Maritime Safety System Market Forecasts to 2028 – Global Analysis By Component (Services, Solutions), Application (Counter Piracy, Safety of Ship), and End User, By Geography

Maritime Safety System Market Forecasts to 2028 – Global Analysis By Component (Services, Solutions), Application (Counter Piracy, Safety of Ship), and End User, By Geography

According to Stratistics MRC, the Global Maritime Safety System Market is accounted for $24.79 billion in 2021 and is expected to reach $45.03 billion by 2028 growing at a CAGR of 8.9% during the forecast period. Maritime safety includes everything from the safety of workers to ship construction and maintenance. Maritime safety refers to the securing of a life or a specific science of property with the aid of management, technology, or regulation of some kind of transportation conducted over water.

Market Dynamics:

Driver:

Increasing need to manage complex supply chain operations

The marine industry has to cope with dynamic market conditions and complex processes to operate. The industry is in the rush to employ digital technologies in shipping logistics as an opportunity to streamline operations, create smarter ships and fleets, and better prepare to capitalize on the growth. The marine management software offers a solution to end-users to effectively handle supply chain operations. Furthermore, more stringent environmental requirements continue to shape the maritime transport sector as transporters need to maintain service levels and reduce costs, and at the same time ensure sustainability in operations.

Restraint:

Rising criminal activities

The lack of uniform standards to implement security solutions across the marine industry and rising criminal activities across the marine industry are restraining the market growth. High integration & maintenance costs, growth in cyber warfare along with maritime terrorism, gun-running, drug trafficking, and other non-traditional seaborne attack are the major restraining factors of this market.

Opportunity:

Development of integrated solutions

The maritime industry needs effective information sharing in real-time among communities of similar interest. The global naval network depends on information and communication technology that connects all the players and enables the effective flow of information, intelligence, and communications. Integrated traffic management systems and solutions offer high-performance and reliable services that are required to fulfill the continually evolving maritime safety standards. The detection of incidents is critical in the maritime domain. Thus, an integrated solution, which will offer a platform and provide data analysis to prevent maritime terrorism and piracy, is in great demand.

Threat:

Growing issues pertaining to piracy

The attacks on vessels by pirates have been increasing over the past years. However, these are longer routes and cost more fuel. The extra fuel cost has to be borne by the customers. To reduce this, maritime safety has to be strengthened in areas where there are major risks of piracy. Some technologies and solutions can analyze piracy networks. This will help the countries to identify and arrest individuals involved in maritime piracy. As businesses are growing, the amount of data being collected from sources across networks, users, endpoints, and applications, continues to grow.

The services segment is expected to be the largest during the forecast period

The services segment is estimated to have a lucrative growth owing to the requirement for determining the time and cost needed to install the solution that requires fully-managed maritime safety services. The increasing need for maritime safety systems with proven small target detection capability to assist authorities in efficiently monitoring illegal activities is likely to gain traction in the next few years.

The vessel monitoring and management system segment is expected to have the highest CAGR during the forecast period

The vessel monitoring and management system segment is anticipated to witness the fastest CAGR growth during the forecast period as this system helps in pinpointing the location of the ships and also helps in the transfer of important weather and environmental data.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to rising instances of maritime threats in the regions, a rise in the adoption of maritime safety solutions and services, and favorable government regulations.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period as maritime safety solutions and services are highly effective in most organizations and verticals owing to the rising need to provide superior and advanced technology for the detection of various hazards and communication with all the available officials across the maritime sector.

Key players in the market

Some of the key players profiled in the Maritime Safety System Market include Westminster Group, Thales Group, Honeywell, Smiths Group, L3Harris Technologies, Raytheon, OSI Maritime Systems, Nuctech, Elbit Systems, HALO Maritime Defense Systems, Leonardo, Nautix Technologies, KONGSBERG, Saab Group, BAE Systems, Terma Group, and Northrop Grumman.

Key Developments:

In Dec 2021, Honeywell launched a new, user-friendly monitor Honeywell Transmission Risk Air Monitor that alerts users when indoor air conditions may present an increased risk of potentially transmitting airborne viruses in schools, restaurants, and other spaces. The Honeywell Transmission Risk Air Monitor is an easy-to-deploy, portable device that measures carbon dioxide and features a proprietary risk alerting system based on user-selected activity levels within a room.

In Oct 2020, Thales Group partnered with CS Group to offer a high-performance, resilient, and cyber secure navigation system. The system comprises Thales's TopAxyz inertial navigation unit, which has delivered an outstanding performance in the especially rigorous conditions of civil aviation, clocking up over 20 million hours of operation.

Security Types Covered:
• Crew Security
• Vessel Security
• Ship System and Equipment (SSE) Safety
• Cargoes and Containers Safety
• Port and Critical Infrastructure Security
• Coastal Surveillance
• Other Security Types

Components Covered:
• Services
• Solutions

Systems Covered:
• Vessel Monitoring and Management System
• Ship Security Reporting System
• Long Range Tracking and Identification (LRIT) System
• Global Maritime Distress Safety System (GMDSS)
• Automatic Identification System (AIS)
• Other Systems

Applications Covered:
• Security Management
• Counter Piracy
• Pollution Prevention and Response (PPR) Management
• Loss Prevention and Detection
• Coastal Monitoring
• Safety of Ship

End Users Covered:
• Cargos & Containers
• Government Institutions
• Marine & Construction
• Oil & Gas
• Shipping & Transportation
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances