Market Overview:
Coastal Surveillance Market is projected to reach USD 21.8 Billion by 2030 and register a CAGR of 8.8% between 2022 and 2030. The rise in military operations and missions globally demands an advanced surveillance system. The coastal surveillance systems are necessary for driving situational awareness on national coasts. The nation's awareness to protect against terrorism and illegal activities drive the Coastal Surveillance Market. The rise of immigration activities, illegal trespassing, and smuggling across the sea internationally is aiding the market's growth.
The key player's strategy for developing advanced Coastal Surveillance systems for surveillance programs is letting the Coastal Surveillance Market Outlook reach its goal in the forecast period. In recent years, the market has shown a huge growth rate due to the improvement and upgradation of coastal surveillance systems. The public awareness and the government support to secure the nation are accelerating the market. The government initiatives and higher defense expenditure is other growth factor driving the market. The growth of illegal activities at the coast and increased military spending propel the market's revenue and sales.
Key Players :
Northrop Grumman Corporation (US), Kongsberg Gruppen (Norway),Saab AB (Sweden), Elbit Systems Ltd (Israel),Indra Sistemas, SA (Spain), Selex Es Spa (Italy), Frequentis AG (Austria),Lockheed Martin Corporation (US),Raytheon Technologies Corporation (US),Thales Group (France)
Other Prominent Players :Terma AS (Denmark), Rolta India (India), Controp Precision Technologies Ltd (Israel),Tokyo Keiki Inc. (Japan),Kelvin Hughes (UK)
Market Segments:
The Coastal Surveillance Market is segmented into two major segments: the component and platform.
The Coastal Surveillance Market's component segment comprises command and control, intelligence, surveillance, and electronic warfare. The command and control is the supremely dominated segment due to the rise in usage of surveillance systems for controlling the illegal activities on national coasts. The intelligence segment is predicted to acquire a higher growth rate in the forecast period. At the same time, the reconnaissance segment will show steady. The highest CAGR is expected to obtain by the electronic warfare segment.
The platform segment of the market is categorized into Large-Scale Surveillance and Moderate-Scale Surveillance. Large-Scale surveillance is the dominating fragment; basically, it is used by navies and coast guards. The Moderate-Scale Surveillance will obtain a higher CAGR value in the forecasted period.
Regional Analysis:
According to the geographical analysis, the Coastal Surveillance Market Insights covers the topmost regions worldwide, such as the North American countries, European Union, Middle East, African regions, Latin America, and the Asia Pacific regions.
North America is the superior dominating region of the market due to the presence of prominent players such as the Lockheed Martin Corporation, Northrop Grumman Corporation, and Raytheon Technologies Corporation. The greater investment of these players is accelerating the market's development during the forecast period.
The European Union is chiefly adopting the coastal surveillance systems military operation. The Asia Pacific regions will obtain a higher compound annual growth rate in the forecast period due to higher military expenditures and the growth of terrorist illegal activities in China, Indonesia, and India.
The Middle East African regions have also noticed considerable growth, while Latin America is noticing a good market growth rate because of the usage of UAVs with radar systems in the region.
Industry News:
In April 2021, Wartsila and container port Tanger Med announced their agreement to develop smart port tools. Their agreement includes installing and delivering a Wartsila Navi Harbor VTS System, which comprises a Port Link Management System, VHF Radio Sub-System, and Advanced radars.
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