Maritime Security Market to Demonstrate a Strong Growth Over 2024

Pune, India, June 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Maritime Security Market.

Overview

The Global Maritime Security Market is expected to reach USD 27,762.2 Million by 2024 at a CAGR of 7.08% during the forecast period.

Maritime security focuses on the safety of ports, vessels, and other shipping infrastructure from treason, sabotage, and terrorism. Maritime security involves the use of a single system or a combination of systems such as screening and scanning, communications, surveillance and tracking, access control, and detectors. The systems are used to prevent deep water threats and for perimeter protection.

Segmental Analysis

The global maritime security market has been segmented based on system, threats and vulnerabilities, and application.

By system, the global maritime security market has been classified as screening and scanning, communications, surveillance and tracking, access control, and detectors. The surveillance and tracking segment is projected to dominate the market with a valuation of USD 9,195.4 million in 2018 and reach USD 14,053.2 million by 2024. Surveillance and tracking systems include ship navigation, tracking, and surveillance systems which help to pinpoint the exact location of ships besides offering navigational statistics and surveying of ports. These systems also help in sending and receiving real-time data between ships or between ships and the shore. The communications segment is expected to exhibit a CAGR of 6.95% during the forecast period.

Based on threats and vulnerabilities, the global maritime security market has been divided into deep water security and perimeter security. The deep-water security segment is expected to lead the market with a value of USD 11,713.4 million in 2018 and reach USD 17,084.8 million by 2024. The deep water security systems provide both underwater and above water perimeter protection. They protect waterside perimeters from intruders such as speed boats, floating explosive packages, divers, and other water-based intruders. The perimeter security segment is expected to register the highest CAGR of 8.06% during the forecast period.

By application, the global maritime security market has been classified as port and shipyard, vessel security, and coastal surveillance. The vessel security segment is projected to dominate the market with a valuation of USD 8,627.0 million in 2018 and reach USD 12,551.3 million by 2024. The increasing threat of cyberattacks and hijacking has led to a rise in the demand for security systems for vessels. The coastal surveillance segment is expected to exhibit a CAGR of 7.83% during the forecast period.

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Competitive Analysis

The key players in the global maritime security market are 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), and Westminster International Ltd (UK).

Regional Analysis

The global maritime security market has been segmented, by region, into North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America.

The North American market was the largest with a value of USD 7,266.2 million in 2018. This is due to the increasing seaborne trade and growing number of naval vessels in the region. The market in North America is expected to reach USD 10,907.8 million by 2024 at a CAGR of 7.01% during the forecast period.

Europe is expected to be the second-largest market during the forecast period. The regional market is expected to reach USD 7,329.2 million by 2024 at a CAGR of 6.44%, while Asia-Pacific is projected to be the third-largest market during the review period. The market in Asia-Pacific is expected to reach USD 7,021.1 million by 2024 at a CAGR of 8.24% during the review period.

Key Developments

• In October 2018, Kongsberg Maritime partnered with KPMG International Cooperative for the latter’s maritime segment-focused cybersecurity solutions.

• In May 2017, Northrop Grumman Corporation presented two maritime security innovations that would assist defense personnel in navigating highly data-driven systems to detect serious threats to their forces instantly.