February 25, 2024

The Maritime Security Market Driven By Increasing Importance Of Maritime Territorial Security

The maritime security market involves systems and services that ensure the safety of maritime assets and personnel. It includes Coastal Surveillance Systems (CCS), which provides real-time surveillance over territorial waters. CCS ensures optimized vessel traffic management, search and rescue (SAR), and aids law enforcement. It comprises sensors like radar, electro-optic/infrared cameras, and acoustic devices integrated with command and control software. The data obtained is analyzed using cutting-edge technologies like artificial intelligence and deep learning for pattern recognition and anomaly detection. Maritime security also consists of devices for access control, intrusion detection, cargo inspection, and biometric identification. It effectively deals with issues like smuggling, human trafficking, and terrorism.

The global Maritime Security Market is estimated to be valued at US$ 35.47 Billion in 2023 and is expected to exhibit a CAGR Of 16% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the maritime security market is the rising deployment of unmanned systems. Maritime authorities are increasingly adopting unmanned aircraft systems (UAS), unmanned surface vehicles (USV), and underwater unmanned vehicles (UUV) to perform surveillance and security operations in a cost-effective manner. These unmanned technologies provide persistent monitoring without putting personnel at risk. They are integrated with advanced video analytics, thermo-cameras, radars, and acoustic sensors for round-the-clock situational awareness. Ongoing technological advancements are making unmanned maritime platforms more autonomous, intelligent, and interoperable with other systems. This is expected to further drive the adoption of unmanned vehicles in port and offshore security, SAR operations, environmental monitoring, and counterterrorism over the forecast period.

 

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the maritime security market is low due to high capital requirements for infrastructure investments and technical skills required.

Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for maritime security systems is increasing due to rising security threats at sea. However, buyers can negotiate on price and delivery terms.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute components and technologies from different manufacturers globally.

Threat of new substitutes: The threat of substitutes is low as maritime security systems integrate multiple technologies to provide safety and surveillance solutions specifically for marine applications.

Competitive rivalry: The competitive rivalry is high among the top players operating in the maritime security market.

Key Takeaways

The Global Maritime Security Market Demand is expected to witness high growth over the forecast period.

The Asia Pacific region is projected to be the fastest growing market for maritime security during the forecast period due to increasing maritime boundary disputes and rising maritime transport activities in the region.

Key players operating in the maritime security market are Northrop Grumman, BAE Systems, SAAB AB, Elbit Systems Ltd., Kongsberg Gruppen, and Raytheon. Northrop Grumman provides maritime security through its integrated command and control systems, intelligent surveillance, and communication solutions. BAE Systems offers integrated solutions for maritime security that include radar and sensor systems, communications, and cybersecurity.

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