Collision Avoidance and Object Detection Maritime Market Size Worth US$ 722.09 Million by 2028: The Insight Partners

Asia Pacific region is the fastest-growing regional collision avoidance and object detection maritime market.

NEW YORK, UNITED STATES, February 22, 2023 /EINPresswire.com/ -- According to a new research report, titled "Collision Avoidance and Object Detection Maritime Market Forecast to 2028 – COVID-19 Impact and Global Analysis" published by The Insight Partners, the market is expected to reach US$ 722.09 million by 2028, registering a CAGR of 8.2% from 2022 to 2028.

Collision Avoidance and Object Detection Maritime Market - Strategic Insights

Report Coverage Details

Market Size Value in US$ 450.61 Million in 2022
Market Size Value by US$ 722.09 Million by 2028
Growth rate CAGR of 8.2% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 169
No. of Tables 88
No. of Charts & Figures 82
Historical data available Yes
Segments Covered Technology, Application, and End User
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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The Europe collision avoidance and object detection maritime market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Europe has a prominent maritime industry along with a strong industrial manufacturing sector and robust international trade relationships The availability of technologically well-equipped infrastructure to handle large cargo fleets significantly contributes to the adoption of collision avoidance and object detection systems in Europe.  The region's strong economic status and technologically well-equipped infrastructure to handle large cargo fleets have significantly contributed to the growth of the collision avoidance and object detection maritime market in recent years. Presently, a large number of commercial and defense vessels have been deployed in the shipping industries in the UK, France, Russia, Germany, and Italy. The strong network of domestic marine transport for passenger and goods transfer has resulted in the early adoption of real-time safety solutions for the efficient management of maritime operations. 

Globally, the increase in the development of technologies for increasing safety in the maritime industry is propelling collision avoidance and object detection maritime market growth. Also, the rise in the adoption of autonomous ship navigation systems for commercial purposes is further fueling collision avoidance and object detection maritime market growth. Autonomous systems use sensor data for object detection, obstacle avoidance, mapping, localization, and other tasks. Autonomous navigation systems are also used for sensor fusion and testing for high-performance applications using multi-sensor systems, including global navigation satellite systems, inertial sensors, odometers, magnetometers, radars, LiDAR, cameras, barometers, maps, infrared, and ultrasound sensors. The increase in research studies and the evolution of advanced technologies in navigation systems is further aiding the market growth over the forecast period. 

The COVID-19 pandemic hampered operations in the maritime industry. Lockdowns and other social restrictions slowed down shipbuilding and the production of ship components, including collision avoidance and detection systems, due to the shortage of raw materials and electronic components. The COVID-19 pandemic affected global trade flows at an unprecedented speed and scale. Maritime trade collapsed in sub-Saharan Africa, Latin America, the Caribbean, North Africa, North America, and the European Union in 2020. These factors hindered the demand for collision avoidance and object detection solutions globally.

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Key Findings of Market Study:

Increased adoption of AI and ML in marine navigation systems is a key trending factor that accelerates the deployment of collision avoidance and object detection systems in the maritime industry. The adoption of AI and ML provides added safety to navigation systems with greater accuracy and efficiency. The associated advantages of using AI and ML in the maritime industry enhance the predictive capabilities, in turn, making the operations more efficient. The technologies enable real-time analytics, improved scheduling, and automated processes. The AI optimizes navigation by using machinery and engines' data collected and transmitted by connected sensors, alongside allowing predictive maintenance. Such trends are expected to boost the collision avoidance and object detection maritime market size worldwide in the coming years.

The collision avoidance and object detection maritime market is analyzed on the basis of technology, application, and end user. Based on technology, the market is segmented into LiDAR, computer vision, radar, and others. Based on application, the collision avoidance and object detection maritime market is segmented into blind spot detection, night vision, and others. Based on the end user, the collision avoidance and object detection maritime market is segmented into unmanned surface vehicles, ships, and autonomous underwater vehicles.

Collision Avoidance and Object Detection Maritime Market: Competitive Landscape and Key Developments

The top global collision avoidance and object detection maritime market players include Raytheon Anschutz GmbH; Teledyne FLIR LLC; Furono Electric Co., Ltd.; Garmin Ltd.; and Terma A/S in 2021. The positioning of these “Five Key Players” is derived based on the following key performance parameters: overall revenue, segment revenue, geographic reach, customer base, new solution/service launches, market initiatives, investments for technology upgrades, R&D investments, mergers & acquisitions, and other market-related activities. Other notable collision avoidance and object detection maritime market players profiled in the report are Benewake (Beijing) Co., Ltd.; Sea Machines Robotics, Inc.; Robopec SAS; Velodyne Lidar, Inc.; and Orlaco Products BV.

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