NEW
YORK, Aug. 9, 2024 /PRNewswire/ -- The global
maritime security market size is estimated to grow by USD 3.62 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of about 3.2%
during the forecast period. Growing marine threats is driving
market growth, with a trend towards increase in number of new
harbors. However, high installation cost of maritime security
systems poses a challenge. Key market players include Airbus SE,
BAE Systems Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell
International Inc., Kongsberg Gruppen ASA, L3Harris Technologies
Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman
Corp., RTX Corp., Saab AB, Safran SA, Sonardyne International Ltd.,
SPX Technologies Inc., Teledyne Technologies Inc., Terma AS, Thales
Group, The Boeing Co., and Ultra Electronics Holdings Plc.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Maritime Security
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.2%
|
Market growth
2024-2028
|
USD 3629.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.06
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
North America at
49%
|
Key
countries
|
US, UK, China, Germany,
and Japan
|
Key companies
profiled
|
Airbus SE, BAE Systems
Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell International Inc.,
Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin
Corp., MIND TECHNOLOGY INC., Northrop Grumman Corp., RTX Corp.,
Saab AB, Safran SA, Sonardyne International Ltd., SPX Technologies
Inc., Teledyne Technologies Inc., Terma AS, Thales Group, The
Boeing Co., and Ultra Electronics Holdings Plc
|
Market Driver
The economic growth of nations relies significantly on the
development and maintenance of harbors. In response to increasing
public demand, countries like India, France, and Sri
Lanka are investing in new harbor construction. These new
harbors will enhance international trade by improving ships' access
to ports. This investment in infrastructure will stimulate maritime
trade through increased shipping activity, leading to a heightened
need for advanced maritime security systems during the forecast
period. Consequently, the maritime security market is poised for
robust growth.
The Maritime Security Market is experiencing significant growth
due to increasing threats to maritime trade and transportation. Key
trends include the deployment of warships for coastal surveillance
and protection against pirate attacks, terrorism, and illegal
activities. Seaports and port infrastructure are prioritizing
security measures, incorporating advanced technologies such as
custom electronics, multisensor cameras, and surveillance towers.
Illegal immigration, smuggling, and global freight transportation
are major concerns, leading to the adoption of proactive procedures
and inspections. Vessel security is a top priority, with the use of
screening, drone surveillance, and cybersecurity systems. Other
technologies like fisheye, thermal, and wide-angle cameras are
essential for monitoring and inspection. The Indian Navy's INS
Imphal, along with submarines, destroyers, frigates, oilers,
submarine tenders, and amphibious transports, are crucial for
maintaining situational awareness and addressing potential threats.
The market for maritime security is continually evolving to address
unauthorized activities, security breaches, armed robbery, and
transnational crime.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- Maritime security is a crucial aspect of the shipping industry,
addressing risks such as piracy, mechanical failure, adverse
weather conditions, and navigational errors. However, the
implementation and maintenance of maritime security technologies
come with significant expenses. High initial investments are
required for equipment acquisition, software licensing, and
personnel training. On-premises solutions necessitate port
responsibility for infrastructure, maintenance, and upgrades.
Periodic software upgrades and the shortage of skilled
professionals further increase costs. These factors may hinder
market growth, despite the potential benefits of advanced maritime
security technologies.
- The Maritime Security Market faces numerous challenges in
ensuring vessel security and coastal surveillance. These include
terrorism, illegal trafficking, illegal fishing, and transnational
crime. To address these threats, advanced technologies such as
fisheye, thermal, and wide-angle cameras are used for monitoring
and inspection. Vessels like destroyers, frigates, oilers,
submarine tenders, and amphibious transports are employed for
proactive procedures. Combat management systems, imagery data, and
satellite tracking help enhance situational awareness. However,
potential threats also include cybersecurity risks and unauthorized
activities. Geopolitical tensions, refugee movements, and irregular
crossings in areas like the central Mediterranean add to the
complexity. Resource limitations and coastal infrastructure
security are also concerns. Solutions include drone surveillance,
coastal radar stations, and security fencing with antennae for
effective communication and response.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This maritime security market report extensively covers market
segmentation by
- Type
- 1.1 Deepwater security
- 1.2 Perimeter security
- Technology
- 2.1 Surveillance and tracking
- 2.2 Screening and scanning
- 2.3 Communications
- 2.4 Other systems
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Deepwater security- The maritime security market is
experiencing growth due to the vast expanse of oceans and seas,
which cover over 70% of the earth's surface and serve as
battlegrounds for many countries. Defense authorities prioritize
enhancing their mid-sea attack and maritime border defense
capabilities by investing in maritime security systems. The South
China Sea's territorial disputes have heightened safety concerns
for neighboring countries like Taiwan, Japan, the
Philippines, and Singapore,
leading to an increase in their naval presence. This trend is
anticipated to boost the demand for deepwater security solutions.
Additionally, the protection of maritime resources from advanced
threats necessitates the adoption of maritime security solutions by
both governments and private organizations. However, the intricacy
and scale of maritime infrastructure have grown significantly with
the widespread adoption of advanced solutions. As a result,
end-users face challenges in managing these systems. Furthermore,
the high cost of implementation, reluctance to adopt new
technologies, and stringent regulations pose barriers to market
growth during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Maritime Security Market encompasses a range of solutions
designed to protect warships, maritime trade, seaports, and port
infrastructure from various threats. These include illegal
immigration, smuggling, pirate attacks, and illegal fishing. Global
freight and transportation rely heavily on maritime security to
ensure the safe and efficient movement of goods. Port security is a
critical component, utilizing custom electronics such as
multisensor cameras and surveillance towers for monitoring and
inspection. Proactive procedures, drone surveillance, and coastal
situational awareness are essential for preventing potential
threats and unauthorized activities. Other technologies like
screening equipment and vessel security systems are also crucial in
maintaining security. The market continues to evolve with
innovations in surveillance, inspection, and monitoring
technologies to address the ever-evolving maritime security
landscape.
Market Research Overview
The Maritime Security market encompasses various aspects of
securing maritime trade, seaports, and coastal areas against a
range of threats. These include pirate attacks, illegal
immigration, smuggling, terrorism, and transnational crime.
Warships such as destroyers, frigates, and submarines play a
crucial role in securing maritime routes and deterring potential
threats. Seaports and port infrastructure require advanced security
measures like custom electronics, multisensor cameras, surveillance
towers, and cybersecurity systems to ensure the safety of global
freight and transportation. Coastal surveillance using fisheye,
thermal, and wide-angle cameras, radar systems, satellite tracking,
and vessel tracking help maintain situational awareness and prevent
unauthorized activities. Proactive procedures like drone
surveillance, inspections, and screening are essential for
addressing potential threats and security breaches. Geopolitical
tensions, resource limitations, and irregular crossings in areas
like the central Mediterranean add complexity to maritime security
challenges. Coastal infrastructure, including security fencing and
antennae, also requires protection against armed robbery and
cybersecurity risks.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Deepwater Security
- Perimeter Security
- Technology
-
- Surveillance And Tracking
- Screening And Scanning
- Communications
- Other Systems
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/maritime-security-market-size-is-set-to-grow-by-usd-3-62-billion-from-2024-2028--growing-marine-threats-boost-the-market-technavio-302218006.html
SOURCE Technavio