Report : South America Collision Avoidance and Object Detection Maritime Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Technology (LiDAR, Computer Vision, Radar, and Others), Application (Blind Spot Detection, Night Vision, and Others), and End User [(Unmanned Surface Vehicle, Ships, and Autonomous Underwater Vehicle (AUV)]
At 4.8% CAGR, the South America Collision Avoidance and Object Detection Maritime Market is speculated to be worth US$ 22.60 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America collision avoidance and object detection maritime market was valued at US$ 17.05 million in 2022 and is expected to reach US$ 22.60 million by 2028, registering a CAGR of 4.8% from 2022 to 2028. Rising number of ships and boats and increasing research on autonomous navigation systems drives the market growth are the critical factors attributed to the market expansion.
The increasing number of ships South America is creating a potential market for safety systems in the maritime industry which is propelling the demand for collision avoidance and object detection systems. The rise in demand for collision avoidance and object detection is primarily attributed to increase in safety factors to warn or assist the drivers to avoid imminent collisions and reduce the risk of incidents. Thus, increase in number of ships could lead to increase in number of collision and accidents which is accelerating the demand for collision avoidance and object detection system in maritime industry. Thus, such growth prospects in transportation activities is increasing the number of ships which is creating the demand for collision avoidance and object detection systems which helps drive the market growth over the forecast period.
On the contrary, integration with legacy systems hampers market South America collision avoidance and object detection maritime market.
- Based on technology, the market is segmented into LiDAR, computer vision, radar, and others. The radar segment held 52.87% market share in 2022, amassing US$ 9.01 million. It is projected to garner US$ 11.89 million by 2028 to expand at 4.7% CAGR during 2022–2028.
- Based on application, the market is segmented into blind spot detection, night vision, and others. The others segment held 77.37% market share in 2022, amassing US$ 13.19 million. It is projected to garner US$ 17.17 million by 2028 to expand at 4.5% CAGR during 2022–2028.
- Based on end user, the market is segmented into unmanned surface vehicle, ships, and autonomous underwater vehicle (AUV). The ships segment held 95.06% market share in 2022, amassing US$ 16.21 million. It is projected to garner US$ 21.13 million by 2028 to expand at 4.5% CAGR during 2022–2028.
- Based on country, the South America collision avoidance and object detection maritime market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 54.44% market share in 2022. It was assessed at US$ 9.28 million in 2022 and is likely to hit US$ 12.66 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the South America collision avoidance and object detection maritime market are Benewake (Beijing) Co Ltd; Orlaco Products BV; Raytheon Anschutz GmbH; Garmin Ltd.; Sea Machines Robotics Inc.; Teledyne FLIR LLC.; and Furuno Electric Co Ltd.
- In ,2022; Benewake launches the incredibly affordable LIDAR device TF-LC02. It costs $9.9 and is ideal for various applications because of its small size, high performance, high accuracy, and low error. The TF-LCO2 is a LiDAR distance module with a built-in TDC (Time-to-Digital Converter) circuit and a high-precision ToF sensor. It is referred to as a "little giant" and is only the size of a thumb cap while providing exceptional performance. It can be used to make various electronic devices, including floor sweepers, robots, unmanned aerial vehicles, and smart home items.
- In,2022; Garmin International, Inc., a division of Garmin Ltd., announced its collaboration with Sea Tow Services, International, Inc., which will help them to provide franchise operators and members exclusive offers and product training aimed at improving boater safety. these Strategic alliance with leading international marine assistance provider would deliver members with Garmin safety-enhancing training and product discounts as well.
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