Nov 11, 2020, 05:46 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 11, 2020, 05:46 /Comserve / -- Global Coastal Surveillance Market is valued approximately USD 32.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.38 % over the forecast period 2020-2027.
Global Coastal Surveillance Market is valued approximately USD 32.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.38 % over the forecast period 2020-2027. Coastal surveillance acts as a "virtual barrier" that recognizes, detects, monitors and removes intruders. These systems include a range of electronic warfare, networking, intelligence, machine, and surveillance applications. Coastal surveillance devices are used primarily for search and rescue operations that are helpful to the global market for coastal surveillance. The market is driven by global need to shorten mission cycle time, increase in asymmetric warfare, increase in the number of illegal maritime activities such as piracy and illicit trade.
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The key players of global Coastal surveillance market have adopted various strategies to gain competitive advantage including product launch, mergers and acquisition, partnerships and agreements, investment, funding and others. For instance, In April 2016, Thales Group won a contract to supply Fulmar surveillance drones from the Malaysian Maritime Enforcement Agency to boost the surveillance capabilities of the agency. Destini Shipbuilding and Engineering, Malaysia, will mount Fulmar, a small fixed-wing UAS, on six new-generation patrol craft being built. Fulmar features automated systems with an automated recognition system for detection and monitoring. Also, in May 2019, ETSI has developed a new Industry Specification Community on a Common European Information Exchange Environment Service and Data Model (ISG CDM). In order to increase the understanding of maritime situations at sea, this ETSI community allows data sharing between different maritime legacy systems. However, scarcity of resources to handle the changing technical climate, Defense budget cuts in developing economies would restrain the market growth.
The regional analysis of global Coastal Surveillance Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms increase in the number of illegal maritime activities such as piracy and illicit trade. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as Global need to shorten mission cycle time, increase in asymmetric warfare would create lucrative growth prospects for the Coastal Surveillance Market across Asia-Pacific region.
Major market player included in this report are:
Northrop Grumman Corporation
Elbit Systems Ltd.
Indra Sistemas, S.A.
Tokyo Keiki Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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Command and Control
Surveillance and Reconnaissance
By End user:
Large Scale Surveillance
Moderate Scale Surveillance
Rest of the World
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