Pune, India, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global maritime security market size was valued at USD 31.69 billion in 2022 and is projected to grow from USD 32.67 billion in 2023 to USD 43.87 billion by 2030, exhibiting a CAGR of 4.3% over the forecast period.
Maritime security helps security officers to apply best practices to protect ships against external and internal threats. It is an area of expertise in the maritime industry. The maritime threats are of various forms, requiring a different strategy to defend properly.
Fortune Business Insights™ mentioned this in a report titled “Maritime Security Market, 2023-2030.”
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List of Key Players Profiled in the Maritime Security Market Report:
- Kongsberg Group (Norway)
- OSI Maritime Systems (Canada)
- Terma (Denmark)
- Elbit Systems Ltd (Israel)
- BAE Systems Plc. (U.S.)
- General Dynamics Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
- Thales Group (France)
- Leonardo SPA (Italy)
- Harbor Lab (Greece)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.3% |
| 2030 Value Projection | USD 43.97 Billion |
| Market Size in 2023 | USD 32.67 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Maritime Security Market Growth Drivers | Rising Maritime Threats Globally to Drive the Market Growth |
| Rising Digitalization of Maritime Operations to Boost the Marine Security Market Growth |
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https://www.fortunebusinessinsights.com/maritime-security-market-108421
Segments:
Rising Technological Advancements to Boost Segment Growth for Product Segment
By type, the market is segmented into product and service. The product segment is expected to dominate the market during the forecast period due to the increasing technological advancements and other factors, such as terrorism.
Rising Technological Development in Radar Systems to Drive Segment Growth
Based on product, the market is bifurcated into radar systems, Automatic Identification System (AIS), Long Range Acoustic Devices (LARD), security fencing, antenna, surveillance cameras, x-ray scanners, and others. The radar systems segment will dominate the market during the forecast period. The growth is attributed to the rising technological developments in radar systems globally, making them an important maritime security component.
Increasing Need for Competent Personnel to Drive Segment Growth for Armed and Unarmed Guard Service
By service, the market is segmented into training, armed and unarmed guard service, emergency response service, vessel tracking and monitoring service, and others. The armed and unarmed guard services segment dominated the market in 2022 owing to the growing need of competent personnel to check everything is ready during any incident.
Increasing Maritime Threats to Drive Segment Growth for Maritime Surveillance
By security type, the market is segmented into port security, vessel security, coastal surveillance, maritime surveillance, and others. The maritime surveillance segment is estimated to witness the fastest growth during the forecast period. The segment’s growth is driven by the increased maritime threats worldwide.
Rising Government Investment in Maritime Infrastructure to Drive Segment Growth
By end user, the market is segmented into shipping companies, government, port authorities, and others. The government segment held the largest maritime security market share in 2022. The growth is attributed to the increasing investments by the government in the global maritime infrastructure.
Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
COVID-19 Impact:
Increased Demand for Maritime Surveillance Drones During Pandemic Aided Market Growth
The COVID-19 pandemic had a positive impact on the maritime security market. Coast guards' increased use of unmanned aerial vehicles (UAVs) to perform remote maritime surveillance boosted the maritime security market growth during the pandemic. For instance, during coastal surveillance, all the violators faced strict action from the Coastal Lar Enforcement Team.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increasing Maritime Threats Globally to Propel Market Growth
The increasing number of threats, such as armed robbery, transactional crime, cybersecurity risks, geopolitical tensions, refugee movements, terrorism, and piracy, is driving the maritime security market growth during the projected period. The increasing investments in marine security by governments worldwide propel the market growth during the forecast period.
Limited resources in maritime security affect the allocation of important funds and technology to implement effective security measures to hamper the market growth during the forecast period.
Regional Insights:
Increasing Piracy and Maritime Crimes Propelled Market Growth in Asia Pacific
Asia Pacific held the largest maritime security market share in 2022. The growth was attributed to the increasing piracy and maritime crimes in the Asia Pacific regions, including “Strait of Malacca.”
Europe held the second largest market share in 2022 due to the rising illegal border crossing across Asia.
Competitive Landscape:
Rising Key Players’ Focus on Advanced Maritime Security Development to Boost Market Growth
The maritime security market is estimated to grow significantly during the forecast period. The growth is driven by the increasing focus of major market players on developing advanced maritime security worldwide. The growing launch of the new security system by key players worldwide will drive market growth during the projected period.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of the COVID-19 pandemic on the Global Maritime Security Market
- Global Maritime Security Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Type
- Product
- Radar Systems
- Automatic Identification System (AIS)
- Long Rang Acoustic Devices (LRAD)
- Antenna
- Surveillance Cameras
- X-Ray Scanners
- Others
- Services
- Training
- Armed and Unarmed Guard Service
- Emergency Response Service
- Vessel Tracking and Monitoring Service
- Others
- Product
- Market Analysis, Insights and Forecast – By Security Type
- Port Security
- Vessel Security
- Coastal Surveillance
- Maritime Surveillance
- Others
- Market Analysis, Insights and Forecast – By End-User
- Shipping Companies
- Government
- Port Authorities
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the World
- North America Maritime Security Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Product
- Radar Systems
- Automatic Identification System (AIS)
- Long Rang Acoustic Devices (LRAD)
- Antenna
- Surveillance Cameras
- X-Ray Scanners
- Others
- Services
- Training
- Armed and Unarmed Guard Service
- Emergency Response Service
- Vessel Tracking and Monitoring Service
- Others
- Product
- Market Analysis, Insights and Forecast – By Type
TOC Continued...!
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Notable Industry Development:
- June 2022 – Raytheon Intelligence & Space signed a contract with Cobham Special Mission to equip its SeaVue multi-role radar on the Australian border surveillance aircraft. Under the contract, Raytheon Intelligence & Space will upgrade Cobham Special’s Dash 8 fixed-wing aircraft fleet to its most advanced version of SeaVue multi-domain surveillance radar to support Australian border operations.
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