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 % over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The maritime security market consists of systems and solutions used to monitor maritime borders and detect threats such as terrorism, drug trafficking, smuggling, piracy, and other illegal activities. Products in this market include access control, screening & detection, command and control software, surveillance & tracking, geospatial, rescue and safety, cyber security solutions. These products play a vital role in strengthening maritime security while facilitating trade.
Market key trends:
One of the key trend gaining traction in the maritime security market is growing adoption of advanced cloud-based solutions. Cloud technology enables centralized storage and control of security solutions while facilitating real-time data sharing between stakeholders. This helps gain unified situational awareness and strengthen coordination between agencies involved in maritime security. Cloud solutions also help optimize costs by reducing expenditure on hardware infrastructure and staff training. They enable access to security tools remotely using internet-enabled devices. This provides flexibility and mobility to security agencies. Overall, the cloud is emerging as a cost-effective and scalable platform to modernize maritime domain awareness networks.
Segment Analysis
The maritime security market is segmented into by technology, service, and regional analysis. Based on technology, the market is segmented into surveillance & tracking, screening & detection, communication, and countermeasure. Among these, the surveillance & tracking segment dominates the market as it provides real-time monitoring capabilities and helps detect any suspicious activities. Screening & detection segment is expected to witness high growth during the forecast period owing to increasing contraband trade activities.
Key Takeaways
The Global Maritime Security Market Size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing terrorism activities at sea.
Regional analysis
North America dominates the maritime security market and is expected to continue its dominance during the forecast period. This is attributed to increasing defense budget allocation and growing adoption of advanced technologies by naval forces in the US and Canada. Asia Pacific is anticipated to be the fastest growing market owing to increasing marine trade activities and rising investments by countries like China, India, and Japan to strengthen their naval security.
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. Leidos Holdings Inc. offers advanced maritime technologies and services to address critical security challenges. SAAB AB provides complete systems for coastal surveillance and border security.
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