Why Risk Assessment and Investigation Is Expected To Grow in Maritime Surveillance Market?

Data from a range of sensors and sensor combinations working in multiple spectrum bands installed on various platforms are used to collect, analyze, combine, and share information for maritime surveillance. The global maritime surveillance market to reach $40,386.4 million by 2030. The need for these solutions is mainly driven by the increase in marine risks, such as piracy, and the rigorous rules controlling global sea trade.

Maritime Surveillance Market Revenue Estimation and Growth Forecast Report

The technology subsegment was dominated by the maritime surveillance market in 2021 with a share of 32.3%, as a result of the use of different monitoring software to keep track of whereabouts and send out warnings as needed to safeguard ships, ports, and other marine infrastructure. Ships are the primary mode of transportation for global trade, and they transport roughly 90% of the traded products.

Additionally, the demand for these devices is anticipated to be substantial due to the growing demand for new maritime security at ports and also in coastal regions, particularly in regions like Russia, LATAM, and the Caribbean where the frequency of piracy attacks and robberies has increased significantly over the past few years.

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Moreover, APAC has been the driving factor for the maritime surveillance market growth because of the growing commerce and rising maritime tensions, even as countries in North America and Europe implement cutting-edge maritime security technology.

A variety of cameras, such as fisheye, infrared, and pan-tilt-zoom (PTZ) cameras, are used at ports. For instance, IMO approved the LRIT System, a global ship tracking system, to instantly follow ships throughout the globe. Additionally, there are requirements for the complete radiological and nuclear hazard screening of marine cargo with a destination in the U. S.

After the 9/11 terrorist attacks, U.S. CBP implemented several measures to protect cargo containers. In the months following the destruction of the Twin Towers, the Container Security Initiative sent CBP agents abroad to work with foreign governments to identify and analyze high-risk containers before they are put onto ships bound for the U.S.

The category of risk analysis and investigation will generate $1,193.1 million in the maritime surveillance market by 2030. When handling sensitive products, risk assessment is essential since the threat of maritime terrorism, piracy, gunrunning, and other non-traditional seaborne assaults has increased considerably over the past ten years. Because it affects marine commerce, the security of the country and its residents depends on the health of its coast, which is also related to economic growth.

Because of this, the usage of various types of software for evaluating the risks associated with sailing and looking into particular occurrences and potential threats is becoming more relevant, which is fueling the growth of the maritime surveillance market. Planning security measures and system-wide processes to prevent tampering with offshore installations and marine transportation is made easier by risk assessment and investigation.