Maritime Security Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2027)

Maritime Security Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2027)

Estimated to showcase an impressive growth rate during 2021 - 2027, global maritime security market is all set to reach the revenue of around US$38 Bn toward the end of forecast year. As marine industry continues to experience a significant rise in pirate attacks on ships, demand for effective marine safety measures also remains on an uptrend. A recently published report of Fairfield Market Research suggests that the ongoing development of a global database on maritime piracy is likely to be among the most substantial factors boosting the growth of maritime security market in the near future. Rapid expansion of marine businesses, and the subsequently swelling data gathered from the various sources across networks, users, endpoints, and applications will uphold the growth of maritime security market, says the report.

Unwavering growth in demand for maritime safety and security solutions, and a consistently expanding cloud user base are expected to offer a collective push to maritime security market. The report says that through the period of projection, the market will receive a strong impetus from marine industry’s constant effort toward streamlining of its existing procedures and enabling the transformation of supply networks. This will create a stream of fresh commercial prospects, in turn boosting the significance of safety and security across industry. Maritime security market is thus projected to gain significantly from this scenario.

Key Insights and Trends Across Global Maritime Security Market

Global maritime security market to surpass the valuation of US$38 Bn through 2027

Security solutions account for over 3/5th of total demand

Port and critical infrastructure security contributes more than 33% of the market valuation

Security management remains the largest application area in maritime security market

North America, projected for a healthy growth outlook throughout projection period, spearheads

Security Management Key Application Area, Oil and Gas Industry Top End User in Maritime Security Market

With over 60% of share in total valuation of maritime security market, security solutions remain sought-after over services. In terms of the security type, security of ports and critical infrastructure will continue to retain dominance, capturing more than 1/3rd of the global market size. Application of maritime security solutions is expected to remain the highest in security management that registered a sizeable revenue share of over 40% in maritime security market in 2019. The report also highlights the next key application areas, including coastal monitoring, counter privacy, and loss prevention and detection. The analysis of the major end users of maritime security solutions reveals that oil and gas industry will continue to be at the forefront, whereas shipping and transportation will follow.

Dominance of North America Prevails in Global Maritime Security Market

Accounting for more than 1/4th of the global maritime security market valuation, North America continues to represent the dominant regional pocket. Europe is also projected to remain a significant market, further followed by Asia Pacific. The report highlights the fact that the North American market has been thriving on the back of effective, and successful implementation of maritime safety and security solutions across the most concerned industry verticals, as well as organisations. The market in North America is all set to exhibit a healthy 6.7% CAGR through 2027 end.

Leading Companies in Global Maritime Security Market

Besides Thales Group, Honeywell, BAE Systems, Smiths Group, Raytheon Anschut, and Elbit Systems, the other prominent players steering the competition landscape of global maritime security market include Airbus, Northrop Grumman, Rolta, and Saab Group.

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