Maritime Security Market
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Maritime Security Market was valued at USD 25 billion in 2023 and is likely to register more than 6% CAGR between 2024 & 2032. Rising investments in maritime infrastructure play a crucial role in driving the maritime security market growth. As countries & businesses invest in expanding and modernizing their maritime facilities, the need for enhanced security measures becomes paramount. The Indian government received an investment of over USD 1.3 million under the Maritime Amritkaal Vision 2047 plan for the development of the maritime sector by 2047. Investments in maritime infrastructure often coincide with increased maritime activity including the expansion of ports, construction of new terminals, and development of offshore installations. This heightened activity attracts more vessels and, consequently, raises the demand for robust security solutions to safeguard these critical assets.
Maritime security involves safeguarding vessels, ports, and coastal areas from threats such as piracy, terrorism, and illegal activities. It encompasses measures, such as surveillance, cybersecurity & response protocols, to ensure the safety of maritime assets, the protection of marine environments, and the facilitation of secure international trade & navigation.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Maritime Security Market size in 2023: | USD 25 Billion |
| Forecast Period: | 2022 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 6.5 |
| 2023 Value Projection: | USD 45 Billion |
| Historical Data for: | 2018 - 2023 |
| No of Pages: | 220 |
| Tables, Charts & Figures: | 293 |
| Segments Covered: | Type, Technology, Component & Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The deployment of advanced maritime security technologies, such as surveillance systems, cybersecurity solutions, and access control measures, can involve substantial upfront costs. This financial barrier may limit the adoption of sophisticated security measures, especially for smaller shipping companies and less economically developed regions.
The COVID-19 pandemic significantly impacted the maritime security industry. It disrupted the production and distribution of maritime security technologies. Manufacturers faced delays in the supply chain, affecting the availability of critical security equipment. This disruption also impacted the ability of maritime entities to deploy & maintain their security systems effectively. Moreover, lockdowns, travel restrictions, and economic uncertainties resulted in a decrease in shipping activities. Reduced vessel traffic and fewer port calls impacted the demand for certain maritime security services. With fewer ships in transit, the need for certain security measures such as anti-piracy operations may have diminished.
The maritime industry has become more digitalized, leading to an increased focus on cybersecurity. Protecting vessels, ports, and maritime infrastructure from cyber threats has become a top priority. Trends include the adoption of advanced cybersecurity solutions, regular cybersecurity assessments, and increased awareness of the potential risks.
The integration of AI & ML technologies is on the rise in maritime security. These technologies enhance threat detection, anomaly identification, and decision-making processes. Predictive analytics powered by AI & ML contribute to more proactive and effective security measures. Moreover, the capability to remotely monitor and surveil maritime assets is gaining prominence. Advanced sensor technologies, satellite surveillance, and real-time data analytics enable security personnel to monitor large maritime areas effectively and respond to incidents promptly.
Based on technology, the market is segmented into screening & scanning, communications, access control, surveillance & monitoring system, and navigation. The surveillance & monitoring system segment dominated the market in 2023 with a market share of over 30%.
Based on component, the market is segmented into hardware, software, and services. The software segment is anticipated to register a CAGR of over 8% by 2032.
North America dominated the global maritime security market with a share of over 35% in 2023. North America, particularly the U.S. and Canada, holds strategic geopolitical importance with extensive coastlines along the Atlantic & Pacific Oceans, the Gulf of Mexico, and the Arctic. Protecting these coastlines and maritime borders is crucial for national security, driving investments in advanced maritime security measures. The region is home to numerous major ports, terminals, and critical maritime infrastructure supporting international trade. Securing these assets against potential threats including terrorism, smuggling, and cyberattacks is a top priority, leading to the increased demand for maritime security solutions in the region.
Players operating in the maritime security market focus on implementing different growth strategies to strengthen their offerings and expand their market reach. These strategies involve new product developments & launches, partnerships & collaborations, mergers & acquisitions, and customer retention. These players also heavily invest in research & development to introduce innovative and technologically advanced solutions in the market. Major players operating in the maritime security industry are:
Market, By Type
Market, By Technology
Market, By Component
The above information is provided for the following regions and countries:
Thales Group, Leonardo S.p.A, Saab AB, BAE Systems plc, OSI Systems, Inc., Westminster Group plc, and Elbit Systems Ltd.
The market valuation of the maritime security was reached USD 25 billion in 2023 and is anticipated to record over 6% CAGR between 2024 & 2032, owing to rising investments in maritime infrastructure.
The software segment is anticipated to register over 8% CAGR from 2023 to 2032 as the trend toward remote operations in the maritime sector is increasing. The software facilitates incident response coordination, communication, and resource allocation for mitigating the impact of security incidents.
North America dominated around 35% share of the maritime security market in 2023 and will grow through 2032, attributed to the need to protect the coastlines along the Atlantic & Pacific Oceans, the Gulf of Mexico, and the Arctic and maritime borders for national security.