July 21, 2024

Automation To Boost Growth Of Maritime Security Market

The global Maritime Security Market is estimated to be valued at Us$ 24961.1 Mn or billions in 2023 and is expected to exhibit a CAGR Of 10.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The maritime security market includes products and systems that help detect and respond to threats to ports, harbors, and coastal regions and protect crucial maritime infrastructure and assets. Key products in this market include command and control systems, screening and scanning equipment, perimeter surveillance systems, radar systems, CCTV systems, access control & intruder alarms, and fire safety & detection systems. These systems play a vital role in securing ports against threats like smuggling, human trafficking, drug trafficking, stowaways, and terrorism. They help law enforcement agencies detect and monitor unauthorized access or activities through coastal and territorial waters. With increasing global trade via sea routes and rising geopolitical conflicts, ensuring maritime security has become a high priority for governments worldwide to protect national assets and borders.

Market Key Trends:

One of the major trends driving growth in the maritime security market is increasing automation and integration of advanced technologies like AI, IoT, and data analytics. Command and control systems are being integrated with technologies like AI and machine learning to improve threat detection capabilities, reduce false alarms, and analyze large volumes of data from multiple surveillance systems. These systems also allow centralized remote monitoring of maritime assets and infrastructure. There is a rising focus on developing unmanned maritime vehicles equipped with advanced sensors for coastal patrolling and surveillance. Drones, autonomous surface and underwater vehicles are being integrated with command centers through secure communication networks. Manufacturers are also offering integrated platforms that combine various maritime security products, radars, AIS, CCTV, access control under one software system for improved coordination between agencies. Such automation and technology integration are expected to make maritime border security more effective while reducing manpower needs.

 

Porter’s Analysis

 

Threat of new entrants: The threat of new entrants is moderate as large initial investments are required to enter the maritime security market due to stringent government regulations.

Bargaining power of buyers: The bargaining power of buyers is low as maritime security systems are specialized solutions with limited options available.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as few large players dominate the supply market.

Threat of new substitutes: The threat of new substitutes is low as maritime security solutions have no close substitutes.

Competitive rivalry: The competitive rivalry is high among existing players to gain market share.

Key Takeaways

The Global Maritime Security Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing threats from piracy, terrorism, illegal fishing, smuggling, and drug trafficking. North America dominates the maritime security market currently due to heavy investments in enhancing homeland security in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing maritime border disputes in the region.

Key players operating in the maritime security market are Leidos Holdings Inc., SAAB AB, Nuctech Company Limited, Thales Group, OSI Systems Inc., Leonardo SpA, Smiths Group PLC, Elbit Systems Ltd., Kongsberg Gruppen ASA, Airbus SE, Westminster Group PLC, BAE Systems PLC, and Terma AS. Leidos Holdings Inc. and SAAB AB currently hold a significant market share due to their diversified offerings in maritime security systems.

Regional analysis

The Asia Pacific region is expected to witness the highest growth during the forecast period. This can be attributed to rising maritime boundary disputes between countries and increasing threats of piracy and smuggling in the region. Countries such as China, India, Japan, and South Korea are heavily investing in strengthening their maritime security.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it