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.
Market Overview:
The Maritime Security Market offers integrated solutions and security services for monitoring vessel traffic, protecting ports and infrastructure, screening passengers and crews, and responding to emergencies or sabotage attempts. With increasing risks of terrorism, piracy and vessel tracking becoming important for safety, effective maritime security systems have become vital.
Market key trends:
One of the major trends in the Maritime Security Market is the growing adoption of Internet of Things (IoT) technologies. IoT enables monitoring of vessels, cargoes and sea areas through integration of sensors, communication networks and data analytics tools. Devices such as radar sensors, GPS systems, weather sensors and CCTV cameras can detect potential threats in real-time and assist in response. Integration of underwater sensors, drones and autonomous surface and underwater vehicles equipped with IoT is enhancing surveillance capabilities and security operations in the maritime domain. Advancement in IoT based solutions is expected to positively influence the growth of the Maritime Security Market during the forecast period.
Segment Analysis
Maritime Security Market is bifurcated into product, service, end-use, and geography. By product, the maritime security systems segment dominates other segments due to the adoption of advanced security systems such as automated identification systems, physical barriers, long-range identification and tracking systems, surveillance and tracking systems, tracking and positioning system, etc. by maritime agencies and commercial ships to ensure safety.
Key Takeaways
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 transnational threats at sea from piracy and terrorism.
Regional analysis
Regionally, Asia Pacific dominate other regions and is expected to be the fastest growing region owing to increased investments by countries such as China, India, and Japan in maritime security to curb increased incidences of piracy.
Key players
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.
For More Insights, Read: https://www.newsstatix.com/maritime-security-market-size-share-and-growth-forecast-2023-2030/
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