CHICAGO, Oct. 25, 2023 /PRNewswire/ -- The Marine Sensors Market is estimated to be USD 1.4 billion in 2023 to USD 1.9 billion by 2028, at a CAGR of 6.5% from 2023 to 2028, according to a new report by MarketsandMarkets™. Navies focusing on technologically advanced vessels and increasing demand for maritime transportation are driving the growth of the marine sensors market.
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Marine Sensors Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 1.4 Billion |
Estimated Value by 2028 | $ 1.9 Billion |
Growth Rate | Poised to grow at a CAGR of 6.5% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Ship Type, Application, End use, Connectivity, Sensor Type and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Maintenance Process and Calibration of sensors |
Key Market Opportunities | Integration of Artificial Intelligence (AI), Internet of Things (IoT) with advanced marine sensors technology |
Key Market Drivers | Growing demand for ROV and AUV propels the demand for marine sensors |
Based on Application, the Navigation and positioning segment is estimated to have the second highest CAGR during the forecast period.
The navigation and positioning segment is projected to grow at the second highest CAGR in the marine sensors market during the forecasted period. Accurate navigation and positioning are essential for safety and efficiency in the maritime industry. This is driving demand for navigation and positioning sensors. Autonomous ships are becoming increasingly popular in the maritime industry. Autonomous ships rely on navigation and positioning sensors to navigate safely. This is driving demand for navigation and positioning sensors in the autonomous ship market.
Based on Ship Type, the unmanned underwater vehicle segment is estimated to have the highest CAGR in the forecasted period.
The unmanned underwater vehicle segment is projected to grow at the highest CAGR in the marine sensors market during the forecast period. UUVs are becoming increasingly popular in a variety of marine applications, such as oceanographic research, offshore oil and gas operations, and maritime security. Autonomous UUVs rely on marine sensors to navigate safely and to collect data. UUVs can be equipped with a wide range of marine sensors, allowing them to collect data from remote and hazardous environments that would be difficult or dangerous for humans to access. These are the reasons which contribute to the highest CAGR for UUV segment of marine sensors market.
Based on Connectivity, the wireless segment is estimated to have the highest CAGR in the forecasted period.
The wireless segment is projected to grow at the highest CAGR in the marine sensors market during the forecast period. Wireless marine sensors can provide real-time data on various environmental conditions in the ocean. This is important for a variety of applications such as navigation and positioning Technological advancements in wireless communication technologies, such as 5G and LTE-M, are making wireless marine sensors more reliable and cost-effective. Hence, we could see the wireless segment holds the highest CAGR during the forecasted period.
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Based on Region, the Asia Pacific region is estimated to have the highest CAGR and largest share during the forecast period.
The Asia Pacific region is projected to grow at the highest CAGR and largest share during the forecast period. Various technological advancements, increased demand for maritime transportation, and government support have propelled the expansion of the marine sensors industry in this region. Asia Pacific region has the world's largest and fastest-growing maritime industry. This is driving demand for marine sensors for use in a variety of applications, such as navigation and positioning, firefighting system, environmental monitoring, and marine research. Asia Pacific region is a major maritime trade route, but it is also a region with rising security concerns. This is driving demand for marine sensors for use in maritime surveillance and security applications. This growth is expected to bring about a transformative shift in marine sensors, revolutionizing the future of marine sensors market.
Major players operating in the marine sensors companies are Honeywell International Inc. (US), Eaton Corporation (Ireland), TE Connectivity (Switzerland), Garmin Ltd. (US), and Curtiss Wright (US) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, and Rest of the World.
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