The Maritime Security Market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Maritime security refers to protection of ports, vessels, and infrastructure from terrorism, piracy, environmental hazards, and other threats. Products used in maritime security include access control, video surveillance, intrusion detection, screening and scanning equipment, network systems, and security services. With increasing maritime trade and cargo transport, protection of ports and vessels has become important globally.
Market key trends:
One of the major trends fueling growth of maritime security market is increasing incidence of maritime crimes such as piracy, terrorism, illegal trafficking, and unlawful acts at sea. According to International Maritime Bureau, total of 132 incidents of piracy and armed robbery were reported in 2021 compared to 132 reported incidents in 2020. Majority of these occurred in Gulf of Guinea and Singapore Strait region. Rising maritime crimes have compelled nations globally to strengthen surveillance and security of ports and vessels. For instance, countries like India, China, and UK have increased investments in advanced technologies such as unmanned vehicles, drones, and analytics to improve perimeter protection of maritime zones. Leveraging technologies allows monitoring of larger areas cost effectively. This is expected to drive demand for maritime security solutions in coming years.
Porter’s Analysis
Threat of new entrants: The maritime security market has moderate threat of new entrants due to huge capital investments required for hardware, vessels, security systems and solutions. The established players hold strong brand image and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate as the types of maritime security solutions, systems and services are limited. Buyers have to rely on established players for solutions.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of many component and technology suppliers. Switching costs are also low.
Threat of new substitutes: There are limited substitutes available for maritime security solutions, systems and devices.
Competitive rivalry: Intense due to presence of many global and regional players.
SWOT Analysis
Strength: Established global presence and brand recognition of major players. Ability to offer comprehensive solutions.
Weakness: Huge investments required to develop new technologies. Dependence on government spending.
Opportunity: Growth in maritime trade and cargo volumes. Rising threats of piracy, terrorism and illegal activities. Increasing automation and integration of advanced technologies.
Threats: Cyber threats. Economic slowdowns impacting security budgets. Regulatory challenges.
Key Takeaways
The Global Maritime Security Market Size is expected to witness high growth, exhibiting CAGR of 10.2% over the forecast period, due to increasing maritime trade volumes globally. The market size for 2023 is US$ 24961.1 Mn. Europe dominates currently due to strong surveillance and monitoring measures taken by countries like UK, France and Germany.
Regional analysis - Asia Pacific is expected to grow at the fastest rate due to rapid growth in international seaborne trade in countries like China, India, and Japan. Major ports in regions are taking initiatives to strengthen security.
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. The major players are focusing on new product launches and partnerships to gain higher shares.
For More Insights, Read: https://www.newswirestats.com/maritime-security-market-demand-growth-and-regional-outlook-by-2030/
