Visiongain Publishes Coastal Surveillance Market Report 2021-2031
30 January 2021
Visiongain has published a new report on Coastal Surveillance Market Report 2021-2031: By Application (Intelligence, Command & Control, Communication, Surveillance & Reconnaissance, Electronic Warfare, Computers) By Scale (Large-Scale Surveillance, Moderate-Scale Surveillance) By End Use (Defense, Coast Guard) and Leading Regional/ Country market analysis.
Global coastal surveillance market is estimated to be valued at US$ xx billion in 2021 and is projected to grow at a CAGR of xx% to reach a market value of US$ xx billion by 2031. The market for coastal surveillance has been driven by various factors including increasing trade and freight transport, increasing offshore business, and growing sports & recreational activities across sea. In addition, illegal movement of migrants, explosive materials, and weapons have bolstered the necessity of increased surveillance systems across the sea. Armed forces across the globe are focusing on enhancing their modern warfare techniques by investing significantly on network centric warfare and electronic warfare systems, which is also one of the key factors likely to propel the coastal surveillance market growth over the forecast period.
North America and Europe are estimated to be the largest spenders on the coastal surveillance market between 2021 and 2031, which key focus on improving military ISR capabilities. However Middle East and Asia-Pacific regions are anticipated to witness highest market growth over the forecast period and provide several growth opportunities for the companies operating in this sector. In addition, ongoing tension between India and China is also expected to influence the market growth positively over the forecast period.
COVID-19 Impact on Coastal Surveillance Market
COVID-19 has affected the global economies negatively during the past few months, due to which defense budgets in 2021 are anticipated to shrink, compare to last few years. Majority of the countries spend around 2% of their GDP on defense budget and this percentage is expected to fall in coming years along with GDP. Therefore, all the markets in defense sector are anticipated to witness smaller investments on the procurement, affecting the market growth negatively during the next two to three years.
Some of the company’s profiled in this report include Kongsberg Gruppen, Thales Group, Northrop Grumman Corporation, Saab AB, Indra Sistemas, S.A., Terma A/S, Kelvin Hughes, Elbit Systems Ltd., Lockheed Martin Corporation, The Raytheon Company.
• Government of India along with Ministry of Defense has signed a contract with Bharat Electronics Limited (BEL) to setup Coastal Surveillance System across the Indian border. This is the second phase contract includes installation of 38 radar stations and 5 command and control centers across the coastal line of India, Andaman & Nicobar, and Lakshadweep Island. In the first phase of the contract, BEL has installed 46 radar stations and 16 command and control centers, which will be used by Indian Coastal Guard for more than four years. Command and control centers are connected with various other systems including radars, communication systems, Electro Optic Systems, Meteorological Systems and Automatic Identification System among others.
• In February 2020, Canada has awarded a contract worth US$ 40.1 million to Felix Technology Inc. to supply 36 shore-based radars, which will be used by Canadian Coast Guard. These radars will replace the existing radar systems which are nearing the end of their life cycles and two radars will be used for training and testing purposes.
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