Marine Sensors Market Growth, Size, Share & COVID-19 Impact Analysis, By Type (Acoustic Sensors, Magnetic Sensors, Sonars, Pressure Sensors, Temperature Sensors, Flow and Level Sensors, and Others), By Platform (Military and Defense and Commercial), By Application (Intelligence & Reconnaissance, Communication & Navigation, Electronic Warfare, Target Recognition, Surveillance & Monitoring, and Others), and Regional Forecasts, 2022-2029

The global marine sensors market size was valued at USD 32.36 billion in 2021. The market is projected to grow from USD 33.17 billion in 2022 to USD 45.92 billion by 2029, exhibiting a CAGR of 4.8% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with marine sensors experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 4.2% in 2020 as compared to 2019.

Sensors are small devices used in various ship types for environmental monitoring and real-time data collection. These devices come in a wide variety of forms with numerous uses. Marine sensors are used for pressure, temperature, flow rates, acceleration, inclination, and other purposes. Moreover, sensors are built purposefully rugged to accommodate harsh conditions and play a vital role in improving a ship's performance and evaluating the marine vessel's reliability. Additionally, marine sensors help analyze component's real-time data concerning their applications and improve the performance capabilities of ships, naval vessels, and other boats.

The booming shipbuilding industry, aftermarket maintenance industry, and the rising demand for cruising as a mode of transportation could encourage rapid advancements in sensors. The defense industry also requires cutting-edge sensors to support technologically advanced systems such as air and missile defense systems and the integration of anti-jamming capabilities in naval vessels. These factors are expected to propel the marine sensors market expansion in the coming years.

COVID-19 IMPACT

Strict Lockdown Restrictions Hampered Market Growth Amid COVID-19 Pandemic

The coronavirus pandemic led to lockdowns to slow down the spread of the virus. The crisis impacted marine sensor manufacturers due to workforce shortages. Due to supply chain disruption, numerous manufacturers and production facilities were shut down. Further, international marine transportation facilities are in disorder due to certain countries' restrictions or outright bans on the entry of ships. There has also been a further decrease in cargo demand due to delay in transportation caused by quarantine periods. Therefore, due to the decline in shipping and cargo demand, instability in maritime and shipping businesses imposed financial hurdles, and some of them failed. This led to a decrease in demand for sensors during the pandemic period.

LATEST TRENDS

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Adoption of Machine Learning or AI-based Sensors in Ships to Boost Market Growth

Technological improvements in shipbuilding, innovative materials, robotics, Big Data, propulsion, smart shipping, and sensors made it easier to build advanced ships. With the tech progression, the marine sector can be nontoxic for the environment and still determine the escalation of the global market. Further, sensor technology is the most advanced and well-developing technology in the present day, especially popular in industries connected with transportation. Sensor technology interchanges many manual tasks such as examining equipment aboard ships. For instance, in November 2022, KAUST (King Abdullah University of Science and Technology), developed a chemical sensor, which uses artificial intelligence to detect gases with high selectivity and sensitivity.

Additionally, sensors utilize machine learning and AI to perform many automatic tasks without any manual help. This means they may link to remote facilities, analyze data and send alerts if any of the ship's components need maintenance. With Big Data and IoT on ships, monitoring performance and condition has become much more accessible than conventional methods.

DRIVING FACTORS

Increasing Demand for Autonomous Ships to Surge the Demand for Marine Sensors

Increased investments in research & development activities by various leading shipbuilders and system developers across the globe for the expansion of fully autonomous ships have led to increased demand for marine sensors. Autonomous ships are projected to launch as sustainable, safe, and efficient modes of operation for the marine industry. In 2019, South Korea launched a project to build a Maritime Autonomous Surface Ship (MASS) by 2025. Further, in 2020 two domestic shipping companies hired South Korean shipbuilder Hyundai Heavy Industries (HHI) Group to set up autonomous navigation system sensors for large vessels. Additionally, S.K. will receive HiNAS 2.0, an independent navigation system from Avikus, Level 2.

Internet of Things (IoT) to Enable Smart Work Management for Port Operations Propelling Market Growth

The Internet of Things (IoT) technology has been introduced as a concept of an intelligent work technological revolution of recent times. The marine industry will have access to a wide range of opportunities due to the rapidly increasing rush of sensor technology applications and the capabilities of low-cost computing components. In addition, ship environmental monitoring and data collection of components will undergo revolutionary changes due to advances in wireless sensor technology and the creation of a new generation of micro and nanomechanical sensors.

Moreover, docks are now investing globally in solitary networks to support their individual cloud-based IoT due to rapid adoption of IoT in the global marine technology. Further, an intelligent port can be defined as a fully automated one with all devices connected via IoT smart port. It comprises a network of intelligent sensors, wireless devices, and data centers that make the central infrastructure of a smart port.

IoT technology brings container management with IoT-based digital manifests, fleet management, and faster repairs with improved operational safety, leading to market growth during the forecast period.

RESTRAINING FACTORS

Sensor Calibration and Maintenance Process to Hinder the Market Growth

An intelligent system or machinery is impossible without sensor maintenance and calibration. These sensors need care to be done as often as monthly due to bio-fouling. The smart sensors capable of sense, self-processing of signals, and communication facilities play a vital role in all intelligent systems for reliable and fast data processing with the central station. The higher complexity of smart sensors circuit leads to an increased and lengthy maintenance process. Proper sensor calibration will yield accurate measurements, making reasonable control of the process possible. Uncalibrated sensors can pose several safety risks. The rise in spending on condition monitoring and predictive maintenance systems could hamper the market growth.

SEGMENTATION

By Type Analysis

Increasing Adoption of Flow & Level Sensors for Different Types of Applications in Underwater Purposes to Boost the Market

Based on type, the market is divided into acoustic sensors, magnetic sensors, sonars, pressure sensors, temperature sensors, flow and level sensors, and others.

The flow and level sensors segment is predicted to be the fastest growing segment over the forecast period. These sensors are widely used in marine fleets. Acoustic sensors are commonly used in oceanographic and environmental studies. Additionally, the key players have been undertaking extensive research and developing integrated navigational sensors with enhancing capabilities to provide exceptional ship efficiency.

Further, underwater acoustic sensors play a relevant role in several fields in the aquatic environment. Underwater acoustics has been revealed as a valuable tool with countless applications allowing for performance studies of biomass calculations for fishing purposes, ecological assessment concerning noise pollution, bioacoustic studies related to marine mammals, or soundscape assessment using acoustic indicators, among other applications. Moreover, pressure sensors and temperature sensors segments are expected to witness lucrative growth in the coming years.

By Platform Analysis

Rising Adoption of New Technological-based Sensors for Military Protection and Situational Awareness to Propel Market Growth

Based on platform, the market is classified into military & defense and commercial.

The rising technological-based sensors for military ships, submarines, vessels, and others to protect and give them real-time situational awareness are boosting segment growth during the forecast period.

For instance, in October 2022, Ocean Power Technologies, Inc. was selected to assist Amentum Services. In this joint operation, both companies will provide coastal surveillance services in support of the U.S. Department of Homeland Security (DHS) Science & Technology Directorate (S&T) and the Department of Defense (DoD) Information Analysis Center (IAC) port. Furthermore, with increasing utilization of marine transportation and commercial ships, the commercial segment will significantly grow in the coming years.

By Application Analysis

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Advanced Technological-based Navigation Systems for Securing Accurate Data to Impel Industry Expansion

By application, the market is segmented into intelligence & reconnaissance, communication & navigation, electronic warfare, target recognition, surveillance & monitoring, and others.

Modern sailors are skilled in knowing how all modern navigation equipment works, making sailing at sea smoother and safer. Today's current facilities and automation are prepared with several innovative navigation marine sensors that deliver accurate voyage data, leading to market growth during the forecast period. For instance, in March 2022, Honeywell launched a new MV60 Micro-Electro-Mechanical System (MEMS) accelerometer sensor for defense applications.

With Artificial Intelligence (AI) technology, maritime sensors can pinpoint undersea objects, making autonomous vessels more reliable. Increasing developments in intelligence and reconnaissance sensors assist in analyzing information about the potential enemy, location, and others. Furthermore, surveillance and monitoring sensors allow military and intelligence organizations to track real-time data of the surrounding environment.

Marine sensors also play a vital role in targeting applications to detect surface or underwater objects. Moreover, technological improvements in semiconductors specific to gallium arsenide and indium phosphide further catalyzed market growth. The utilization of wide-bandgap also allows the targeting of multiple objects simultaneously. Multifunctional marine sensors are also critical to support electronic warfare systems. The sensors enable autonomous operation along with communication integrity.

REGIONAL INSIGHTS

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The global market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

The North America marine sensors market share is predicted to be dominant during the estimated period. The U.S. had the maximum defense budget in 2021. The growth in the adoption of next-generation advanced autonomous underwater vehicles fuels the market expansion in North America. Moreover, increasing the federal funding for military procurement plans for all military platforms, such as the sea, is witnessing the marine sensors market growth during the forecast period.

During the forecast period, Asia Pacific will be the fastest-growing region in the global market. China, Japan, South Korea, and India have the most focus on naval platforms to acquire advanced sensors for ships, submarines, and others. Moreover, the increasing popularity of cruising in the region is boosting the demand for sensors during the forecast period.

Europe is expected to record substantial growth during the forecast period. The increasing adoption of vessels and unmanned underwater vehicles for naval threat protection, surveillance, and other applications is increasing the demand for advanced sensor applications across the region. For instance, in 2019, the European Defense Agency approved the launch of the four years CAT B project. The CAT B project is developing a swarm of biomimetic underwater vehicles used for underwater intelligence, surveillance, and reconnaissance applications.

Countries, such as the UAE, Saudi Arabia, and South Africa, have more commercial cruising ships for tourism and transport ships. This is expected to boost the market growth during the forecast period.

KEY INDUSTRY PLAYERS

The market is fragmented with the presence of vital players such as BAE System Plc., Garmin Inc., and Honeywell International Inc. Major players are focusing on providing technologically advanced sensors for interplanetary naval applications. Industry players have also collaborated with several OEMs to speed up the development process.

LIST OF KEY COMPANIES PROFILED:

• BAE System Plc. (U.K.)


• Garmin Ltd. (U.S.)


• Gill Instruments (India)


• Honeywell International Inc. (U.S.)


• Lockheed Martine Inc. (U.S.)


• NRG System Inc. (U.S.)


• Raytheon Company (U.S.)


• SAAB AB (Sweden)


• Thales Group (France)

KEY INDUSTRY DEVELOPMENT 

• October 2022: Teledyne FLIR Defense was awarded a firm-fixed-price contract to provide MARFLIR (Maritime Forward Looking Infrared) II sensors to the United States Coast Guard (USCG). The total value of the agreement was USD 48.7 million.


• September 2022: Tomahawk Robotics won a contract through the Marine Corps Warfighting Laboratory to provide sensors, payloads, and multiple unmanned systems. The two-year agreement was valued at USD 6.5 million.


• September 2022: The Armaments Research Company (ARC) announced a conditions-based maintenance contract from the U.S. Marine Corps (USMC). Under the contract, ARC would develop systems for the Joint All Domain Command and Control (JADC2) with the U.S. Department of Defense (DoD) and the General Services Administration (GSA). The total value of the agreement was USD 60 million, with a five-year timeline.


• November 2022: iXblue announced a new product called the three-axis quantum inertial sensor. The inertial navigation sensor provides accurate continuous signals at high rates with low maintenance periods for its accuracy and sensitivity.


• July 2022: Kongsberg Maritime (KONGSBERG) was awarded a contract for installing a sonar suite and bottom navigation technology on 212CD class submarines for the Norwegian and German navies. The sensor provides valuable input to the naval system, and the navigation system provides safe and submerged indigenous action of the submarines.

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The market report brings a comprehensive analysis and emphasizes major aspects such as key players, objects, offerings, and end-users of sensors. Moreover, the report deals with insights into the competitive landscape, market trends, market competition, product pricing, regional analysis, market players, competition landscape, and the market status and highlights key industry developments. In addition to the factors stated above, the report encompasses several direct and indirect influences that have subsidized the sizing of the global market in recent years.

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