The global maritime surveillance and intervention (MSI) market size is likely to gain traction from their 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.
The outbreak of the COVID-19 pandemic has created huge losses for a wide range of industries. Some of them have resumed their operations by keeping in mind reduced workforce and social distancing measures. Most of the companies have implemented work-from-home initiatives to prevent the spread of this deadly virus. Our reports would provide detailed information regarding the effects of the pandemic on every market. You can choose the right strategy to gain business confidence.
This Report Answers the Following Questions:
- What are the market drivers, hindrances, and dynamics?
- Which companies would generate the largest revenue?
- How will the COVID-19 pandemic affect the sales of maritime surveillance and intervention solutions?
- What are the opportunities and challenges in the market?
Drivers & Restraints-
Increasing Rate of Ocean Crimes to Boost Growth
The rising ocean trade worldwide is persistently increasing maritime traffic. This type of trade is considered to be highly preferred and the most established form of cargo export and import as it is capable of carrying heavyweight goods. The presence of several trader vessels in the sea has given rise to seaway transportation, thereby surging the rate of ocean crimes across the globe. To prevent smuggling, illegal immigration, and piracy, many organizations are rapidly adopting MSI solutions. However, therequirement of high cost to develop advanced MSI systems may hamper the maritime surveillance and intervention market growth in the coming years.
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 kilometres 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.
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 the 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.
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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