Maritime Security Market Forecasts to 2028 – Global Analysis By System (Surveillance and Tracking, Screening and Scanning and Other Systems), Type (Coastal Security, Vessel Security and Other Security Types), Component (Services and Solutions), Applicatio

Maritime Security Market Forecasts to 2028 – Global Analysis By System (Surveillance and Tracking, Screening and Scanning and Other Systems), Type (Coastal Security, Vessel Security and Other Security Types), Component (Services and Solutions), Application (Coastal Monitoring, Loss Prevention and Detection and Other Applications), End User, Threats and Vulnerabilities and By Geography

According to Stratistics MRC, the Global Maritime Security Market is accounted for $30.0 billion in 2022 and is expected to reach $50.3 billion by 2028 growing at a CAGR of 9.0% during the forecast period. The terms maritime and maritime sector refer to the goods, services, and issues associated with vast bodies of water like seas and oceans. Seaborne trade is the principal emphasis of the maritime sector. Since shipping large shipments of freight by sea is the fastest, most cost-effective, and most efficient method, maritime routes account for the majority of global trade. Marine systems provide a range of economic resources. Due to their relevance and contribution to the world economy, marine systems require protection from dangers. Protection of the ship, its cargo, its crew, naval channels, straits, waterways, and coastal lines are all part of maritime security.

According to the International Maritime Organization (IMO), more than 90% of global trade is carried through the sea network.

Market Dynamics:

Driver:

The rising threats to maritime security

The Indo-Pacific region has experienced a transformation during the past ten years due to its importance in global sea trade. With the Belt and Road Initiative, China, which is fast becoming a global superpower, aims to establish its control in the Indo-Pacific by developing and leasing ports there and nearby. Furthermore, there is increasing international drug trafficking via sea routes now that the Taliban are back in power in Afghanistan. Other dangers include the rise in non-state actor pirate attacks in the Persian Gulf. The growing challenges to maritime security posed by piracy, terrorism, oil spills, illicit fishing, and geopolitical unrest will therefore drive the growth of the worldwide maritime security market.

Restraint:

Rise in concerns regarding piracy to hinder the market pace

Attacks by pirates on ships have grown in recent years, mainly along West African sea routes. However, routes with fewer pirate attacks, such those in the Indian Ocean and the Gulf of Aden, are longer and use more fuel. The clients must for this increased fuel expense. For this reason, maritime security must be stepped up in areas where piracy is a serious threat. A global database on maritime piracy is currently being created, and some maritime security technology and solutions can analyse piracy networks.

Opportunity:

Technological advancements in maritime security devices

The modern threats to oceans and seafaring ships cannot be handled by the traditional maritime security systems. The threat of a changing climate to marine ecosystems, including increasing sea levels and dwindling marine resources, flora, and wildlife, is one of the concerns of the contemporary era. Therefore, it is necessary to create better and innovative maritime security systems that can counteract contemporary threats. Robotics, artificial intelligence, data analytics, and digital technologies are all being used as instruments in marine security. Therefore, during the projection period, the market for marine security will benefit greatly from technological improvements.

Threat:

Increasing incidents of cyber-attacks

Threats to marine security are now coming from virtual space due to technological improvements. The optimisation of marine activities in ships, ports, and trade routes through automation and digitization has raised the risk of cyberattacks. In the maritime sector, sophisticated cyberattacks may result in issues with operations, security, or safety. The current maritime security measures are not completely capable of addressing the evolving cyber threats. Therefore, the market's expansion will be hampered by the rising incidence of cyberattacks and the inadequate conventional maritime security measures.

Covid-19 Impact

The transport industry has been significantly impacted by the Covid-19 epidemic, a dynamic phenomenon. Vessels that are security conscious will still be able to transact, but secure trading calls for reliable, real-time, data-driven technology. As a result, it is unlikely that there would be a decrease in piracy accidents, and a partial increase is much more plausible given the higher chance that defensive mechanisms will be impaired as a result of widespread infection. Ships, ship-owners, and the marine industry must put their trust in simple, data-driven, and useful solutions in this unpredictable time. This will encourage economic activity in this new environment.

The security management segment is expected to be the largest during the forecast period

The security management segment is estimated to have a lucrative growth, due to the increased emphasis on using best practises to protect vessels against both internal and external threats. Additionally, a significant reason in the segment's revenue growth is the quick uptake of devices with Artificial Intelligence (AI) capabilities in supervision and inspection tasks. Additionally, because of how big the marine industry is, it can often be challenging to filter the vast quantities of goods that enter any given nation.

The government institutions segment is expected to have the highest CAGR during the forecast period

The government institutions segment is anticipated to witness the fastest CAGR growth during the forecast period. High-level safety regulations for ships are being implemented, and large funds are being invested in reducing ship-related pollution and creating safe harbour environments. In addition, a key driver driving the market revenue growth over the projection period is the growing emphasis on defending naval and marine interests despite resource limitations in a difficult maritime security paradigm and overall security environment.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to significant investments in sustaining marine capabilities, military planning, training, and operations, as well as an increasing focus on seaport security. Additionally, a clean maritime environment across the Asia Pacific market, safe shipping, and the Asia Pacific Heads of Maritime Safety Agencies (APHoMSA) meeting are important factors boosting market revenue growth.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to rapid technological advancements in the marine sector, including the incorporation of IoT systems, AI, Machine Learning (ML), and others, are key drivers of the market's expansion in terms of revenue. Due to heightened maritime safety and security provided by an extensive situational awareness display of vessels outfitted with AIS, the U.S. market accounted for the greatest revenue share.

Key players in the market

Some of the key players profiled in the Maritime Security Market include Elbit Systems Ltd, OSI Systems Inc., Leidos Holdings Inc., Airbus SE, Thales Group, Smiths Group PLC, Leonardo SpA, SAAB AB, Nuctech Company Limited, Westminster Group PLC, BAE Systems PLC, Kongsberg Gruppen ASA, Terma AS, Honeywell, Northrop Grumman, Raytheon Anschutz, L3 Harris Technologies and Atlas Elektronik.

Key Developments:

In January 2022, Honeywell announced an innovative, new low-global-warming-potential (GWP) refrigerant for commercial and industrial refrigeration that is optimized for supermarkets. The product meets the needs of grocers and retailers who are seeking low-global-warming solutions ahead of likely regulatory changes.

In January 2022, Elbit Systems Sweden agreed to supply combat management systems to the Royal Swedish Navy. It would enable underwater detection and surface tracks, based on real-time data, live video streaming, and imagery data, thereby expanding the operational envelope, increasing flexibility, and enabling effective decision making during MCM missions.

In December 2021, Everbridge, has launched its next-generation Travel Risk Management (TRM) solution for new and existing customers. It helps businesses and organizations quickly locate and communicate with travelling employees, remote workers, and those returning to the office, which may be in harm’s way.

In December 2021, Honeywell announced a new, user-friendly 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. It 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 October 2021, Thales and CS GROUP entered into partnership to offer a complete navigation system for Navies surface ships.

In June 2021 Smith’s Detection partnered with Lazada Thailand to step up threat detection capabilities. This will automatically help to detect undeclared, unsecured lithium batteries that can ignite when shipped by air.

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

Types Covered:
• Coastal Security
• Port and Critical Infrastructure Security
• Vessel Security
• Cargoes and containers Safety
• Crew Security
• Ship system and equipment (SSE) Safety
• Other Types

Components Covered:
• Services
• Solutions
• Other Components

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

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

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