Collision Avoidance and Object Detection Maritime Market Research Report and Outlook by 2028

The maritime market for collision avoidance and object detection is anticipated to reach a value of US$ 722.09 million by 2028, with a compound annual growth rate (CAGR) of 8.2% from 2022 to 2028.

These solutions are specifically engineered to enhance the safety of vessels navigating through maritime environments. They facilitate the early identification of potential obstacles in a vessel's path, along with providing precise classification of these objects. Understanding the nature of the object is vital, as not every object necessitates a change in the vessel's course; some may only require a reduction in speed. For example, if one vessel approaches another, reducing speed may allow the first vessel to pass while the second maintains its trajectory. Conversely, when low tides expose rocks that obstruct navigation, object detection technology can accurately identify these hazards, allowing the vessel to adjust its course accordingly and ensure safe passage.

The increasing demand for collision avoidance and object detection solutions is driven by the rising number of vessels and the growth of trade reliant on maritime transport. According to the UNCTAD Handbook of Statistics, the global fleet reached 53,973 vessels in January 2021. The data indicated an increase from 53,275 ships in 2020 to 53,973 in 2021, with this growth primarily attributed to 15 countries. As the global fleet expands, the risk of collisions rises, thereby escalating the need for effective collision avoidance and object detection systems. Consequently, the collision avoidance and object detection maritime market is projected to experience significant growth.

Effects of the COVID-19 Pandemic on the Growth of the Collision Avoidance and Object Detection Maritime Market
The COVID-19 pandemic led to government-imposed restrictions aimed at curbing the virus's spread, which significantly affected semiconductor production in 2020. These stringent measures and disruptions in supply chains hindered the manufacturing of electronic devices. The pandemic's repercussions were felt across various sectors, including the economy, transportation, infrastructure, and the electronics and semiconductor industries. Travel bans and business closures disrupted operations within electronics and semiconductor companies, severely impacting the production of radar and LiDAR-based systems. Manufacturers faced delays in lead times, which stunted the growth of the collision avoidance and object detection maritime market until mid-2020. Data from MarineTraffic indicated a notable decline in ship arrivals at nearly all Chinese ports from January to March 2020. In the latter half of 2020, container exports from Chinese ports were significantly affected due to staffing shortages and challenges in forwarding and receiving containers inland. However, the outlook for the collision avoidance and object detection maritime market post-COVID-19 appears optimistic for most stakeholders, primarily due to the lifting of travel restrictions and an uptick in consumer spending on cruise ships. The resurgence of passenger cruises and increased tourism are likely to drive the adoption of these systems in cruise vessels, positively influencing the growth of the collision avoidance and object detection maritime market.

The Asia-Pacific (APAC) region is expected to present substantial growth opportunities in the collision avoidance and object detection market, thanks to ongoing technological advancements by various industry players. For instance, in August 2022, Singapore's marine sector welcomed its first autonomous vessel, which received a smart (autonomous) notation from the Maritime and Port Authority of Singapore (MPA). This harbor tug was equipped with remote-control navigation and autonomous notation from ABS. Furthermore, advancements in IT infrastructure, particularly the rollout of 5G technology, are enhancing connectivity for real-time data collection and monitoring, thereby promoting the implementation of collision avoidance and object detection systems in maritime fleets for improved safety and scheduling. These systems can effectively manage port docking, real-time traffic, and prevent ship collisions. In February 2020, BSB Artificial Intelligence introduced OSCAR, a sea-based system utilizing FLIR thermal imaging technology to detect floating objects in the water. Such innovations are expected to propel the growth of the collision avoidance and object detection maritime market in the coming years.

The collision avoidance and object detection maritime market is categorized by application into blind spot detection, night vision, and other systems. The 'others' category held the largest market share in 2021, encompassing systems like fish tracking, mine detection, and thermal imaging systems. Thermal imaging technology is particularly effective in identifying and avoiding floating objects that are otherwise challenging to detect, making it invaluable for robust marine operations.

Key players in the collision avoidance and object detection maritime market include Benewake (Beijing) Co., Ltd.; Furuno 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.

The overall size of the collision avoidance and object detection maritime market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the market size across all segments. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the findings and gain deeper analytical insights. Participants included 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.