Asia-Pacific To Register Highest CAGR in Global Maritime Security Market During Forecast Period
Rising number of threats and
increasing government initiatives for maritime security are expected to drive
global maritime security market during forecast period
According to
TechSci Research report, “Global Maritime
Security Market By Categories, By Service Offered, By Technology, By End-User,
By Region, Competition, Forecast & Opportunities, 2024”, global
maritime security market is expected to register a CAGR of around 7% during the
forecast period on account of increasing incidences of marine conflicts,
piracy at the
sea and drug & human trafficking through the waterways. Additionally, increasing
awareness regarding maritime safety coupled with implementation of regulatory
standards & guidelines are the other factors that are positively
influencing the growth of global maritime security market through 2024. As many
countries across the globe are attempting to gain power and control over
maritime assets like underwater oil reserves and other offshore resources,
geopolitical disputes are gradually increasing. On account of these growing disputes
worldwide, the countries are focusing more towards constant and efficient
maritime surveillance. The International Maritime Organization helps and guides
the member governments for the safety of life on the sea and for conserving
marine ecological balance.
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Global maritime
security market can be segmented based on Categories, Service Offered,
Technology, End-User and Region. Considering the technology, the market can be
segmented into screening & scanning, communications, surveillance &
tracking, detectors and others. Surveillance & Tracking segment is
anticipated to witness high traction in the upcoming years which can be
attributed to the need to increase the security of ports and war ships from
pirates, terrorists or any hostile attacks, and to avoid collisions.
SAAB Group, Thales Group, Sonardyne International Ltd., Bae Systems
Inc., Raytheon Anschütz GmbH, Northrop Grumman Corporation, Telecommunication
Systems, Inc., Honeywell International Inc., Elbit Systems Ltd, Harris
Corporation among others are the leading players operating in global maritime
security market. Increasing unethical marine acts and threats related incidents
across the world are encouraging vendors to offer enhanced maritime safety
solutions and services.
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“Regionally,
the maritime security market is gaining traction and expanding to various
regions including Asia-Pacific, North America, South America, Europe, and
Middle East & Africa. Among these regions, North America dominated the
market until 2018, this can be mainly attributed to extensive marine travel and
freight activities in the developed economies of the US and Canada. Furthermore,
Asia-Pacific region is expected to witness the highest growth during the
forecast period owing to the rising adoption of marine transport and increasing
sea crimes in the Arabian Sea and the Indian Ocean.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Maritime Security Market By Categories,
By Service Offered, By Technology, By End-User, By Region, Competition,
Forecast & Opportunities, 2024” 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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