Maritime Security Market to Grow with a CAGR of 5.94% Globally through 2029
The factors driving the global maritime security market during the forecast period include escalating maritime threats and piracy, expanding maritime trade and shipping, increasing concerns over maritime terrorism, and growing worries about illegal fishing and environmental crimes.
According to
TechSci Research report, “Maritime Security Market - Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029F”, the
Global Maritime Security Market stood at USD 31.64 billion in 2023 and is
anticipated to grow with a CAGR of 5.94% in the forecast period. The increasing need to manage
complicated supply chain operations, improve sustainability across the marine
industry, increase trade and freight transport activities through the sea,
increasing need to raise awareness about maritime safety, and regulatory
compliances and standards are the main factors propelling the growth of the
maritime safety market. Additionally, the development of integrated solutions
to reduce maritime terrorism and piracy, as well as emerging opportunities
across untapped regional markets, are expected to present opportunities for
businesses operating in the maritime safety market. These innovative
technologies include RFID, GPS, AR, robotics, and Blockchain. However, there
are restraints that could impede the market's expansion for marine safety.
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"Global Maritime Security Market”
The global
maritime security market is a vital component of the international efforts to
protect and secure the world's seas and oceans. As the vast and interconnected
network of global trade relies heavily on maritime routes, ensuring the safety
of these routes is of paramount importance. Maritime security encompasses a
wide range of measures aimed at safeguarding vessels, ports, coastal areas, and
critical maritime infrastructure from various threats. These threats include
piracy, terrorism, illegal fishing, environmental crimes, smuggling, and even
cyberattacks. The market for maritime security solutions and services has been
evolving in response to these challenges and trends, and it plays a pivotal
role in enhancing safety, promoting environmental sustainability, and
facilitating international collaboration. This article provides a comprehensive
overview of the global maritime security market, discussing its scope, key
components, drivers, challenges, and emerging trends.
The global
maritime security market encompasses a broad spectrum of measures,
technologies, and services designed to protect the maritime domain. This domain
includes oceans, seas, ports, and coastal areas, and it extends from the high
seas to territorial waters and port facilities. The primary components of the
maritime security market include: Advanced surveillance systems, such as radar,
sonar, and satellite imagery, are deployed to monitor vessel movements, detect
suspicious activities, and provide situational awareness. These technologies
play a critical role in preventing and responding to security threats. Physical
security measures involve access control, security personnel, and security
infrastructure to safeguard ports, vessels, and maritime infrastructure.
Technologies like biometrics and video analytics are used to control access
points effectively.
Secure
communication is essential for maritime security. Maritime authorities,
vessels, and port facilities rely on robust communication systems for
coordination and reporting. These systems ensure the timely transmission of
critical information. With the increasing digitalization of maritime
operations, cybersecurity has become a significant component of maritime
security. Cyber threats can disrupt navigation, communication, and vessel
systems, making cybersecurity a crucial consideration. Autonomous technologies,
including unmanned surface vessels (USVs), unmanned aerial vehicles (UAVs), and
autonomous underwater vehicles (AUVs), are being integrated into maritime
security operations. These systems enhance surveillance, reconnaissance, and
response capabilities.
Ports are vital
hubs of international trade, making them potential targets for various security
threats. Port security measures encompass access control, surveillance, and
cybersecurity to protect critical maritime infrastructure. Maritime security
efforts increasingly align with environmental conservation goals. Sustainable
and green technologies are being integrated into security solutions to minimize
environmental impact. International collaboration and information sharing among
maritime security stakeholders are essential for addressing transnational
threats and enhancing situational awareness.
Maritime Security Market is segmented by Systems, Type and Region.
Port and Critical Infrastructure Security is the dominant sub-segment in the maritime security market due to several compelling reasons. Firstly, ports are crucial hubs for global trade, handling a significant portion of international cargo. Their efficient and secure operation is vital for the smooth functioning of global supply chains. The security of these ports directly impacts economic stability and growth, making it a top priority for governments and private stakeholders alike. Critical infrastructure, including ports, harbors, and adjacent facilities, are often targets for various security threats, such as terrorism, smuggling, and cyber-attacks. The potential impact of such threats can be catastrophic, not only causing significant economic losses but also endangering human lives and national security. As a result, there is a heightened focus on implementing advanced security measures, such as surveillance systems, access control, and cybersecurity protocols, to protect these critical assets. The complexity and scale of port operations necessitate comprehensive security solutions. Ports involve a wide range of activities, from cargo handling and storage to passenger transport and logistics. Ensuring the security of these diverse operations requires integrated systems that can monitor, detect, and respond to potential threats in real time. This has led to increased investments in state-of-the-art security technologies and infrastructure, driving the growth of the Port and Critical Infrastructure Security sub-segment. Regulatory frameworks and international maritime security standards, such as the International Ship and Port Facility Security (ISPS) Code, mandate stringent security measures for ports and related infrastructure. Compliance with these regulations is essential for maintaining operational licenses and ensuring uninterrupted trade activities, further fueling the demand for robust port security solutions. The dominance of Port and Critical Infrastructure Security in the maritime security market is driven by the critical role ports play in global trade, the high stakes involved in securing these assets, the complexity of port operations, and stringent regulatory requirements. These factors collectively contribute to the prioritization and significant investment in port and critical infrastructure security solutions.
Major companies
operating in Global Maritime Security Market are:
- SAAB AB
- THALES SA
- Leonardo S.p.A
- Elbit Systems Ltd
- Airbus SE
- BAE Systems plc
- Terma Group
- Westminster Group Plc
- Kongsberg Gruppen ASA
- Smith’s Group PLC
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“The global
maritime security market is a critical and evolving sector dedicated to
safeguarding the world's oceans, seas, and maritime infrastructure. Key
drivers, such as rising maritime threats, increased trade, and growing concerns
over piracy and environmental crimes, underscore the market's significance.
Challenges, including jurisdictional complexities and evolving cybersecurity
threats, demand innovative solutions and international collaboration. Emerging
trends, such as the integration of autonomous technologies and emphasis on port
security and critical infrastructure protection, are shaping the market's
future. Environmental sustainability, green technologies, and enhanced maritime
domain awareness are also gaining prominence, aligning maritime security with
conservation goals. Collaboration and information sharing among stakeholders
are central to addressing transnational threats. As the maritime industry
continues to expand, the global maritime security market will remain
indispensable in promoting safety, security, and environmental responsibility.,”
said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based management consulting firm.
“Maritime
Security Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Systems (Screening and Scanning, Communications,
Surveillance and Tracking), By Type (Port and Critical Infrastructure Security,
Vessel Security, Coastal Security), By Region, Competition, 2019-2029F”,
has evaluated the future growth potential of Global Maritime Security Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Maritime Security Market.
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