Maritime Security Is Estimated To Witness High Growth Owing To Increasing Sea Piracy And Terrorism Activities
The Maritime Security Market is estimated to be valued at Us$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR Of 10.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The maritime security market consists of products and services intended for securing ports and coastal areas from threats such as sea piracy, terrorism, illegal immigration and human trafficking. Key products in the market include screening and scanning, access control, surveillance and tracking. These products are installed on ships, in ports and coastal areas to monitor activities and prevent unlawful acts.
Market Dynamics:
The maritime security market is primarily driven by increasing sea piracy and terrorism activities across major trade routes. For instance, according to the International Maritime Bureau, over 1000 seafarers were unlawfully kidnapped and held for ransom between January and June 2021 across West Africa. Moreover, China-US trade tensions have elevated concerns of hijacking commercial vessels or disrupting oil trade through critical chokepoints such as the Strait of Hormuz and the South China Sea. This has prompted nations to increase investments in coastal surveillance systems. Furthermore, digitalization of maritime domain through technologies such as big data analytics and Internet of Things is enabling advanced monitoring of maritime borders and activities, thereby supporting market growth. However, high costs associated with upgrading security infrastructure poses a major challenge.
SWOT Analysis (strengths, weaknesses, opportunities, threats)
Strengths:
- The maritime security market sees long term growth prospects due to rising global trade.
- Advanced technologies like drones, sensors and analytics are being used for threat detection and monitoring.
- There is increased focus on port and coastal security from navies and coast guards worldwide.
Weaknesses:
- High initial investment requirements for technology solutions increase budgetary pressures.
- Lack of harmonized regulations and standards across regions poses interoperability challenges.
Opportunities:
- Growing demand for integrated solutions covering multiple security aspects like access control and video surveillance.
- Emerging threats like piracy and terrorism is driving countries to enhance their maritime domain awareness.
Threats:
- Economic slowdowns can negatively impact trade volumes and defense modernization plans of customer nations.
- Geopolitical uncertainties and territorial disputes pose risks in some maritime regions.
Key Takeaways
The Global Maritime Security Market Size is expected to witness high growth, exhibiting CAGR of 10. over the forecast period, due to increasing global trade volumes that necessitate tightened security measures at ports and along shipping routes. It is estimated that the market will reach a size of US$ 49,926.1 Mn by 2030 from US$ 24,961.1 Mn in 2023.
Regional analysis
Asia Pacific dominated the global market in 2023, accounting for around 35% share owing to rising maritime trade and infrastructure investments by countries like China, India and Japan. Europe is anticipated to grow at a CAGR of 8.5% during 2023-2030, driven by initiatives to cooperate on maritime domain awareness by the European Union nations.
Key players
Key players operating in the maritime security market are 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. They are focusing on contracts for solutions integrating sensors, communication and analytics for applications like ports, vessels and coastal patrols.
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