be the longest worldwide. Hence, the marine industry in the country is anticipated to exhibit high demand for maritime surveillance and intervention solutions.
The Asia Pacific, on the other hand, is set to showcase the fastest growth in the near future because of the increasing number of maritime activities in developing countries, such as China and India. China’s maximum amount of trade is carried out through sea transport. Thus, the country is expected to adopt MSI solutions at a fast pace.
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Key Players Focus on Launching New Solutions to Intensify Competition
The market is fragmented in nature with the presence of a large number of prominent companies. They are mainly trying to gain a competitive edge by launching new solutions equipped with advanced technologies. Below are two of the latest industry developments:
- February 2020: Bharat Electronics Limited is planning to set up 5 command and control centers and 38 more radar stations along the Indian Coast Guard (ICG) to strengthen India’s maritime security.
- June 2019: Dassault Aviation SA signed a contract with the French Armed Force Minister to deliver seven Falcon 2000LXS aircraft maritime intervention and surveillance applications.
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