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The maritime security market is estimated to grow at a CAGR of 3.34% between 2022 and 2027. The size of the market is forecast to increase by USD 3,702.13 million. The growth of the market depends on several factors, including growing marine threats, expansion of the Chinese naval fleet in critical regions, and increased maritime traffic in the Arctic Ocean.
This report extensively covers market segmentation by type (deepwater security and perimeter security), technology (surveillance and tracking, screening and scanning, communications, and other systems), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The report categorizes the global maritime security market as a part of the global IT consulting and other services market. The global IT consulting and other services market covers companies that provide information technology consulting and information management services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing marine threats are notably driving the market growth, although factors such as maritime issues arising due to Brexit may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Maritime Security Market Driver
The growing marine threats are notably driving the market growth. The market for maritime security is growing due to the growing threats to coastal security across countries. Marine borders play an important role in national security and territorial integrity. Marine borders play an important role in global trade, immigration, and emigration. In many countries that have a long coastline, the patrolling of territorial waters using advanced airborne platforms is gaining importance. Maritime security systems are highly effective in the detection and identification of threats and the carrying out of operations for security.
For instance, the oil rigs in the Gulf of Guinea in Western Africa are highly vulnerable to the threat of piracy. The region has witnessed about six such instances of piracy since 2007. Pirate groups operating in the region often resort to violent and extreme measures, such as the kidnapping, torturing, and shooting of crewmen. The integration of maritime security systems helps in sending information about marine threats. Thus, growing marine threats are driving the market for maritime security.
Key Maritime Security Market Trend
An increase in the rate of transnational maritime crimes is the key trend in the market. Maritime transport is the largest means of transport for global trade. However, maritime security has become a major concern for most countries across the world as the number of maritime crimes is increasing. As the oceans and seas on which a majority of maritime trade takes place do not come within the territorial waters of countries, criminal activities that are carried out on the high seas are beyond the jurisdiction of any particular country. This has resulted in a rise in the number of transnational maritime crimes, which are expected to increase further during the forecast period.
For instance, in February 2019, the officials of the United Nations Office on Drugs and Crime (UNODC) pointed out that crimes such as cocaine trafficking in the Atlantic Ocean, as well as piracy and armed robbery in the sea in the Gulf of Guinea, are posing severe threats to the lives of people. The rising number of maritime crimes is encouraging the naval forces of different countries to modernize their maritime security systems and enable them to handle several maritime activities. This is expected to augment the growth of the market during the forecast period.
Key Maritime Security Market Challenge
Maritime issues arising due to Brexit are major challenges impeding the market growth. The decision of the UK to withdraw from the European Union (EU) has been termed Brexit. EU rules that are applicable in the field of maritime security will no longer apply to the UK, which will create maritime security issues for the latter. In addition, the EU cannot issue exemptions to UK-registered or owned shipping vessels. Thus, in such a case, there will be a need to submit some information regarding the vessels, their crew, and the most recent ports of call. This will create maritime security-related issues for the Royal Navy.
Furthermore, concerns among the fishing community in the UK are growing as the EU will take control of the territorial waters in the event of a no-deal Brexit. Hence, fishermen are looking for a Brexit deal that can protect their livelihood and interests. This issue is expected to affect maritime security in the region adversely. Thus, several issues related to maritime security arising due to Brexit are expected to adversely affect the market during the forecast period.
Key Maritime Security Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Maritime Security Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Northrop Grumman Corp. - The company offers maritime security products such as Manta Ray and C5ISR systems integrator under the defense system segment. The company also offers major products and services, including integrated battle management systems, weapons systems, mission system sustainment and modernization, information technology services, and intelligence operations, through the same segment. Additionally, the company designs develop, manufactures, integrates, and sustains autonomous aircraft systems for strategic and tactical ISR missions.
The report also includes detailed analyses of the competitive landscape of the market and information about 19 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the deepwater security segment will be significant during the forecast period. The deepwater security segment is growing as the oceans and seas cover most of the earth's surface and have been used as battlegrounds by many countries. Territorial disputes over the South China Sea have triggered safety concerns for major countries that border the area, including Taiwan, Japan, the Philippines, and Singapore. Amid the territorial dispute with China, many countries across APAC have increased the presence of their warships in the area, which is expected to boost the demand for maritime security during the forecast period.
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The deepwater security segment was valued at USD 11,185.32 million in 2017 and continued to grow until 2021. Owing to territorial disputes and deepwater crimes, the US Navy deployed its warships near the South China Sea. The need to protect maritime resources from advanced security threats pushed the government and private organizations to adopt maritime security solutions.
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North America is projected to hold a 35% share of the market by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growing need to protect maritime resources from advanced security threats is driving government and private organizations to adopt maritime security solutions. Maritime security solutions will help in improving safety through supervision and visualization. The US coast guard realized the importance of automatic identification systems (AIS) and long-range identification and tracking (LRIT) devices, which encouraged authorities to enhance the country's maritime security solutions. This has led to an increase in the adoption of maritime security by US ports.
The increasing number of COVID-19 cases negatively impacted the shipping and trade industry, which, in turn, affected the market in North America in 2020. In 2021, manufacturing units were reopened due to large-scale vaccination drives across the region, which boosted the production of goods across the region, thereby leading to an increase in maritime trade operations. This, in turn, will accelerate the demand for shipping vessels for the import and export of goods, thereby creating a demand for maritime security. Thus, all these are expected to boost the growth of the market in the region during the forecast period.
North America Maritime Security market - The market share will grow at a CAGR of 7.23% over the period 2014-2019.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, technology, and region.
Maritime Security Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.34% |
Market growth 2023-2027 |
USD 3702.13 million |
Market structure |
Fragmented |
YoY growth (%) |
2.63 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Airbus Group SE, BAE Systems Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, Safran SA, Sonardyne International Ltd., SPX Corp., Teledyne Technologies Inc., Terma AS, Thales, The Boeing Co., and Ultra Electronics Holdings Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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