The global maritime security market was valued at USD 19.87 billion in 2019 and is expected to reach USD 29.91 billion by 2025, by witnessing a CAGR of 8.51% during the forecast period, 2020 to 2025. According to Allianz Global Corporate & Specialty, 90% of global trade carried by international shipping, which gives rise to the importance of maritime security globally.
- Further, increasing marine terrorism-related incidents across the globe has led the military to deploy maritime security solutions to avoid such incidents in future. In response to this, vendors are working to enhance maritime safety solutions and services enabling shipping and transport enterprises from such illegal and unethical acts & threats.
- For instance, in February 2019, a terrorist attack in Dubai-based port operator in Somalia highlights the risks of doing business because this canal is the fastest and most popular maritime trade route between Europe and Asia, carrying about 10% of the world’s seaborne trade each year. Such fatal incidents increase the demand for maritime security globally.
- Moreover, maritime applications also involve in the prevention of illegal immigration. According to the Frontex, the total number of individuals using the Western Mediterranean route to enter the European Union (EU) illegally in 2017 was 1.51 thousand while in 2016 it was 1.35 million.
- Moreover, lack of uniform standards for maritime safety technologies & solutions, and ungoverned marine regions are few factors which restrict the market growth.
Scope of the Report
Maritime security is concerned with the protection of vessels, ports and other infrastructure related to the shipping business from intentional damage through terrorism, sabotage or subversion. Maritime security provides advanced technology to detect hazards and communicate with officials. Technologies such as surveillance and tracking, communications are considered in the scope.
Key Market Trends
Increasing Pirates Activity Across the Globe Fuels the Demand for Maritime Safety Solutions
- The threat posed by pirates has been on the International Maritime Organization’s
(IMO) agenda since the early 1980s. IMO also recognizes the threat posed by the kidnapping of crew members or attacks on the ships might lead to a security breach which might affect the entire system badly. Thus, IMO has taken initiative to raise awareness across the industry on how to tackle risks by promoting a maritime cyber risk management approach. Such an initiative has a positive outlook on maritime security.
- Moreover, IMO has also mandated the adoption of maritime security matters for its members. It also aims of such code is to ensure that the applicable ocean-going ships and port facilities of IMO Member States are implementing the highest possible standards of security. Such regulations from the governing body drive the maritime security market.
- Incidents such as 544 piracy incidents which took place in the East Mediterranean and the Black Sea in 2018 has led to the adoption of maritime security technologies, which in response provides an immense opportunity for the maritime security market.
- Additionally, the government’s initiative such as Maritime 2050 by the United Kingdom, which aims to make the UK a global leader in maritime safety and security standards and expertise worldwide. Such an initiative by the government is expected to augment the maritime market and have a positive impact globally.
Asia- Pacific to Witness Fastest Growth
- The Asia-Pacific region is expected to witness fastest growth owing to the increase in sea-crimes and adoption of marine transport of goods in the Indian Ocean and the Arabian Sea.
- Further, the South China Sea, which is a key commercial shipping route connecting Asia with Europe and Africa, is also a source of tension between nation-states, in particular, the US and China. China is also in dispute with a number of Asian countries which claim sovereignty over the Spratly Islands. Such unhealthy tensions among the nations, fuels demand maritime security solutions in the region.
- Moreover, increasing defense budget among the various countries such as India and China has led to an increase in research and development in maritime security technologies by different vendors.
- Thus, all the above factors are expected to drive the maritime security market in the Asia-Pacific region during the forecast period.
The maritime security market is fragmented and competitive in nature owing to the presence of major players. Some of the key players are SAAB Group, Thales Group, Northrop Grumman Corporation, Elbit Systems Ltd, BAE Systems Inc. amongst others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain the intense competition. Some of the recent developments are:
- May 2019 - Northrop Grumman Corporation launched a SeaFIND (Sea Fiber Optic Inertial Navigation with Data Distribution), a next-generation maritime inertial navigation system. It provides navigation capabilities in a compact and affordable package, making it ideal for applications where low cost, as well as reduced size, weight and power requirements, are critical.
- February 2019 - Northrop Grumman Corporation partnered with U.S. Coast Guard (USCG) Offshore Patrol Cutter (OPC) to contribute to the OPC platform which includes the integrated bridge, navigation, command and control, computing network, data distribution, machinery control, and propulsion control systems.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support