At the CAGR of 6.7%, reports project that the maritime security market size might reach USD 33.3 billion by 2030. Most of the global trade is carried out by the naval network. Seeing that, the Asian countries with naval bases are configuring the expansion of their ports. Following this, the requirement for screening, scanning, and surveillance technology will increase over the years. It will result in the necessity to protect ports, ships, and other infrastructure against malevolent activities like illegal immigration, trafficking, and piracy. Maritime security-related concerns will have to be tackled by the nations. So, the maritime security industry is seeing excellent growth potential.
How has COVID-19 impacted global trade?
The global economy was crippled during COVID-19, and we are still seeing the repercussions. The naval transportation industry fell target to the COVID-19 phenomenon. Secure trade became a question. The drop in illegal activities didn't fall. Not many ports have the security equipment necessary to handle crises. It is surely a time of uncertainty and critical for the ship owners. The marine industry is now relying on data-driven and pragmatic solutions. It is the call of the hour to strengthen security measures.
What are the potential drivers for maritime security?
There is a rising need to manage complex supply chain operations and enhance the sustainability of the marine industry to capitalize on global growth. Increased investment in R&D is the answer to this question. Automated systems like electronic barriers, underwater acoustic weapons systems, EO detection systems, MIRA autonomous control equipment (MACE), cost-effective uncrewed surface vehicles (USVs), improved sensors, and advanced defense systems are a few of the areas where there is more demand. There is the requirement to protect the maritime industry against newer, developing risks like cyber-attacks. The maritime security industry has a lot of scopes to grow with up-and-coming technological advancements along with GPS tracking.
What are the restraints?
One of the main restraints in the maritime security industry is piracy. There is development in the technologies that identify malefic activities and the people engaged in the networks. The global naval network relies on information and the flow of information, intelligence and communications.
How is the maritime security industry segmented?
- By the system of screening - scanning, communications, surveillance and tracking, access control, and detectors
- By threats and vulnerabilities - deep waters and perimeters of the ports' security
- By application - port, shipyard, vessel security, and coastal surveillance
- By analysis regions - North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share. Asia-Pacific is projected to exhibit the highest CAGR during the review period.
- Looking forward
- The Asia-Pacific is projected to grow at the fastest rate, and due to unhealthy international relations, this region requires more looking into maritime security.
- There has been a growth in the defense budgets of developing nations like India and China, which is why R&D in marine security is increasing in Asia-Pacific.
- In North America, security solutions are highly effective. Europe is gradually advancing.
- Asia-Pacific, Latin America, and the Middle East & Africa are growing faster to eliminate potential threats to the naval industry.
Who are the major players in the maritime security industry?
Some prominent players in the maritime security industry are BAE Systems PLC, Thales Group, Westminster Group PLC, OSI Systems Inc, and Smiths Group PLC. The players are investing in the research and development activities of new and advanced monitoring systems that will enhance the overall security at maritime borders. The strategies of these players are expected to help them increase their sales profit and expand their business to new geographical locations.
