South Korea Maritime Safety System Market Overview, 2029

South Korea Maritime Safety System Market Overview, 2029

The South Korean maritime safety system all started with the creation of the Korea Coast Guard in 1953. It had developed through various legislative milestones coupled with the 1996 Maritime Safety Law and its succeeding reforms. This was followed by the very tragic Sewol Ferry Disaster of 2014, which instituted stricter safety regulations and oversight mechanisms. It follows, therefore, that these developments underscore South Korea's commitment to the enhancement of maritime safety and security with proper legal frameworks and organizational structures. South Korea has taken a number of positive steps toward internationalization of the maritime-safety standards as framed by the International Maritime Organization (IMO). The creation of the Korean Maritime Safety Authority (KMSA) has been highly instrumental in the administration of safety regulations and ensuring compliance within the maritime operation. Continual revision and improvement in safety procedures demonstrate an agile attitude on South Korea's part toward dealing with forthcoming issues and enhancing measures for the safety of its shipping industry. Digitalization is changing the face of South Korea's maritime safety landscape by embracing state-of-the-art technologies in navigation, communication, and monitoring systems. Smart shipping and other initiatives on automation are normalized with a vision toward more efficient and safer boat operations. Environmental sustainability is also gaining ground, with serious effort to be made to reduce carbon footprint and develop eco-friendly practices in waterborne activities, so as to maintain consistency with the governing developments for global environmental objectives. While the maritime safety system of South Korea keeps facing the challenge of regulatory compliance, ensuring there is no breach across a multitude of international standards and regulations, the challenge to environmental factors is continuous for the protection of the marine ecosystem and pollution control, particularly against the heavy maritime activities in the country. Aging maritime infrastructure and maintaining safety with technological advancement go pari passu as challenges that call for continuous investment and strategic planning.

According to the research report ""South Korea Maritime Safety System Market Overview, 2029,"" published by Bonafide Research, the South Korea Maritime Safety System market is anticipated to add to more than USD 360 Million by 2024–29.The Korean Maritime Safety Authority is in charge of the enforcement of maritime safety policies and regulations. Some fundamental legislative frameworks that underlie these policies are the Maritime Traffic Safety Act and the Marine Environment Protection Act, which provide a legal basis for enhancing safety and the protection of the marine environment. Government efforts are oriented to providing stakeholders with a coherent approach on matters pertaining to maritime safety, with broad policies aimed at reducing risks and ensuring that maritime activities can be sustainable in the long term. South Korea's national maritime safety strategy lays greater emphasis on preventive, response, and recovery measures to ensure improved safety and security in its maritime operations. The integrated system of maritime safety facilitates coordination among government agencies, private sectors, and international partners in efficacious dealings related to the maritime risks and emergencies. Strategic investments being aggressively taken by South Korea include modernization of infrastructure and capacity-building initiatives for ensuring a robust framework of maritime safety. The Korean Ship Safety Management System and the Port Safety Management Framework are structured guidelines in the structured implementation of safety management systems in terms of the realization and compliance with safety standards on board ships and at ports. These frameworks encourage systemic ways toward risk management and to safe practices through the inculcation of a culture of safety and continuous improvement throughout maritime stakeholders. Events such as the International Maritime Conference and Korea Maritime Week, held annually, offer a platform for stakeholders to discuss new trends, share best practices, and build partnerships in promoting improvement of maritime safety and technology.

The Korea-ASEAN Solidarity Initiative reminds one of South Korea's reinforcement of the Indo-Pacific Strategy through international outreach. For South Korea, KASI would be a strategic and security alignment with ASEAN but mostly one of defense exchanges and joint responses against regional security challenges. An ASEAN country raters' Lowell survey also indicated the low levels to which South Korea was ranked regarding matters of economic influence, strategic influence, and soft power influence, as well as the interest in the region by Korean youth, with about 52.8% stating interest. This is further compared to about 97.7% of ASEAN youths who are highly interested in Korea and therefore open up the challenge to Korean policymakers to be more transparent in their articulation of foreign policy strategy. Boosting cargo shipments from the United States for the second month in March, South Korea slashed Saudi Arabian crude imports, helped by competitive feedstock trading economics amid Mid-East geopolitical concerns. Currently, the rapid industrialization and fast economic growth have resulted in disasters more frequently from social hazards than from natural hazards. Business continuity of operation is thus maintained by the Ministry of the Interior and Safety, which endeavors to prevent the suspension of all functions performed by involved entities in disaster management.

The South Korean maritime safety system market is also very well developed and technologically highly upgraded, as this country can be rated as a global leader in topics such as shipbuilding and other eCommerce technologies related to the maritime industry. The problems of maritime safety are entrusted mainly to the Korean Coast Guard and the Ministry of Oceans and Fisheries, who are tasked with taking charge to ensure that the whole field is innovated and ruled according to strict safety standards. A classic example has been the state-of-the-art Vessel Traffic Service system installed in Busan, one of the most densely trafficked container ports in the world. That system handled vessel traffic into this hugely busy port with exceptionally low mortality and a great safety record by making use of advanced radar technology together with AIS and AI-powered analytics. The Busan VTS center later became the benchmark for most of the other ports in the world, showing where South Korea was leading in terms of maritime traffic management. It has a well-spanned Automatic Identification System network in the country's coastal waters and major rivers. The country is equipped with the Korean e-Navigation Project for the next generation of maritime safety platforms, where it has integration into a wide range of data sources for enhanced situational awareness. State-of-the-art safety features are being pushed into the development of autonomous ship technology by firms in South Korea. For example, HD Hyundai Heavy Industries is collaborating with Anduril Industries on refurbishing naval power for the US, Korea, and their allies. With the largest shipbuilding capacity in the industry, it remains to be the biggest shipbuilder in South Korea is HD Hyundai Heavy Industries. Anduril is a defense technology company developing low-cost autonomous military systems and weapons. State-of-the-country GMDSS infrastructure is value-enhanced and features state-of-the-art Maritime Rescue Coordination Centers operated by the Korean Coast Guard. These, in turn, are endowed with state-of-the-art communication systems while being involved in the country's search and rescue capability, which includes dedicated vessels and aircraft. It also brings focus to environmental protection within the maritime safety market of South Korea. For instance, the Port of Incheon has made hefty investments in LNG bunkering facilities and in shore-to-ship power systems to further outline the amalgamation of environmental concerns with maritime safety management. With a strong background in shipbuilding, this translates to the design and manufacturing of safety equipment, whereby companies like Kuk Je Electronics Co., Ltd. come up with leading-edge navigation and communication devices used by the world at large and hereby underline South Korea's positioning as a consumer and exporter of maritime safety technologies.

One of the firm frameworks, the South Korean Maritime Safety System is based on different systems that ensure operation to be safe, secure, and efficient. These range from many within the South Korean Maritime Safety System are Ship Security Reporting System, Automatic Identification System, Global Maritime Distress Safety System, Long-Range Tracking and Identification System, and Vessel Traffic Services. Prior to entering the ports of South Korea, it is mandated that vessels communicate information about security-related issues for any analysis of risks to security and coordination with respect to responses thereto in ensuring safety in sea commerce and prevention of crimes. Automatic Identification System (AIS) is an automated vessel identification system that conveys other AIS Participants information about the vessel. It is an initiative of significant importance in South Korea, which helps improve navigation safety, tracks vessels, and enhances maritime awareness. Vessel identity, position, course, and speed data will be exchanged in real-time to track vessel traffic and allow the KCG to manage the vessel traffic, thus reducing any Cham possibility of maritime incidents and enhancing the search and rescue capability. The GMDSS is a global, yet national, maritime distress and safety system with respect to alerting, communication, and coordination in cases of distress. In the context of the South Korean maritime safety system, GMDSS tends to ensure the safety of life at sea by providing reliable and resource-efficient means of communication in emergency situations. It combines different communication technologies guaranteeing continued and global coverage so that KCG will respond effectively to every distress call and coordinate search and rescue operations. The Long-Range Identification and Tracking System provides global ship tracking, allowing the South Korean authorities to keep watch on vessel movements beyond coastal radar and AIS coverage. This improves maritime security, safety, and search and rescue through regular position reports containing data on ship identification. South Korea has made use of a VTS system in regard to the management and monitoring of vessel traffic through busy waterways and port areas. VTS gives an overview of vessel traffic by integrating information coming from AIS, radar, and other available sources of information. That way, the KCG will be better positioned to ensure the optimization of the flow of traffic and reduction of risks of collision, hence managing maritime traffic more safely and effectively.

Major end-users for the South Korean maritime safety system markets are government & defence, marine & construction, oil & gas, and shipping & transport. Maritime safety systems have substantial importance in the Government and Defence sectors with respect to national security protection and preservation of maritime boundaries. The Republic of Korea Navy operates State-of-the-Art radar and sonar built by firms such as Hyundai Heavy Industries and LIG Nex1 that provide the user with improved situational awareness of surrounding operations and possible threats. The Ministry of Oceans and Fisheries depends on AIS and GPS for vessel movement and enforcement of the adopted international community safe navigation rules and standards. Maritime safety systems are also engaged in the offshore execution of a number of projects within the Marine and Construction industries, such as the construction of ports, bridges, and renewable energy installations. This construction is accom-plished with accuracy by sophisticated navigation and positioning systems used by companies like Samsung Heavy Industries. It also enhances safety by minimizing accidents and ensures that all working procedures are highly adhered to, and sonar systems for underwater charting purposes and Electronic Chart Display and Information Systems are fitted while the construction process is going on. The other key end-user industry of the maritime safety system is the Oil and Gas industry in South Korea. Extraction and transportation of hydrocarbons require maritime safety systems. Advanced radar and sonar technologies, which are inculcated in the offshore platforms with the help of technological advancements in companies, for example those by SK Innovation, track the surroundings at sea and help notify one from the hazards far ahead of the simple observation one would do. The use of AIS and GPS is in tracking vessels used in the process of oil and gas transportation, thus providing better safety in navigation and avoiding collisions. Furthermore, very vital navigation information is provided by VDR and ECDIS, hence improving safety and efficiency of maritime operations in the oil and gas sector. The last but least element is the Shipping and Transport sector, which represents, within tangles, the consumers of the sea-safety system for secure product movement. Key shipping lines—even the most advanced navigation systems, like HMM with radar, AIS, and GPS—maintain situation awareness and optimize routes for shipping. Inmarsat fleet management solutions give an efficient vessel monitoring and management solution to support vessel operational safety and compliance.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Maritime Safety Systems market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Component
• Solution
• Service

By Security Type
• Port & Critical infrastructure Security
• Coastal Security
• Vessel Security
• Crew Security
• Cargoes and containers Safety
• Ship system and equipment (SSE) Safety
• Other Security Types

By System
• Ship security reporting system
• Automatic Identification System (AIS)
• Global Maritime Distress Safety System (GMDSS)
• Long Range Tracking and Identification (LRIT) System
• Vessel monitoring and management system

By End User
• Government & Defence
• Marine & Construction
• oil & Gases
• Shipping & Transport
• By Application
• Loss Prevention & Detection
• Security & Safety Management
• Monitoring & Tracking
• Search & Rescue
• Others

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Maritime Safety Systems industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.