Maritime Security Market is Estimated to Grow at a Modest CAGR of 6.7.% with Trends Shaping & Robust Research Methodology

 

Maritime Security Market Overview

 

Maritime Security Market is expected to grow at a CAGR 7.08% by during the forecast period. Over the last few decades, there has been a surge of interest in maritime security in geopolitical ties around the world. Maritime security is concerned with the protection of ships, ports, and other shipping infrastructure from intentional damage caused by terrorism, sabotage, or subversion. According to studies, the marine network handles the vast majority of world trade. Many Asian maritime countries are increasing their spending in significant port construction and development plans as a result of this. In the next years, this will drive up demand for screening, scanning, and surveillance technologies. In addition, as maritime trade and transportation expand, illicit activities such as drug trafficking, illegal immigration, and attacks on ports and coastal areas are on the rise, fueling global need for maritime security. Several issues related to marine security, such as the risk of pirates, are garnering worldwide attention and have also been the source of inter-state disputes, particularly in China.

However, many port facilities do not currently have the requisite cybersecurity mechanisms in place to deal with the threats. As a result, port operators are investing in new cybersecurity systems to bolster their security measures even further. Owing to the strained diplomatic and political relations between nations, efforts to forge a global consensus will influence the market's future growth prospects in the marine security sector. Furthermore, technological advancement and the development of integrated solutions are some of the worldwide market's growth opportunities. The Maritime Security Market will benefit greatly from the deployment of smart containers, which are shipping containers outfitted with sensors to track and report data.

Key Players Focus on Expanding their Regional Footprint

The demand for global maritime defence is highly dynamic. Based on expense, efficiency, durability, and aftermarket services, vendors compete. Sellers must offer cost-effective and high-quality offerings in order to thrive and prosper in such a highly competitive climate.

·                     BAE Systems (UK)

·                     Elbit Systems Ltd (Israel)

·                     ESC Global Security (Estonia)

·                     Harris Corporation (US)

·                     Honeywell International Inc. (US)

·                     Kongsberg Maritime AS (Norway)

·                     Leonardo SpA (Italy)

·                     Lockheed Martin Corporation (US)

·                     Northrop Grumman Corporation (US)

·                     Raytheon Company (US)

·                     Saab AB (Sweden)

·                     Signalis (France)

·                     Sonardyne (UK)

·                     TERMA (Denmark)

·                     Thales Group (France)

·                     Westminster International Ltd (UK)

 

Analysis of COVID-19

The pandemic of Covid-19 has had an immense impact on the world economy and foreign commerce. In the maritime sector, certain parts, but to an exceedingly differing degree, have been impacted. This is partially due to the existence of particular forms of activities, but also to individual organisations' flexibility and disaster management arrangements.

The COVID-19 pandemic is an ever-changing situation that impacts the shipping industry substantially. Security-aware vessels will still be able to trade, but reliable, real-time, data-driven technologies will be needed to trade safely.

Therefore, with the increased risk that protection responses are disrupted due to widespread infection, a decline in piracy accidents is impossible to occur and a partial rise is eminently possible. It is crucial for vessels, vessel owners and the maritime community to rely on simple, data-driven and efficient solutions during this era of uncertainty, which will promote economic activity in this new reality.

Segmental Analysis

By System

During the forecast period, the detector technology and systems segment is projected to grow at the highest CAGR. Thanks to their efficiency and precision, laser range finder systems are rapidly replacing traditional systems, showing the highest CAGR in the category. However, owing to the exponentially increasing demand for video and underwater monitoring technology and services in this sector, the surveillance and tracking segment has the largest share of the maritime safety industry.

By vulnerabilities and threats

During the forecast period, the deep-water segment is expected to be larger. Deepwater defence devices provide protection for both underwater and above water perimeters. During the forecast span, the deepwater segment is predicted to report a CAGR of 6.50 per cent.

By Application

Due to greater danger susceptibility, vessel safety is projected to account for the largest market share over the forecast era. In addition, during the projected period, port and shipyard development is anticipated to be at the maximum CAGR.

Regional Assessment

North America to Lead Market Growth

The main demand for maritime defence is anticipated to be North America. During the projected period, the maritime protection market in North America is predicted to register a CAGR of 7.01 per cent. The US government's efforts to protect itself from threats such as piracy, insurgency, illegal trafficking, and cyberattacks are driving the expansion of the North American economy. In addition, Canada is a major maritime region, an important element in the growth of its economy. The policies of the Canadian government concentrate on oversight, supervision and regulation for the safety of its maritime sector. It is expected that such factors will fuel the development of the region's maritime protection industry.

China to Drive APAC Growth

The Asia-Pacific region is expected to experience the fastest growth due to the rise in maritime crime and the adoption of products by sea in the Indian Ocean and Arabian Sea. With several Asian countries seeking jurisdiction over the Spratly Islands, China is also in conflict. Fuels, such unhealthy tensions among nations, require solutions for maritime security in the region. In addition, the rise in the defence budget of countries such as India and China has led to an increase in research and development by various suppliers in the field of maritime protection technology. All of the above factors are thus projected to boost the Asia-Pacific maritime safety market during the forecast period.

Browse More Details On Report At: https://www.marketresearchfuture.com/reports/maritime-security-market-1344

 

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited), 99 Hudson Street,5Th Floor, New York, New York 10013, United States of America

Email: sales@marketresearchfuture.com

 

Comments

Post a Comment

Popular posts from this blog

Attack Helicopter Market Key Players and their Role in Revenue Generation by 2032

  Market Overview: Increased defense budgets, geopolitical tensions, and the desire for enhanced military capabilities have all contributed to significant expansion in the worldwide attack helicopter market in recent years. Attack helicopters are critical components of modern warfare, providing rapid response, firepower, and mobility. During the forecast period (2023-2032), the Attack helicopter market is expected to develop at a compound annual growth rate (CAGR) of 4.50%. As nations attempt to improve their defense capabilities, demand for attack helicopters has increased. These rotorcraft are built for close air support, anti-armor missions, and armed reconnaissance, making them essential in current military operations. Technological developments, including as stealth capabilities, sophisticated avionics, and improved weapon systems, characterize the market. Key Players: Leading market players are extensively spending in R&D to increase their product ranges, which...
Read more

Helicopter Lighting Industry, Trends Of Market, Statistics and Information Overview By 2027

  Market Overview: The helicopter lighting industry is estimated to register a CAGR of more than 3% during the forecast period by 2027. The main source of lighting for rotary-wing aircraft is the lighting system of the helicopter. It accomplishes two key goals. The internal lighting illuminates the instruments, equipment, and cabins at night while the exterior lighting provides illumination for navigation, signalling, landing, search and rescue, and anti-collision. Additionally, there is a HEELS (helicopter emergency egress lighting system) within the cabin, which facilitates evacuation in an emergency. Most of the external illumination is required for safe operation in helicopters by a number of organisations, including the FAA. Meanwhile, the military helicopter lighting market CAGR is somewhat constrained by reductions in defence spending, particularly in industrialised nations. However, the industry has bright prospects for expansion due to the growing usage of helico...
Read more

Military Body Armor Market Size of Business Will Invest In Advanced Next Generation Aircrafts

    Market Overview: Military Body Armor Market Size is estimated to reach USD 2.23 Billion by 2030, registering a CAGR of 5.4% during 2020-2030. Body armor refer to protective clothing, designed to absorb slashing, bludgeoning and penetrating attacks by weapons. Soldiers are exposed to high-calibre fire, explosives and have to manoeuvre through highly-volatile zones. This is why it is very important that they are protected with the highest level of ballistic resistant vests. they typically issued government-approved body armour to wear when they are going to high-risk zones. The Military Body Armor Market Size has been segmented by protection level, protection type, material, and region. Based on material, the market has been further segmented into steel, composite ceramics, aramid, Ultra-High-Molecular-Weight Polyethylene (UHMWPE), and others. Composites ceramics are widely used in most hard armor plates, along with aramid backing, such as Kevlar. Key Players: T...
Read more