The global Maritime Security Market is estimated to account for US$ 20,554.2 Mn in terms of value by the end of 2021. Maritime Security is an industry that focuses on protecting the shipping infrastructure from the various hazards and threats that are posed by the sea. Coastal surveillance, screening, port security, and critical infrastructure security are some of the technologies that can be deployed in the market to enhance the level of protection of the shipping and transport industries. Moreover, marine security systems can be utilized to protect the transport industry from piracy and other illegal activities. The growing demand for security solutions is boosting the growth of the market.
Global Maritime Security Market: Drivers
The need for managing complex supply chain operations is increasing in the marine industry, which in turn is anticipated to propel growth of the global maritime security market during the forecast period. The marine industry has to manage the dynamic conditions in the market and complex processes for operating. The implementation of digital technologies is growing in the industry for shipping logistics as an opportunity to rationalize operations, to better prepare for capitalizing on global growth, and for creating smarter fleets and ships. The complexities of global supply chains are increasing along with their number due to rise in consumer demand. Moreover, the environmental impact of the industry is also increasing as the need for ingredients, raw materials, and products is rising all over the world. This is thus, creating demand for maritime security solutions and sustainability in the industry.
Global Maritime Security Market: Opportunities
The market is presented with multiple growth opportunities due to growing adoption of robotic technology for enhancing maritime surveillance capabilities. Owing to the rise in adoption of robotic technology, the development of advanced underwater intervention vehicles and autonomous underwater vehicles (AUV) is increasing. The use of these robotic vehicles can enhance the surveillance capabilities to the next level. These solutions include advanced electronic components such as advanced sensors, laser profilers, and high-quality cameras, among others. Thus, the market is likely to witness strong growth in the forecast future.
Global Maritime Security Market: Restraints
Constant threat of digital assault and detection of stealth vessels is anticipated to impede growth of the global maritime security market during the forecast period. Along with the technological development, stealth vessels are also advancing. These vessels cannot be detected with low generation monitoring system technology, which is why, development of an advanced surveillance solution is necessary. Furthermore, the risk of cyber-attacks is also increasing in the marine security, which is also acting as hindering factor in the market.
Global Maritime Security Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of Covid-19 affected several industries across the globe. The virus outbreak spread across many countries resulting into nationwide lockdowns in several regions. During this period, the global trade along with global economy was significantly impacted. Moreover, the transportation sector also witnessed a negative impact of the Covid-19 pandemic. The lockdown regulations disrupted and affected ports, supply chains and shipping operations. Many of the industries were faced with challenges related to supply chains. Thus, due to disrupted maritime industry, the market in discussion was adversely impacted by the pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/maritime-security-market-5453
Key Takeaways:
The global maritime security market was valued at US$ 20,554.2 Mn in 2021 and is forecast to reach a value of US$ 49,165.3 Mn by 2030 at a CAGR of 10.2% between 2022 and 2030.
Among the type segment vessel security segment held dominant position in the global maritime security market in 2021, accounting for 47.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Maritime Security Market Trends:
Rise in defense budgets and various initiatives dealing with maritime security in Asia Pacific region is expected to boost growth of the global maritime security market during the forecast period. Countries such as China and India are increasing their defense budgets, which is prompting more R&D in maritime security technology by market vendors. This trend is likely to continue in the global maritime security market during the forecast period.
Port and Critical Infrastructure segment in Type is gaining traction in the global maritime security market. The growth of this segment is driven by rise in adoption of maritime security services and solutions by end user commercial and defense sectors. This is majorly to safeguard the ports against possible attacks and infiltration. Thus, the demand for advanced maritime security solutions at new and existing ports is increasing, which in turn is driving growth of the market.
Global Maritime Security Market: Competitive Landscape
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
Global Maritime Security Market: Recent Developments
In November 2019, Indra Sistemas S.A., revealed that the company has tested its European Maritime Operations Center prototype successfully. The purpose of developing this prototype is the enhancement of maritime situational awareness along with the surveillance capabilities.
