The global 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.
Maritime security includes coastal surveillance, vessels and port security, transportation security, and other systems and services meant for ensuring safety and security of vessels, ports and infrastructure associated with maritime industry. Coastal surveillance plays a crucial role in monitoring borders and detecting threats from sea.
Market key trends:
One of the key drivers for the maritime security market is the increasing cross border terrorism and migration through sea routes. There has been rise in number of incidences where terrorists have used sea routes for transportation of arms, ammunition and carrying out attacks. This has prompted governments worldwide to strengthen their coastal monitoring capabilities. Also, illegal migration through small vessels has emerged as a challenge for countries globally which has further fueled investments in advanced coastal surveillance systems.
Strength: The maritime security market possesses strong technological capabilities to monitor maritime activities. Advanced sensors and analytics enable real-time detection of threats.
Weakness: High initial investment requirements for procuring maritime security solutions pose a challenge, especially for developing nations with limited budgets.
Opportunity: Growing transnational terrorism and criminal activities at sea create a need for enhanced maritime domain awareness. This drives the demand for maritime security systems.
Threats: Vulnerabilities in network connectivity and cybersecurity can expose maritime security systems to hacking and data theft. Disruptive technologies like AI and IoT raise compliance and regulatory issues.
The Global Maritime Security Market Size is expected to witness high growth, exhibiting a CAGR of 10.2% over the forecast period, due to increasing security threats at sea from piracy, human trafficking, and terrorist attacks.
The Asia Pacific region dominates the maritime security market, accounting for over 30% share globally. Developing economies in the region are increasingly investing in coastal surveillance systems due to rising geo-political tensions and instances of maritime crimes. North America and Europe also contribute significantly to maritime security on account of strong defense modernization programs and early adoption of emerging technologies.
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. These companies are focusing on product innovation, partnerships, and mergers & acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it