PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1487477
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1487477
The global maritime safety system market is valued at USD 30.2 billion in 2024 and is estimated to reach USD 47.8 billion in 2029, registering a CAGR of 9.6% during the forecast period. Maritime transport is essential for the world's economy, comprising over 90% of the world's trade. It is the most cost-effective way to move goods and raw materials worldworldwide. Maritime activity is vital to alleviate poverty and hunger, as it provides income and employment for many developing countries. Income opportunities include the areas of providing seagoing personnel and ship recycling, ship ownership and operation, ship building, and repair & port services. As markets became increasingly globalized, shipping volumes soared.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | USD (Billion) |
Segments | Offering, Security type, System, Application, End User |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
"By offering, the solution segment is projected to hold the largest market size during the forecast period."
Maritime safety solutions encompass a range of critical operations such as search and rescue, protection of offshore assets, managing shipping lanes, surveillance of territorial waters, environmental monitoring, safeguarding offshore platforms, combating trafficking, controlling fisheries, and ensuring harbor security. India is enhancing its coastal security and maritime vigilance to defend against asymmetric threats and meet growing national security demands. Various companies provide maritime safety solutions, with Rolta offering comprehensive in-house Maritime Safety and Security (MSS) systems aligned with national policies. These solutions encompass command, control, communications, and surveillance systems tailored to stringent MSS requirements. The core of Rolta's solutions lies in its indigenous Command and Control (C2) system, adaptable to address diverse maritime safety aspects. These solutions play a crucial role in securing national waters through command and control functionalities and self-protection mechanisms.
"By security type, crew security is registered to grow at the highest CAGR during the forecast period."
Maritime safety systems prioritize crew security by implementing a range of measures and technologies designed to protect personnel onboard vessels. These measures include training crew members in security protocols and response procedures, conducting regular security drills and exercises, and providing them with access to communication systems for immediate reporting of security incidents. Additionally, crew accommodation areas are often equipped with secure locks, access control systems, and panic alarms to enhance onboard security. Leading maritime security firms, such as ESPADA, offer a wealth of services that guarantee robust protection for both crew members and cargo. ESPADA is globally recognized for its expertise in maritime and land-based security, logistics management, and medical services, with a proven track record of safely completing over 500 crew transits in some of the most challenging and hazardous locations worldwide.
"Asia Pacific is projected to witness the highest CAGR during the forecast period."
The maritime safety system landscape throughout the Asia Pacific region has grown increasingly intricate due to escalating incidents of serious and organized crimes like illegal fishing, piracy, weapons trafficking, drug smuggling, and human trafficking, all of which have potential ties to terrorism. While some countries have heavily invested in strengthening their naval capabilities, others have prioritized the development of their coast guard forces. In response to the evolving operational environment, there's been a noticeable push towards enhancing bi and multilateral maritime cooperation. This heightened focus on civil-military maritime security has spurred a growing demand for more integrated and coordinated maritime domain awareness (MDA) initiatives. The shipping industry has witnessed significant technological transformations, with the Indian government spearheading initiatives to invest in emerging technologies like AI, IoT, and blockchain for application in the maritime safety sector. Responding to the escalating demand for maritime trade, investments are being channeled into the development of new ports and expansion of existing terminals.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the maritime safety system market.
Major vendors offering maritime safety system solutions and services across the globe are Honeywell (US), Thales Group (France), Smiths Group (UK), Elbit Systems (Israel), Northrop Grumman (US), Westminster Group (UK), Raytheon Anschutz (Germany), Saab Group (Sweden), OSI Maritime Systems (Canada), BAE Systems (UK), L3Harris Technologies (US), KONGSBERG (Norway), Leonardo (Italy), ATLAS ELEKTRONIK (Germany), Airbus (Netherlands), Terma Group (Denmark), Nuctech (China), ARES Security (US), Rolta (India), HALO Maritime Defense Systems ( US), HudsonAnalytix (US), Consilium ( Sweden), Maindeck (Norway), Captain's Eye (Israel), ioCurrents (US), Harbor Lab (Greece), Smart Ship Hub (Singapore), SailRouter (Netherlands), Orca AI (England), Anduril Industries (US), PierSight (India) and EyeROV (India).
Research Coverage
The market study covers maritime safety system across segments. It aims at estimating the market size and the growth potential across different segments, such as offering (solutions & services), security type, system, application, end user and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market for maritime safety system and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.