Global Maritime Security Market Opportunities and Forecast 2023-2029

Maritime Security Market Overview

Maritime security is an umbrella term informed to classify issues in the maritime domain that are often related to national security, marine environment, economic development, and human security. The global Maritime Security market is projected to witness remarkable growth in the forecast period. A significant factor attributed to this growth is the increased need for maintaining marine security. In addition, the maritime security system is gaining traction in many countries due to its ability to provide superior technology for detecting threats and communicating with officials. Ports, vessels, and other shipping-related infrastructure are protected through this system from deliberate damage caused by sabotage, terrorism, or subversion.

Vendors in the global maritime security market are working hard to enhance solutions and services for maritime safety. These efforts are assisting companies engaged in the shipping and transport business in protecting themselves from unethical and unlawful conduct and threats. As a result, the maritime security market is experiencing tremendous growth potential.

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On the downside, ungoverned marine regions and need of uniform standards for maritime safety technologies and solutions are some of the crucial factors hindering the growth of the market.

Report MetricDetails
Market size available for years2019–2027
Base year considered2019
Forecast period2020–2027
Forecast unitValue (USD Million)
Segments coveredType of Security, Service Offered, Technology, and Region
Regions coveredNorth America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA)
Companies coveredThales Group, SAAB Group, Elbit Systems Ltd, Northrop Grumman Corporation, BAE Systems Inc., Sonardyne International Ltd., Raytheon Anschütz GmbH, Signalis GmbH, Telecommunication Systems, Inc., Harris Corporation, Terma A/S, Selex ES, Kongsberg Gruppen, Westminster Group, Honeywell International Inc.

Covid-19 Impact on Maritime Security Market

As the COVID-19 pandemic continuing its effect around the world, many defense and aerospace companies are facing its impact during this time around the world. For instance, commercial aviation companies in the U.S., France, Germany, and Canada are facing disruption in the production process and reduced demand as workforces staying at home, passengers stop traveling, and delay in delivery of new aircraft. Analysts expecting a drop from 3,000 to 4,000 aircraft during the pandemic period. On the defense side, contractors operating in the sector are in a better position, hence the impact of the pandemic is likely low in the short to mid-term. However, low demand due to budget constraints affecting the production as in aircraft manufacturing.

Maritime Security Market Segment Overview

 

Based on the Type of Security, the Vessel Security segment is projected to account for the largest share in the Maritime Security market, over the forecast period, owing to greater susceptibility towards risk.

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Furthermore, the U.K., European Union, the African Union, and the U.S. have all had a significant impact on the market for marine security. Disagreements between countries have been shrouded by disguised attempts to foster maritime terrorism. As a result, several issues related to marine security, such as the risk of pirates, are garnering worldwide attention and have also been the cause of inter-state disputes, particularly in China. Efforts to build a worldwide consensus will shape the future growth prospects in the maritime security market.

Maritime Security Market, By Type of Security
·       Port And Critical Infrastructure Security
·       Coastal Surveillance
·       Vessel Security

Maritime Security Market, By Service Offered
·       Consulting
·       Maintenance and Support
·       Risk Assessment and Investigation
·       Training
·       Others

Maritime Security Market, By Technologies and Systems
·       Access Control
·       Communications
·       Detectors
·       Geographic Information Systems
·       Screening and Scanning
·       Smart Containers
·       Supervisory Control and Data Acquisition (Scada)
·       Surveillance and Tracking
·       Weather Monitoring
·       Others

Maritime Security Regional Overview

In terms of region, Asia Pacific is one of the most prominent regions of the maritime security market. Increased usage of maritime routes for goods transportation in the Indian Ocean and the Arabian Sea is one of the primary factors driving market expansion in this area. Besides this, an increase in the number of sea-crimes in the region will promote market growth in the near future.

Maritime Security Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)

Maritime Security Market, Key Players

·       Thales Group
·       SAAB Group
·       Elbit Systems Ltd
·       Northrop Grumman Corporation
·       BAE Systems Inc.
·       Sonardyne International Ltd.
·       Raytheon Anschütz GmbH
·       Signalis GmbH
·       Telecommunication Systems, Inc.
·       Harris Corporation
·       Terma A/S
·       Selex ES
·       Kongsberg Gruppen
·       Westminster Group
·       Honeywell International Inc.

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