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.
The collision avoidance and object detection maritime market in Europe is categorized into France, Germany, Italy, the UK, Russia, and the Rest of Europe. Europe boasts of a thriving maritime industry, a robust industrial manufacturing sector, and strong international trade relationships. The availability of technologically advanced infrastructure to handle vast cargo fleets has significantly contributed to the adoption of collision avoidance and object detection systems in the region. The region's strong economic status and well-equipped infrastructure have contributed to the growth of the collision avoidance and object detection maritime market in recent years. Currently, several commercial and defense vessels are in operation in the shipping industries in France, Germany, Italy, Russia, and the UK. The robust network of domestic marine transport for the transfer of goods and passengers has resulted in the early adoption of real-time safety solutions for efficient maritime operations management. Therefore, the demand for collision avoidance and object detection solutions has increased to ensure maximum fleet safety. Moreover, the increasing use of ships for passenger transportation is another crucial factor contributing to market growth. These factors are collectively propelling the growth of the collision avoidance and object detection maritime market in Europe.
The growth of the collision avoidance and object detection maritime market is being propelled globally by the development of technologies aimed at increasing safety in the maritime industry. Additionally, the adoption of autonomous ship navigation systems for commercial purposes is further driving market growth. Autonomous systems rely on sensor data for a range of tasks, such as object detection, obstacle avoidance, mapping, and localization, among others. They also use multi-sensor systems, including global navigation satellite systems, inertial sensors, odometers, magnetometers, radars, LiDAR, cameras, barometers, maps, infrared, and ultrasound sensors for sensor fusion and high-performance applications. The evolution of advanced technologies in navigation systems and the increase in research studies are also contributing to market growth. Furthermore, the use of machine learning algorithms and automatic communication modules capable of developing and agreeing on maneuvers between autonomous vessels is boosting the demand for collision avoidance systems in the maritime industry.
The maritime industry faced hindrances in operations due to the COVID-19 pandemic. Lockdowns and other social restrictions impeded shipbuilding and production of ship components, such as collision avoidance and detection systems, because of raw material and electronic component shortages. The pandemic caused an unprecedented impact on global trade flows, leading to the collapse of maritime trade in several regions such as sub-Saharan Africa, Latin America, the Caribbean, North Africa, North America, and the European Union in 2020. As a result, the demand for collision avoidance and object detection solutions faced obstacles on a global scale.
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 vison, and others. Based on end user, the collision avoidance and object detection maritime market is segmented into unmanned surface vehicles, ships, and autonomous underwater vehicles.
In 2021, Raytheon Anschutz GmbH, Teledyne FLIR LLC, Furono Electric Co., Ltd., Garmin Ltd., and Terma A/S are among the top global players in the collision avoidance and object detection maritime market. The ranking of these "Five Key Players" is determined based on various performance metrics, including overall revenue, segment revenue, customer base, geographic reach, new product or service launches, market initiatives, 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.
Key Findings of Market Study:
The growing trend of using artificial intelligence (AI) and machine learning (ML) in marine navigation systems is a significant factor that is driving the deployment of collision avoidance and object detection systems in the maritime industry. The adoption of AI and ML enhances the safety of navigation systems by providing greater accuracy and efficiency. The benefits associated with using AI and ML in the maritime industry include improved predictive capabilities, resulting in more efficient operations. These technologies facilitate real-time analytics, better scheduling, and automated processes. AI also enables the optimization of navigation by using data from machinery and engines, which is collected and transmitted by connected sensors, thereby enabling predictive maintenance. These trends are expected to propel the growth of the collision avoidance and object detection maritime market worldwide in the upcoming years.
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