Collision Avoidance & Object Detection Maritime Market Size, Share, and Analysis by 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

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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

Collision Avoidance & Object Detection Maritime Market Regional Insights

The regional trends and factors influencing the Collision Avoidance & Object Detection Maritime Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Collision Avoidance & Object Detection Maritime Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Collision Avoidance & Object Detection Maritime Market Report Scope

Collision Avoidance & Object Detection Maritime Market Players Density: Understanding Its Impact on Business Dynamics

The Collision Avoidance & Object Detection Maritime Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Collision Avoidance & Object Detection Maritime Market are:

1. Benewake (Beijing) Co Ltd
2. Orlaco Products BV
3. Raytheon Anschutz GmbH
4. Garmin Ltd
5. Sea Machines Robotics Inc
6. Robopec SAS

Disclaimer: The companies listed above are not ranked in any particular order.

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