by The Maritime Security Market is estimated to be valued at Us$ 24961.1 Mn or Mn in 2023 and is expected to exhibit a CAGR Of 10% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The maritime security market encompasses products and services designed to secure ports and vessels from threats such as piracy, arson, theft, pollution, and terrorism. Key products in this market include access control, video surveillance systems, screening and scanning, RADAR systems, biometrics, and GPS tracking. Maritime security is crucial for protecting ports, cruise lines, offshore oil and gas rigs, and merchant shipping routes from criminal or terrorist threats.
Market Dynamics:
Rising maritime trade activities across the world is a major driver of the maritime security market. Over 90% of global trade is conducted through sea routes, and maritime trade volumes have been increasing steadily owing to growth in international trade. This expanding trade renders coastlines and ports more vulnerable to threats, necessitating greater maritime security measures. Another driver is the growing offshore oil and gas operations around the world. As energy exploration activities move into deeper waters, security of offshore rigs and vessels becomes more important. Installation of advanced surveillance and access control systems helps secure these offshore assets. Furthermore, increasing instances of piracy and terrorism at sea are prompting nations and maritime agencies to strengthen maritime domain awareness through adoption of technologies such as AIS, radar, CCTV and biometric systems for vessels and ports.
Segment Analysis
The global maritime security market is dominated by the surveillance radars sub-segment. Surveillance radars account for over 30% of the market share as they are being increasingly deployed by government agencies and port authorities for coastal surveillance and monitoring of territories. Advances in radar technology such as 3D surveillance radars have made them a preferred solution for maritime security.
PEST Analysis
Political: Stringent regulations around maritime borders by coastal nations have boosted investments in maritime security systems. Many governments are spending more on coast guard forces to curb smuggling and illegal immigration via sea routes.
Economic: The global economy’s reliance on seaborne trade for transportation of goods has made maritime security a priority. Billions of dollars worth of cargo is transported daily necessitating protection of vessels and ports.
Social: Rising instances of piracy and terrorism at sea have increased security concerns. Various terror outfits are known to target commercial ships and ports to disrupt economic activities.
Technological: Breakthroughs in sensors, communication technologies and analytics are enabling advanced capabilities for monitoring of maritime territory. Integration of technologies like AI and big data is optimizing decision making.
Key Takeaways
The Global Maritime Security Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing seaborne trade volumes globally. The market size is projected to reach US$ 49,489.4 Mn by 2030 from US$ 24,961.1 Mn in 2023.
North America dominates the maritime security market holding over 30% share due to large defense modernization programs by the US and Canada for coastal surveillance. However, Asia Pacific is expected to the fastest growing regional market with countries like China, India and Japan significantly investing in maritime border protection.
Key players operating in the maritime security market are 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. Leading players are focusing on integrating cutting-edge technologies such as AI, IoT and blockchain in their product offerings to gain competitive advantage.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
