Collision Avoidance & Object Detection Maritime Market 2031
The collision avoidance & object detection maritime market size is projected to reach US$ 929.6 million by 2031 from US$ 480.4 million in 2023. The market is expected to register a CAGR of 8.6 % during 2023–2031. Leveraging artificial intelligence for ship collision avoidance systems is likely to remain a key trend in the market.
Collision Avoidance & Object Detection Maritime Market Analysis
Collision Avoidance Systems in marine operations rely on established navigational aids and standards to avoid vessel collisions and serve as the foundation for maritime safety. Radar, ECDIS, ARPA, VTS, and navigational lights and shapes have all been in use for quite some time. They have proven themselves reliable over many years of actual use in a variety of maritime conditions. Some of the more noticeable features of these vessel collision avoidance systems include range and bearing information, interconnected functionality, alarm and warning systems, and others.
Collision Avoidance & Object Detection Maritime Market Overview
Ship crashes remain a critical issue in the maritime industry, posing serious risks to ships, the environment, and people's safety. The tremendous growth of global maritime traffic, along with increasing congestion in major waterways, has increased the possibility of these accidents. To mitigate these dangers, artificial intelligence (AI) and computer vision-based vessel collision avoidance systems (VCAS) have emerged as critical obstacle avoidance techniques. These systems use 24/7 computer vision and sensor fusion to analyze dangers in real time, making a significant contribution to maritime safety.
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Collision Avoidance & Object Detection Maritime Market: Strategic Insights
Market Size Value in US$ 450.61 Million in 2022 Market Size Value by US$ 722.09 Million by 2028 Growth rate CAGR of 8.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Collision Avoidance & Object Detection Maritime Market: Strategic Insights
| Market Size Value in | US$ 450.61 Million in 2022 |
| Market Size Value by | US$ 722.09 Million by 2028 |
| Growth rate | CAGR of 8.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Collision Avoidance & Object Detection Maritime Market Drivers and Opportunities
Rising Number of Ship Collisson Problem and Implication to Favor Market
Ship crashes remain a major issue in the maritime industry, with far-reaching effects. The European Maritime Safety Agency's Annual Overview of Marine Casualties and Occurrences in 2023 reports that roughly 4,000 safety-related occurrences occur each year. While this figure indicates a decrease in events compared to past years, it also emphasizes the problem's persistence. Every year, these collisions cost the maritime industry an estimated US $20 billion in damages, extended downtime for repairs, environmental degradation, supply chain disruptions, crew health and safety incidents, and erosion of trust among corporate stakeholders with a strong interest in seafarers. Ship crashes are caused by a variety of circumstances, including human mistakes, machinery failure, and poor weather conditions. A considerable body of research supports human error as the leading cause of marine mishaps. Between 2014 and 2022, safety investigations found that 59.1% of accident incidents were caused by human activity, with 50.1% of contributory variables being tied to human behavior. When both human action events and human behavior contributing elements were included, the human element accounted for an incredible 80.7% of studied marine casualties and incidents during this period. Overconfidence, recklessness in response to commercial pressures, tiredness, and a lack of necessary expertise and communication have been identified as the primary causes of proper barrier avoidance. In avoiding collisions between ships, maritime systems rely on established navigational aids and standards to prevent vessel collisions and create the foundation for maritime safety.
Rising Demand for Personal Yachts and Recreational Boats
Yachts, which are traditionally associated with luxury and indulgence, are becoming more popular as investment vehicles. Beyond the luxury they portray, yachts provide a unique financial opportunity that reaches beyond the horizon. Investing in a yacht goes beyond the traditional definition of financial assets. It is an investment in a lifestyle, status, and the possibility for financial gain. With the correct technique, yachts may provide a mix of enjoyment and profit, making them an appealing option for individuals seeking to navigate the seas of finance with flair and sophistication. Moreover, Recreational boats are a popular alternative for anyone looking to spend quiet hours on the water. These boats are vessels capable of active self-propelled navigation and are used principally for recreation, fishing, or commercial uses. Due to this, the demand for personal yachters and recreational boats is increasing; thus, the growing number of these boats is creating demand for the growth of the collision avoidance & object detection maritime market.
Collision Avoidance & Object Detection Maritime Market Report Segmentation Analysis
Key segments that contributed to the derivation of the collision avoidance & object detection maritime market analysis are technology, application, application and sector.
- Based on the technology, the collision avoidance & object detection maritime market is segmented as LiDAR, computer vision, radar, and others.
- Based on the application, the collision avoidance & object detection maritime market is segmented into blind spot detection, night vision, and others.
- Based on the end user, the collision avoidance & object detection maritime market is segmented into unmanned surface vehicle, ships, and autonomous underwater vehicle.
Collision Avoidance & Object Detection Maritime Market Share Analysis by Geography
The geographic scope of the collision avoidance & object detection maritime market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Asia Pacific exports are predicted to rise rapidly, aided by the continued strong development of intra-regional commerce within Asia Pacific, as China, India, and ASEAN remain among the world's fastest-growing emerging markets. Maritime Singapore is home to almost 5,000 maritime establishments and 140 of the world's leading international shipping firms, including ship management, agency, finance, insurance, broking, and surveying. The industry supports 160,000 people. Thus, the presence of such international shipping firms and export destinations creates an opportunity for the growth of the collision avoidance & object detection maritime market.
Collision Avoidance & Object Detection Maritime Market Report Scope
Collision Avoidance & Object Detection Maritime Market News and Recent Developments
The collision avoidance & object detection maritime market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the collision avoidance & object detection maritime market are listed below:
- Garmin International, Inc., a division of Garmin Ltd., collaborated with Sea Tow Services, International, Inc., which will provide franchise operators and members with exclusive offers and product training to improve boater safety. These strategic alliances with international marine assistance providers would deliver members with Garmin safety-enhancing training.
(Source: Garmin Ltd, June 2022)
- Velodyne Lidar, Inc. announced Seabed B.V. specializes in high-quality equipment for offshore dredging and surveying and has selected Puck sensors for its lidar mobile mapping system. The Seabed system is a turnkey mobile lidar solution for hydrographic surveys that can help in sustainable planning and protecting sensitive historical and marine environments.
(Source: Velodyne Lidar, Inc., June 2021)
Collision Avoidance & Object Detection Maritime Market Report Coverage and Deliverables
The “Collision Avoidance & Object Detection Maritime Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Collision avoidance & object detection maritime market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Collision avoidance & object detection maritime market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Collision avoidance & object detection maritime market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the collision avoidance & object detection maritime market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 8.6% during 2023–2031.
The global collision avoidance & object detection maritime market is expected to reach US$ 929.6 million by 2031.
The leading players operating in the global collision avoidance & object detection maritime market are Benewake (Beijing) Co Ltd, Orlaco Products BV, Raytheon Anschutz GmbH, Garmin Ltd, Sea Machines Robotics Inc, Robopec SAS, Velodyne Lidar Inc, Terma A/S, Teledyne FLIR LLC, and Furuno Electric Co Ltd.
Leveraging artificial intelligence for ship collision avoidance systems to play a significant role in the global collision avoidance & object detection maritime market in the coming years.
The rising number of ship collision problems and implications are the major factors that propel the global collision avoidance & object detection maritime market.
Asia Pacific dominated the collision avoidance & object detection maritime market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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