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Global Maritime Security Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 32.1 Bn by 2028, Likely to Grow with the CAGR of 7.0% During the Forecast Period.
Maritime security has become a key factor for the growth and security of a nation. It involves numerous entities from international, public and private sectors targeting at preserving the independence of the seas, aiding and protecting commerce, and continuing a good governance at sea. Increasing global maritime trade, increasing shipping piracy threats and other high sea crime rates are increasing the demand for Maritime Security across the world.
Growing Threat of Transnational Organized Crimes At Sea and Increasing Awareness About Maritime Safety Pose As Important Growth Drivers For The Maritime Security Market
Presently, the high-sea crimes are in the spotlight of maritime security. In the recent years, there has been an increase in the occurrences of piracy on commercial ships, numerous large vessels have been attacked and hijacked. Trends on the rate of recurrence and severity of attacks over time specify that the problem is becoming worse. Additionally, transnational maritime crime is increasingly sophisticated, and it is expanding both in terms of size and types of criminal activities. Criminal activities such as illegal immigration, narcotics trafficking, oil bunkering and smuggling, human trafficking and smuggling, environmental degradation, arms trafficking, maritime accidents, movement of weapons of mass destruction, disputes over maritime borders between coastal nations, illegal, unreported, and unregulated fishing (IUU) and maritime terrorism have also increased in the recent past. Therefore, policy makers, private sector stakeholders, and defence entities around the world are increasingly focusing on strengthening the maritime security by implementing modern technological solutions.
Furthermore, more than 80% of the world's goods are being transported by sea currently. As per UNCTAD, a combined value of seaborne trade was worth $25.3 trillion in 2015 and the value is liable to increase and is almost certainly not going to decline, in the coming years due to the expanding economic growth. This in turn, will also increase maritime safety awareness, and compliance to regulatory standards & guidelines to combat high-sea crimes. Thereby, augmenting the demand for maritime security solutions over the forecast period.
Risk Assessment And Investigation Segment To Grow At The Fastest Pace In The Maritime Security Market Over The Forecast Period
The maritime security market is categorized into services, technologies and systems, and categories. The service segment is further bifurcated into Training, Risk Assessment and Investigation, Maintenance and Support, Consulting and Others. Among them, the risk assessment and investigation subdivision is expected to grow with the highest CAGR in the market as risk assessment is becoming a vital decision making tool at the ground level. They assess all identified risks to its ships, personnel and the environment and establish appropriate safeguards that help to reduce accidents in maritime facilities. It is also financially beneficial for the growth of shipping industry. Moreover, the increasing numbers of high-sea crimes in recent years have seized the attention of government as well as commercial ship owners and they are fully recognizing the importance of risk assessment maritime security, thereby, driving the growth of the segment over the forecast years.
North America To Hold The Dominant Position In The Global Maritime Security Market
Geographically, North America generates the largest revenue in the global maritime security market. North America has extensive maritime boundaries and is also an active participant in the maritime commerce industry. In the U.S., 90 percent of U.S. imports and exports occur by ship and maritime commerce accounts for $4.6 trillion in annual economic activity. By 2025, as the demands for waterborne commerce, energy, food, resources, and recreation doubles, the amount of sea trade is also expected to rise. Furthermore, due the heightened national interest in United States maritime security and emergence of port security as a significant part of the U.S. homeland security, the demand for maritime security is expected to rise in this region. Besides that, the federal government is strengthening all of its strategies to combat the evolving threat in the War on Terrorism. Initiatives such as Security and Prosperity Partnership of North America (SPP), which is envisioned to increase the co-operation and information sharing to augment security in the United States, Canada, and Mexico will also drive the growth of the market in North America. Moreover, increasing occurrences of criminal activities at sea are affecting countries across the globe. Rising crimes such as terrorism, illegal immigration and narcotics from overseas constitute significant internal threats to the Asian maritime boundaries. The increasing measures to strengthen maritime security at Philippines’ southern maritime borders, which are shared with Association of Southeast Asian Nations (ASEAN) neighbours, owing to the prevalence of high-seas piracy, terrorist activities and other crimes are also expected to foster high growth for major vendors in maritime safety solutions and services in Asia Pacific region over the coming years.
Inorganic Growth Strategies To Remain The Fundamental Policy For The Of Growth Of Maritime Security Business
The maritime security market is intensely competitive. The key players in the maritime security market include BAE Systems PLC, Honeywell International, Inc., Northrop Grumman Corporation, Raytheon Anschütz GmbH, Saab Group, Elbit Systems Ltd., Harris Corporation, Kongsberg Gruppen ASA, and Wilh. Wilhelmsen Holding ASA. Some of the services offered by the company include vessel protection, ship security audits, a maritime security consultancy, a naval intelligence, vessel tracking, and crew training. The major vendors are focusing on expanding maritime services with new solutions. Maritime security companies are also offering anti-piracy services for maritime security. The leading vendors are also engaged in inorganic growth strategies such as mergers and acquisitions to gain a significant share in the market. In 2016, Survitec Group (“Survitec”), leading provider of critical safety & survival technology to the marine and defence markets completed its merger with Wilhelmsen’s marine safety business, to become a market leader in safety and survival solutions.
Global Maritime Security Market by Technologies and Systems
- Screening and Scanning
- Access Control
- Identification Card
- RFID Tags
- CARNE/HAZMAT Detection
- Laser Range Finder
- Geographic Information System
- Surveillance and Tracking
- Weather Monitoring
Global Maritime Security Market by Services
- Risk Assessment and Investigation
- Maintenance and Support
Global Maritime Security Market by Categories
- Port and Critical Infrastructure Security
- Vessel Security
- Coastal Surveillance
Global Maritime Security Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa