The global Maritime Security Market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The maritime security market comprises security systems and services that help protect maritime borders and coastal regions. These include surveillance and tracking systems, screening and scanning systems, radar systems, access control and identification systems, communication systems, and other solutions. With growing concerns around piracy, drug trafficking, human trafficking via sea routes, and terror threats from the sea, there is an increasing demand for advanced maritime security solutions globally. Maritime security solutions provide enhanced situational awareness and command and control capabilities to maritime law enforcement agencies.
Market key trends:
The maritime security market is witnessing prominent adoption of cloud-based solutions and integration of advanced technologies like AI, machine learning and big data analytics capabilities. Cloud-based access to command and control centers, surveillance feeds and data sharing enables real-time monitoring and coordinated response. Implementation of AI and machine learning allows automatic detection of suspicious activities and anomalies from vast amounts of data from different sensors. Advanced data analytics helps organizations draw meaningful insights for enhanced decision making. Integration of smart command and control systems is also allowing for predictive and preventive security strategies. Growing investment in R&D is leading to development of autonomous maritime security platforms equipped with new generation sensors, communication systems and capabilities of remote identification.
Threat of new entrants: The threat of new entrants is moderate as the maritime security market requires high capital investments and technology expertise. However, the growing opportunities in this market may attract new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, as there are many vendors providing maritime security solutions, buyers have options to purchase products at competitive prices.
Bargaining power of suppliers: A few large companies dominate the supply market. Thus, the bargaining power of suppliers is high.
Threat of new substitutes: There are no close substitutes for maritime security systems. However, traditional security measures such as increased coastal security may limit the growth potential.
Competitive rivalry: The competitive rivalry in the maritime security market is high owing to the presence of multiple international players competing on product quality, features, and pricing.
The Global Maritime Security Market Size is expected to witness high growth, exhibiting CAGR of 10.2% over the forecast period, due to increasing terrorism and piracy activities at sea. The market size for 2023 is US$ 24961.1 Mn.
Regional analysis: The Asia Pacific region dominates the global maritime security market and is expected to exhibit the highest CAGR during the forecast period. Countries such as China, Japan, and South Korea are major contributors to the growth of this regional market due to increasing trade and transportation activities.
Key players: Key players operating in the maritime security market include Leidos Holdings Inc., SAAB AB, Nuctech Company Limited, Thales Group, OSI Systems Inc., Leonardo SpA, Smiths Group PLC, Elbit Systems Ltd., Kongsberg Gruppen ASA, Airbus SE, Westminster Group PLC, BAE Systems PLC, and Terma AS. Leidos Holdings Inc., SAAB AB, and Thales Group together account for over 35% of the market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it