Maritime Security Market Research Report - Global Forecast till 2027

Maritime Security Market: Information By System (Screening and Scanning, Communications, Surveillance and Tracking, Access Control and Detectors), By Threats and Vulnerabilities (Deep Water Security and Perimeter Security), By Application (Port and Shipyard, Vessel Security and Coastal Surveillance) - Forecast till 2027

ID: MRFR/A&D/0836-CR | June 2019 | Region: Global | 120 pages

Maritime Security Market

Maritime Security Market Size is expected to reach USD 33.3 billion by 2030, registering a CAGR of 6.7 % during 2020-2030.

Segmentation

By System Screening and Scanning Communications Surveillance & Tracking Access Control Detectors
By Threats and Vulnerabilities Deep Water Security Perimeter Security
By Application Port & Shipyard Vessel Security Coastal Surveillance

Key Players

  • 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)

Drivers

  • Demand for various new maritime safety equipment is growing due to the rise in the number of undocumented immigrants worldwide
  • Increasing defence budget across different countries has contributed to an increase in spending in R&D
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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 market will benefit greatly from the deployment of smart containers, which are shipping containers outfitted with sensors to track and report data.


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.


Market Dynamics


Drivers


R&D Investments to Drive Market Growth


Demand for various new maritime safety equipment is growing due to the rise in the number of undocumented immigrants worldwide. The demand for automated systems such as EO detection systems, underwater acoustic weapons systems, electronic barriers, MIRA Autonomous Control Equipment (MACE) and advanced defence systems has increased. In addition, the market for small satellites that are used to track merchant ships has risen significantly.


The increasing defence budget across different countries has contributed to an increase in spending in R&D as well as an increase in the number of maritime protection systems contracts. Vendors concentrate on providing better surveillance systems, communication systems, upgraded weapons, stealth UUVs, sensors, and threats from underwater contraband. The market has also witnessed a shift towards cost-effective and fully autonomous unmanned surface vessels (USVs).


Opportunities


Technological Advancements to Create Avenues for Market Players


The need to defend against new emerging threats, such as cyber-attacks, the rapid increase in international sea trade and regulatory compliance with maritime trade, has increased. The various rules and regulations for better integration and regulation of maritime security, which play an important role in the coordination of international trade by sea, are being implemented in order to drive the market. Technological advances and effective integration with new technologies such as smart containers, with skills such as GPS tracking, can provide the market with significant growth opportunities. In different parts of the world, unregulated sea regions can lead to various maritime security concerns across the globe.


Restraints


Economic Downturn to Impede Market growth


There are few factors limiting market growth in the absence of uniform standards for maritime safety technologies & solutions and ungoverned marine regions. Economic downturns and unregulated marine regions are constraining the growth of the market. 


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.


Competitive Landscape


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.


In order to achieve an advantage over rivals, vendors have to rely on the global footprint network, house production capabilities, product deals, R&D spending, and a large customer base. In order to achieve greater productivity and lower prices, new tactics implemented by the aerospace industry raise OEM dependency on Tier 1 suppliers.  Global economic recovery and vendors' acquisitions create opportunities for players in the defence industry to compete and develop. Big players including Boeing and Airbus rely more on integration and less on the potential of internal manufacturing. This suppliers are moving towards a market model where they need to deal with fewer tier 1 suppliers and reduce direct contacts with tier 2 and tier 3 suppliers.



  • 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)


Recent Development

February 2022: The Omani Maritime Security Centre (MSC) and the French Navy have signed a memorandum of understanding (MoU) to exchange information in the sphere of maritime security. The two sides discussed a number of issues concerning the two countries' maritime fields.


Report Overview


By System



  • Screening and Scanning

  • Communications

  • Surveillance and Tracking

  • Access Control

  • Detectors


By Threats and Vulnerabilities



  • Deep Water Security

  • Perimeter Security


By Application



  • Port and Shipyard

  • Vessel Security

  • Coastal Surveillance



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Frequently Asked Questions (FAQ) :

The global market is projected to register a moderate 7.08% CAGR in the forecast period.

The global market is touted to record a substantial market valuation by 2027.

The market is expected to observe substantial demand due to the growing technological innovations and the rise in global arms trades over the review period.

The communications segment is expected to observe substantial demand over the review period.

The vessel security segment is expected to secure the highest CAGR.

The APAC region is slated to expand as the fastest-growing segment.

A few eminent market players operating in the global Maritime security market are BAE Systems (UK), Elbit Systems Ltd (Israel), ESC Global Security (Estonia), Harris Corporation (US), and others.