Maritime security includes the protection of ships or ports from external attack as well as other unlawful acts including piracy, terrorism, sabotage or espionage. With increasing globalization, sea trade around the world has experienced significant growth over the past decade. The maritime industry transports over 80% of the world’s trade volume annually. However, rising sea trade has also coincided with a growth in unlawful acts including terrorism and piracy especially in key trade routes. This has increased the need for better safety and surveillance systems to protect naval and merchant vessels transiting across oceans.
The global Maritime Security Market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing incidents of piracy and terrorism at sea have prompted governments and commercial shipping companies to significantly increase their investments in maritime security. Major trade routes across the Mediterranean, Horn of Africa, Southeast Asia and Gulf of Guinea that witness high traffic have seen rising piracy attacks over the past decade. This has accelerated the demand for technologies like surveillance cameras, biometrics and access control systems to monitor vessels and ports continuously. The market has also witnessed increased R&D towards developing unmanned aerial, surface and underwater vehicles equipped with sensors to detect potential threats early. Advanced data analytics of vessel movements and cargo is also being utilized to identify suspicious behavior and strengthen coastal security.
Segment Analysis
The global maritime security market is divided into several segments based on systems, such as devices for screening cargo, screening of containers, surveillance and tracking, coastal surveillance systems, weapons and counter weapons, fire detection systems, access control and identification systems, data management and analysis systems, services, and training and consulting. Among these, the coastal surveillance systems segment dominates the market and accounts for the largest revenue share. This is primarily because coastal surveillance systems provide safety against external threats such as smuggling and intrusion attempts. Additionally, these systems help monitor traffic and maritime borders.
Key Takeaways
The Global Maritime Security Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. The global Maritime Security Market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Regional analysis:
North America holds the largest share in the global market and is expected to maintain its dominance during the forecast period. This can be attributed to advancements in technology and significant investments by governments of countries in this region to strengthen coastal security. However, the Asia Pacific region is projected to grow at the fastest rate owing to increasing geopolitical tensions and rising terrorism & criminal activities at sea in countries such as India and China.
Key players analysis:
Key players operating in the maritime security market are C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. C L Pharm leads the market and has a strong foothold due to its diverse product portfolio and global presence. Sunovion Pharmaceuticals Inc. is another major player known for its focus on research and development of innovative drugs and systems.
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