Global Maritime Security Market: Information by System (Screening and Scanning, Communications, Surveillance and Tracking, Access Control and Detectors), Threats and Vulnerabilities (Deep Water Security and Perimeter Security), Application (Port and Shipyard, Vessel Security and Coastal Surveillance) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2024
The Global Maritime Security Market is Expected to Register a 7.08% CAGR During the Forecast Period.
The global maritime security market is expected to witness substantial growth during the forecast period. Piracy poses a significant threat to the global shipping industry. According to the International Maritime Bureau, in 2017, around 180 incidents of piracy and armed robbery against ships were reported, including six vessels that were hijacked. According to the International Maritime Bureau’s, Piracy Reporting Centre, worldwide, there were 201 incidents of maritime piracy and armed robbery in 2018, up from 180 in 2017; thus, the effects on crew and their safety continue to be causes of concern.
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There are various other issues faced by the maritime industry such as drug and arms trafficking, terrorism, and territorial disputes. In order to counter these concerns and ensure safety, countries around the world are focusing on enhancing maritime security.
Moreover, maritime transport is considered to be the backbone of global trade and economy; according to the United Nations Conference on Trade and Development’s Review of Maritime Transport 2017, shipping carried more than 80% of the world’s goods, by volume, in2017. North America is estimated to be a prominent region for the maritime security market due to the presence of major manufacturers, such as Harris Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, and Raytheon Company, in the region. Europe is expected to be the second-largest market due to the increasing demand for maritime security systems in the region.
The key players in the global maritime security market are BAE Systems (UK), Elbit Systems Ltd (Israel), ESC Global Security (Estonia), Harris Corporation (US), Honeywell International Inc. (US), Kongsberg Maritime AS (Norway), Leonardo SpA (Italy), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Company (US), Saab AB (Sweden), Signalis (France), Sonardyne (UK), TERMA (Denmark), Thales Group (France) and Westminster International Ltd (UK).
The increasing need for maritime security and surge in international seaborne trade are some of the key drivers for the growth of the global maritime security market. In 2018, North America accounted for 39.45% of the global maritime security global market, followed by Europe with 27.37% of the global market share.
The global maritime security market has been segmented based on system, threats and vulnerabilities, application, and region. Based on system, the market has been divided into screening and scanning, communications, surveillance and tracking, access control, and detectors. The threats and vulnerabilities segments of the market are deep water security and perimeter security. By application, the market has been classified as port and shipyard, vessel security, and coastal surveillance.
The global maritime security market has been segmented, by region, into North America, Europe, Asia-Pacific, the Middle East Africa, and Latin America. North America is expected to be the largest market for maritime security. The maritime security market in North America is expected to register a CAGR of 7.01% during the forecast period. The initiatives taken by the US government to provide protection against threats such as piracy, terrorism, criminal activity, and cyberattacks is driving the growth of the North American market. Moreover, Canada is a major maritime country, which is a vital factor for the development of its economy. The Canadian government’s policies focus on surveillance, monitoring, and enforcement for the protection of its maritime industry. Such factors are expected to boost the growth of the maritime security market in the region.
The deep-water segment is expected to dominate the market.
The deep-water segment is expected to be larger during the forecast period. Deep water protection systems provide both underwater and above water perimeter protection. These systems include an electronic fiber optic net reinforced with Kevlar and steel cables, which is designed to prevent any undetected breach. Deep water security systems protect waterside perimeters from intruders such as speed boats, divers, floating explosive packages, and other water-based intruders. Thus, deep water segment is expected to register a CAGR of 6.50% during the forecast period.