What is the current Long Range Identification and Tracking Market size?

The Long Range Identification and Tracking Market is projected to register a CAGR of 5.40% during the forecast period (2024-2029) Read More

Who are the key players in Long Range Identification and Tracking Market?

Pole Star Space Applications Limited, Morsviazsputnik, China Transportation Telecommunication Center, Arskom Group and Fulcrum Maritime are the major companies operating in the Long Range Identification and Tracking Market. Read More

Which is the fastest growing region in Long Range Identification and Tracking Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Long Range Identification and Tracking Market?

In 2024, the North America accounts for the largest market share in Long Range Identification and Tracking Market. Read More

What years does this Long Range Identification and Tracking Market cover?

The report covers the Long Range Identification and Tracking Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Long Range Identification and Tracking Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Long Range Identification and Tracking Market Trends

Statistics for the 2023 & 2024 Long Range Identification and Tracking market trends, created by Mordor Intelligence™ Industry Reports. Long Range Identification and Tracking trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Long Range Identification and Tracking Industry

This section covers the major market trends shaping the Long Range Identification & Tracking Market according to our research experts:

Defense to drive the market demand

Major military spenders such as the United States and Europe-based NATO nations are significantly investing in new naval vessels. Development projects such as the European Corvette program, FFG(X) frigate development, etc., are expected to drive the long-range identification and tracking market growth.
United States Navy plans to induct 46 new vessels to its naval fleet by 2023 and 20 FFG(X) next-generation frigates by 2030. This aforementioned factor is expected to propel the market growth due to the plans to equip these vessels with advanced C4ISR and battle management systems.
On March 1, 2021, the Trilateral Secretariat of the National Security Advisor (NSA) on Maritime Security Cooperation between India, Sri Lanka, and the Maldives was established. The secretariat was set up at the Sri Lanka Navy (SLN) Headquarters in Colombo in conjunction with discussions at the 4th Trilateral Meeting on NSA-Level Maritime Cooperation in November 2020 to continue the communication between India, Sri Lanka, and the Maldives on issues related to maritime security in the Indian waters.

Long Range Identification and Tracking Market

Understand The Key Trends Shaping This Market

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Asia Pacific To Exhibit The Highest Growth Rate

The Asia Pacific region is home to major military powers such as India, China, Australia, South Korea, Japan, etc., which account for a significant share in total global military spending.
The rise in border conflicts, air space violations by several nations, tensions in the South China Sea and pacific ocean, the development of hypersonic ballistic missiles, etc., are propelling the demand for advanced long-range identification and tracking systems in the region.
APAC region has a significant influence on ensuring the protection of the marine environment from ships. Its coastal and marine ecosystems are one of the richest and most productive globally and of great social and economic importance. However, these are at risk, especially given the increase in shipping activity. Asia consists of some of the busiest sea routes and some of the world's largest ports.