The global maritime surveillance and intervention (MSI) market demand is likely to gain traction from its increasing usage by the coastline law enforcement teams to detect lockdown violators amidst the COVID-19 pandemic.
The report further states that the MSI market size was USD 18.80 billion in 2019 and is projected to reach USD 33.76 billion by 2027, exhibiting a CAGR of 9.86% during the forecast period.
Fortune Business Insights™ lists out the names of all the MSI solutions providers operating in the global market. They are as follows:
- Yaltes (Turkey)
- IndraSistemas, S.A. (Spain)
- Raytheon Technologies Corporation (The U.S.)
- Saab AB (Sweden)
- Elbit Systems Ltd. (Israel)
- Furuno Electric Co., Ltd. (Japan)
Drivers & Restraints-
Increasing Rate of Ocean Crimes to Boost Growth
The rising ocean trade worldwide is persistently increasing maritime traffic. This type of trade is considered to be highly preferred and the most established form of cargo export and import as it is capable of carrying heavy-weight goods. The presence of several trader vessels in the sea has given rise to seaway transportation, thereby surging the rate of ocean crimes across the globe. To prevent smuggling, illegal immigration, and piracy, many organizations are rapidly adopting MSI solutions. However, the requirement of the high cost to develop advanced MSI systems may hamper the maritime surveillance and intervention market growth in the coming years.