PUBLISHER: The Business Research Company | PRODUCT CODE: 1464127
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464127
Maritime security involves safeguarding vessels, ports, and other maritime infrastructure against diverse threats such as terrorism, piracy, robbery, illegal trafficking of goods and people, and illicit fishing activities. Its overarching goal is to guarantee the safety and security of maritime transportation, trade, and the marine environment.
The primary components in maritime security encompass solutions and services. A solution denotes a comprehensive combination of technologies, processes, and services crafted to tackle cybersecurity challenges at the network edge. This encompasses diverse security services such as port and critical infrastructure security, vessel security, and coastal surveillance. Additionally, it offers services such as risk assessment, investigation, consulting, maintenance and support, training, among others. The solution incorporates various technologies such as access control, detectors, geographic information systems, communications, supervisory control and data acquisition (SCADA), screening and scanning, smart containers, surveillance and tracking, as well as weather monitoring.
The maritime security market research report is one of a series of new reports from The Business Research Company that provides maritime security market statistics, including maritime security industry global market size, regional shares, competitors with a maritime security market share, detailed maritime security market segments, market trends and opportunities, and any further data you may need to thrive in the maritime security industry. This maritime security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The maritime security market size has grown strongly in recent years. It will grow from $26.88 billion in 2023 to $29.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion observed in the historical period can be attributed to several factors, including piracy threats, terrorist attacks on maritime targets, smuggling and illicit trafficking activities, maritime disputes and conflicts, as well as the overall growth in global trade.
The maritime security market size is expected to see strong growth in the next few years. It will grow to $36.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period is expected to be driven by several factors, including an increase in global trade and maritime transport activities, the impact of climate change, cybersecurity threats, geopolitical tensions, and the emergence of new maritime threats. Notable trends in this period comprise the integration of artificial intelligence (AI), the swift adoption of unmanned systems, a heightened focus on cybersecurity resilience, a push for global collaboration and information sharing, and the integration of environmental sustainability practices.
The anticipated increase in maritime threats is set to drive the expansion of the maritime security market. Maritime threats encompass a spectrum of potential hazards, risks, and illegal activities that pose a danger to maritime security, navigational safety, and the lawful utilization of seas and oceans. Contributing factors include the rise in illegal, unregulated, and unreported (IUU) fishing and escalating pressure on ports. Maritime security measures are crucial to safeguarding lives, property, trade, infrastructure, and the overall safety, security, and sustainability of maritime operations. For instance, in 2022, the International Maritime Bureau reported 115 incidents of piracy and armed robbery against ships. Additionally, in August 2022, the US Department of Homeland Security noted a 68% increase in reported maritime cyber incidents, rising from 28 incidents in 2020 to 47 incidents in 2021. Consequently, the growth of the maritime security market is strongly influenced by the escalating maritime threats.
Leading companies in the maritime security sector are actively focusing on technological advancements, with a specific emphasis on innovations such as the vessel traffic management information system (VTMIS) to enhance maritime safety and operational efficiency. VTMIS integrates various assets in a port and marine environment, including radar, CCTV, radios, meteorological systems, and radio direction finders. In March 2023, AD Ports Group, a US-based global logistics trade organization, introduced a VTMIS across its UAE operations to bolster maritime safety. This technology provides real-time data, fosters vessel-to-vessel and vessel-to-shore communication, and acts as a central nervous system for waterways, monitoring vessel movements and facilitating coordination among stakeholders.
In February 2021, DG Risk Group, a UK-based risk and security management consultancy company, acquired Armed Protection Vessels International (APVI) for an undisclosed sum. This acquisition aimed at fortifying DG Risk Group's presence in the maritime security market, particularly in the Gulf of Guinea region. By leveraging existing expertise and expanding service offerings, the acquisition sought to address critical security challenges in the specified region. Armed Protection Vessels International is a UK-based maritime security company specializing in armed solutions for commercial and governmental agencies.
Major companies operating in the maritime security market report are Cobham plc, Rapiscan Systems, Raytheon Technologies, Airbus SE, Lockheed Martin, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems, Safran SA, Thales Group, L3Harris Technologies, Leonardo SpA, Leidos, Motorola Solutions Inc, Booz Allen Hamilton Inc, Elbit Systems, Rheinmetall AG, CACI International Inc, Teledyne Technologies, Macquarie Group Limited, Israel Aerospace Industries (IAI), Saab AB, Palantir Technologies, Cubic Corporation, Smiths Detection, OSI Systems Inc
Asia-Pacific was the largest region in the maritime security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the maritime security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the maritime security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The maritime security market consists of revenues earned by entities providing services such as vessel escort services, port security, risk assessment and intelligence sharing, and search and rescue operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The maritime security market also includes sales of vessel tracking systems, surveillance and monitoring equipment, physical security equipment, and communication systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
Maritime Security Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on maritime security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for maritime security ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The maritime security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.