Maritime Security Market Size Hardens Amid Pandemic Turbulence, Analysis
Market Overview:
Maritime Security Market Size is expected to reach USD 33.3 billion by 2030, registering a CAGR of 6.7 % during 2020-2030.
By 2030, the size of the international industry for maritime safety is expected to increase from USD 23.9 billion in 2021 to USD 33.4 billion, at a CAGR of 6.7%. The rising have to handle complicated supply chain operations, improve sustainability from across the marine sector, rise trade as well as freight transport activities via the sea, raising need to raise awareness regarding maritime safety, as well as regulatory compliances as well as standards are the main factors propelling the development of the maritime safety business.
To defend against numerous marine hazards, maritime safety serves to safeguard ports and offers coastal surveillance technology and services. Because of the rise in marine risks, including piracy, sabotage, and other illegal activities, as well as the significance of global maritime trade, maritime safety is becoming vital.
Historically, semaphore methods and operations like coast guard as well as sea marshal patrol were the only components of maritime safety. Nevertheless, the emergence of new technology, including novel detection methods, radio, and satellite communication systems, plus real-time onshore as well as underwater surveillance, has occurred over the past few decades.
Key Players:
BAE Systems (UK), Elbit Systems Ltd (Israel), ESC Global Security (Estonia), Harris Corporation (US), Honeywell International Inc. (US), Kongsberg Maritime AS (Norway), Leonardo SpA (Italy), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Company (US), Saab AB (Sweden), Signalis (France), Sonardyne (UK), TERMA (Denmark), Thales Group (France), Westminster International Ltd (UK)
Market Segmentation:
By System
The category for detection systems and technologies is anticipated to expand at the greatest CAGR during the forecast period. Laser range finder systems, have the greatest CAGR in the category and therefore are quickly replacing conventional systems because of their effectiveness and precision.
By vulnerabilities and threats
Deep water is anticipated to grow more than other segments during the projection period. Deepwater defense systems offer perimeter defense both for above- and below-water areas. The Deepwater segment is anticipated to post a CAGR of 6.50 percent throughout the projected period.
By Application
Vessel safety is anticipated to hold the greatest share of the market over the projection period because of higher risk susceptibility. Additionally, it is estimated that port, as well as shipyard development, will reach its highest CAGR throughout the forecast timeframe.
Regional Analysis:
North America will drive market expansion.
North America is expected to be the region with the greatest demand for maritime defense. The maritime security industry in North America is anticipated to grow at a CAGR of 7.01 percent over the forecasted period.
China Will Boost APAC's Growth
Because of the increase in maritime crime as well as the adoption of goods by sea within the Indian Ocean and the Arabian Sea, the Asia-Pacific area is predicted to expand at the quickest rate.
Industry News
To function, the marine industry must be able to handle complex procedures and changing market situations. The market is embracing the spike in digital technology use for shipping logistics as a chance to improve efficiency, build smarter ships as well as fleets, and also get ready to take advantage of global expansion. As consumer demand rises, global supply networks are expanding and growing more complex. The rising environmental effect is a direct result of increased demand for goods, commodities, and raw materials. Marine businesses must immediately put new strategies into place to maximize efficiency and streamline their supply chains in today's fiercely competitive market.
Additionally, the importance of digitalization and recent advancements in IoT, AI, blockchain, plus automation is growing for the marine industry. They aid in streamlining already-existing procedures, developing fresh commercial prospects, and transforming supply networks. End-users can conduct supply chain activities more efficiently with the help of the marine as well as marine management software, which includes tools for design and simulation, warehouse management, transportation as well as yard management, and end-to-end control of the logistics network.
Full report @ https://www.marketresearchfuture.com/reports/maritime-security-market-1344
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