collision avoidance and object detection maritime Market

The collision avoidance and object detection maritime market is projected to reach US$ 722.09 million by 2028, growing at a CAGR of 8.2% from 2022 to 2028.

Solutions for avoiding collisions and detecting objects are designed to prioritize the safety of vessels navigating through the sea. These solutions enable the early detection of any objects that may obstruct the vessel's path, along with providing accurate identification of the type of object. The identification of the type of object is crucial, as not all objects require vessels to alter their course, while some may only need a reduction in speed. For instance, when a vessel crosses the path of another vessel, lowering the speed may allow the former to pass while the latter can maintain its course. On the other hand, in cases where low tides cause rocks to surface and block the vessel's path, object detection technology can precisely identify such obstructions, enabling the vessel to adjust its course and navigate safely.

The demand for collision avoidance and object detection solutions is increasing due to the growing number of vessels and the rise in maritime-dependent trade. According to the UNCTAD Handbook of Statistics, the number of fleet ownership and vessels reached 53,973 units across the world in January 2021. The UNCTAD statistics data from 2021 also revealed that the number of ships increased from 53,275 in 2020 to 53,973 in 2021. The growth in the number of ships across the globe is mainly attributed to 15 countries. As the number of ships continues to rise, the likelihood of collisions also increases, leading to a surge in demand for collision avoidance and object detection systems. Therefore, the collision avoidance and object detection maritime market is expected to grow.

Impact of COVID-19 Pandemic on Collision Avoidance and Object Detection Maritime Market Growth
Governments imposed restrictions to control the spread of COVID-19, which had a significant impact on semiconductor manufacturing in 2020. Stringent restrictions and supply chain disruptions disrupted the manufacturing of electronic devices. This pandemic had a widespread impact on the economy, transportation, infrastructure, and electronics & semiconductor industries. Travel restrictions and business shutdowns disrupted the operations of electronics & semiconductor firms, severely hampering the production of systems based on radar and LiDAR. The manufacturers of various electronics and semiconductor products experienced delays in lead time, which restrained the growth of the collision avoidance and object detection maritime market until mid-2020. MarineTraffic data revealed a decline in ship arrivals at almost all of China's ports from January to March 2020. During the second half of 2020, container exports out of Chinese ports were severely disrupted because of under-staffing and inability to forward and receive containers inland. The outlook for the collision avoidance and object detection maritime market growth post-COVID-19 seems favorable for most market players. This is primarily due to the removal of travel restrictions and an increase in consumer spending on cruise ships. The growth of passenger cruises and the rise in tourism favor the adoption of these systems in cruise ships, positively impacting the growth of the collision avoidance and object detection maritime market.

The collision avoidance and object detection market in the Asia-Pacific (APAC) region is poised to witness significant growth opportunities due to the continuous technological advancements made by various industry players. For example, in August 2022, the marine industry in Singapore received its first autonomous vessel that has been verified with a smart (autonomous) notation from the Maritime and Port Authority of Singapore (MPA). The harbor tug received remote-control navigation and autonomous notation from ABS. Additionally, advancements in IT infrastructure, including the implementation of 5G technology, are improving connectivity for real-time data collection and monitoring, which is promoting the use of collision avoidance and object detection systems in maritime fleets for safety and real-time scheduling. The collision avoidance and object detection systems can mitigate port docking, real-time traffic management, and the collision of two ships. In February 2020, BSB Artificial Intelligence developed OSCAR, a sea-based system designed using FLIR thermal imaging technology, to detect floating objects on seawater. Such technological advancements are expected to drive the growth of the collision avoidance and object detection maritime market in the upcoming years.

On the basis of application, the collision avoidance and object detection maritime market is segmented into blind spot detection, night vision, and others. The others segment accounted for the largest share of the market in 2021. The others segment includes systems such as fish tracking systems, mine detection systems, and thermal imaging systems. Thermal imaging technology is used to detect and avoid floating objects that are difficult to locate. Further, thermal imaging systems are highly effective in robust marine operations.

Benewake (Beijing) Co., Ltd.; Furono Electric Co., Ltd.; Garmin Ltd.; Orlaco Products BV; Raytheon Anschutz GmbH; Robopec SAS; Sea Machines Robotics, Inc.; Teledyne FLIR LLC; Terma A/S and Velodyne Lidar, Inc. are among the key collision avoidance and object detection maritime market players.

The overall collision avoidance and object detection maritime market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the collision avoidance and object detection maritime market. The process also serves the purpose of obtaining an overview and forecast of the collision avoidance and object detection maritime market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. Participants in this process include VPs, business development managers, market intelligence managers, national sales managers, external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the collision avoidance and object detection maritime market.