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The global maritime surveillance and intervention (MSI) market size is projected to reach USD 33.76 billion by 2027. It is expected to gain momentum from the increasing usage of robotic technology. Such technology is giving rise to the development of state-of-the-art underwater intervention vehicles and autonomous underwater vehicles (AUV), thereby improving the surveillance capabilities. Fortune Business Insights™ provided this information 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 market stood at USD 18.80 billion in 2019. However, it is likely to exhibit a CAGR of 9.86% during the forecast period between 2020 to 2027.
Indian Navy Deploys P-8I Long-range Maritime Surveillance Aircraft in IOR
In June 2019, the Indian Navy implemented its new P-8I long-range maritime surveillance aircraft in the Indian Ocean Region (IOR). Its main aim is to undertake anti-piracy sorties from Salalah in the Gulf of Aden. The aircraft is capable of offering Maritime Domain Awareness (MDA). Apart from this, the ships coming from the other countries have been provided protection. Till date, the Navy escorted approximately 3,440 ships. Out of these, 413 were of Indian flag, while 3,027 foreign flag.
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Rising Need to Detect Lockdown Violators amidst COVID-19 to Aid Growth
The implementation of lockdown measures owing to the outbreak of the COVID-19 pandemic has halted several marine operations, such as oil & gas processing, fishing, and transportation. Hence, coastguards are adopting unmanned aerial vehicles (UAVs) to monitor coastlines and detect the lockdown violators. It is surging the demand for MSI solutions for enhanced surveillance. Besides, the development of MSI aircraft is increasing day by day stoked by their ability to provide thermal imaging, satellite radar, long-range identification, and automatic identification system. These factors are expected to boost the maritime surveillance and intervention market growth in the coming years. However, the risk of cyber-attacks backed by marine territorial disputes and changing nature of wars may hamper the market growth.
Key Players Aim to Strengthen Position through New Contracts & Product Launches
The market is fragmented with the presence of numerous small, medium, and large companies worldwide. Dassault Aviation SA, Raytheon Technologies Corporation, and Saab AB are considered to be the leading companies owing to their adoption of acquisition and research and development strategies. Some of the others are looking forward to gaining new contracts from the regulatory bodies to provide their in-house MSI solutions.
Fortune Business Insights™ presents a list of all the MSI providing companies operating in the global market. They are as follows:
A Few Noteworthy Industry Developments:
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion)
System; Services; Application and Geography