Maritime Security Market worth $20.87 Bn by 2019, According to a New Study on ASDReports

Monday 13 October 2014, Amsterdam

The report, now available on ASDReports, “Maritime Security Market by Technologies and Systems, by Services, by Categories, and by Region - Global Market Forecast & Analysis (2014 - 2019)" defines and segments the global maritime security market into various sub-segments with in-depth analysis and forecast of revenues. It also identifies drivers and restraints for this market with insights into trends, opportunities, and challenges.

The major forces driving this market are awareness of maritime security, maritime threats, regulations and standards, and international trade by sea.The significance of the maritime security has increased, due to globalization.Also, the increase in maritime threat in some regions of the world has been noted as one of the major factors affecting international trade.

Solution providers such as Kongsberg, Raytheon, Terma, Thales Group, Northrop Grumman Corporation,and many others are expected to provide integrated solutions and offer better competitive services. The companies in this industry must take advantageofthe growing awareness of maritime securityin markets such as Middle East and Africa (MEA) as well as AsiaPacific (APAC). The surveillance and tracking systems and solutions, smart container systems as well as scanning and screening systems have a high growth rate in the market.

The new report has segmented the maritime security market by type of technologies and systems: screening and scanning, access control, detectors, Geographic Information System(GIS), surveillance and tracking, weather monitoring, smart containers, Supervisory Control and Data Acquisition(SCADA), communication, and others; by type of services:training, risk assessment and investigation, maintenance and support, consulting, and others; by categories:port and critical infrastructure security, vessel security, and coastal surveillance; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA) and Latin America (LA).

The maritime security market is estimated to grow from $13.94 billion in 2014 to $20.87billion in 2019.This represents a CompoundAnnual Growth Rate (CAGR) of 8.4% from 2014 to 2019. The vessel securitysegment continues to be the largest contributor for maritime security. In terms of regions, NAis expected to be the biggest market in terms of revenue contribution in 2014, whereas APAC is expected to experience increased market traction, in due course.