The global maritime security market size was valued at USD 31.69 billion in 2022. The market 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 is mostly used to protect ships and maritime activities from threats, including piracy, terrorism, people and goods trafficking, pollution, and illegal fishing. It includes monitoring, proactive procedures, and inspection, which are used to reduce the threats to the maritime industry.
Fortune Business Insights™ mentioned this in a report titled “Maritime Security Market, 2023-2030.”
Informational Source:
https://www.fortunebusinessinsights.com/maritime-security-market-108421
List of Key Players Present in the 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)
Segments-
Increasing Need for Ports and Vessels Security to Aid Segment Growth for Product Segment
By type, the market is segmented into product and service. The product segment is estimated to witness the fastest growth during the forecast period owing to the increasing need for ports and vessel security as shipping and trade activities expand worldwide.
Rising Integration with Other Security Systems to Drive Segment Growth for Radar Systems
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 is estimated to dominate the market during the projected period owing to the ability of radar systems to integrate with several other maritime security systems.
Growing Need for Skilled People to Augment Market Growth for Armed And Unarmed Guard Service Segment
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 service was dominating the market in 2022. The segment’s growth is anticipated to increase due to the growing need for skilled people to ensure security during emergencies.
Increase Maritime Investments by Naval Forces to Propel Market Growth
By security type, the market is segmented into port security, vessel security, coastal surveillance, maritime surveillance, and others. The maritime surveillance segment is expected to have fastest growth rate during the forecast period due to the increasing investment by naval forces globally.
Increasing Need for Enhanced Maritime Security Worldwide to Propel Segment Growth
By end user, the market is segmented into is segmented into shipping companies, government, port authorities, and others. The government segment is estimated to experience the fastest growth during the forecast period owing to the increasing need to enhance maritime security across vessels, ports, and other marine infrastructure.
Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
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-
Rising Digitalization in Maritime Operations to Drive Market Growth
The rising digital technologies adoption in maritime operations will drive the maritime security market growth during the forecast period. The growing need for cybersecurity solutions to protect interconnected systems from cyberattacks propels the market growth. Marine industry digitalization also refers to integrating advanced digital technologies and data-driven solutions into maritime operations.
Maritime security needs financial investment, such as purchasing and maintaining advanced technologies hindering the market growth during the projected period.
Regional Insights-
Increasing Government Investments Aided Market Growth in Asia Pacific
Asia Pacific held the biggest maritime security market share in 2022 due to the increasing investments by the governments of Japan, China, India, and others in procuring advanced maritime solutions and products.
The European market held the second biggest share in 2022. The growth is attributed to the increasing unauthorized entry through European border coastlines.
Competitive Landscape-
Increased Collaborative Strategies by Key Players to Drive Market Growth
The key players in the market are continuously adopting strategies, such as partnerships and collaboration with other market competitors, to strengthen their market position during the forecast period. The companies are also introducing new security products and solutions to expand their business portfolio globally.
Notable Industry Development-
September 2022 – Taiwan agreed to purchase four surveillance drones worth USD 555 million from the U.S. The first drone will be delivered in 2025.
