April 24, 2024

Maritime Security Market Is Expected To Be Flourished By High Demand For Port Security

The maritime security market involves a wide range of equipment such as access control, video surveillance systems, screening and scanning, and network cabling used at ports, vessels, offshore drilling rigs and coastal areas for ensuring security at sea. Some of the key uses of maritime security systems include screening of vessels and cargo, controlling access to ports and harbors, coordinating search and rescue operations, and providing coastal surveillance.

The global Maritime Security Market is estimated to be valued at Us$ 13.5 Billion In 2023 and is expected to exhibit a CAGR Of 16.% over the forecast period of 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Driver 1: High Demand for Port Security- Ports being critical infrastructure and a vulnerable entry point necessitates heightened security. Growing maritime trade and increasing vessel traffic have augmented security risks such as smuggling of weapons, drugs and humans. This has propelled demand for security screening equipment, access control and monitoring systems at ports globally. Technological advancements have enabled integration of video analytics, biometric identification and domain awareness solutions to boost security effectiveness.

Driver 2: Geopolitical tensions and piracy threats in strategic waterways have compelled governments worldwide to strengthen maritime domain awareness and coastal surveillance capabilities. Nations are investing heavily in procuring systems such as radars, thermal cameras, drones and command & control centers to monitor territorial waters. Emergence of unmanned and autonomous vessels is another factor likely to drive opportunities in maritime security market over the coming years.

Segment Analysis

The global maritime security market is segmented based on application into port and critical infrastructure security, coast surveillance and vessel security. The coast surveillance segment dominates the market currently with over 40% share as it enables monitoring of coastline areas for any suspicious or illegal activities. This helps in detecting threats at early stages and preventing them. Governments across countries are investing heavily in upgrading their coastal surveillance systems with technologies like AI, big data and sensors for safety and security purposes.

PEST Analysis

Political: Governments globally are coming up with new regulations and policies to strengthen maritime security. For example, the International Ship and Port Facility Security Code made it mandatory for vessels and port facilities to adopt safety measures.

Economic: Growth in international seaborne trade is driving the need for ensuring security of trade routes and vessels. Rising offshore oil & gas activities is also boosting expenditure on maritime monitoring systems.

Social: Incidents of piracy and terrorism at seas have increased concerns around safety of crews and cargo. This is positively impacting the market.

Technological: Advent of technologies like unmanned marine vehicles, big data analytics and advanced sensors is allowing for improved coastal monitoring and vessel tracking. This is encouraging modernization initiatives.

Key Takeaways

The Global Maritime Security Market Demand is expected to witness high growth at a CAGR of 16% during the forecast period of 2024 to 2031.

Regional analysis:

 

The Asia Pacific region currently dominates the market with over 35% share led by countries like China, India and Japan. This is because the region accounts for significant marine trade and has long coastlines vulnerable to threats. Countries in the region are aggressively investing in advanced systems.

Key players operating in the maritime security market are Thales Group, Northrop Grumman Corporation, Leonardo SpA, BAE SystemsPLC, Saab AB.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it