Growth Forecasted for Maritime Security Market

The report forecasts the maritime security market to grow from $13.94 billion in 2014 to $20.87 billion in 2019.

By MarEx 2014-10-14 10:11:00

Various governments, regulatory bodies, and international trade/industry bodies are evaluating on how best to alleviate the risks in the maritime region. The risks in the maritime transportation are very high and also added up to huge losses in case of any illegal or terror activities. Maritime threats such as terrorist, environmental destruction, illegal seaborne immigration, and transnational criminal and piracy threats have created demand to have regulated and standard maritime security systems in place. 

Maritime security is imperative due to the increasing number of maritime threats, which may disrupt the international trade and also cause political unrest. Maritime security is necessary for the protection of ports and also for the security of the critical infrastructures. The coastal surveillance is also important to safeguard a nation and the people against various threats.

Various rules and standards have been set up, so that the maritime systems and solutions are regulated. Many countries have their own rules and compliances which must be followed the flag state of a commercial vessel is the state under whose laws the vessel is registered or licensed, which is also necessary during international trade. These regulations play an important role in the design and integration of the maritime security systems as well as maintain coordination for international trade. The advancement in technology has helped to develop state-of-the-art systems for maritime security.

The Asia Pacific (APAC) is expected to have the largest market share, which will be succeeded by Middle East and Africa (MEA), in 2019. Due to increase in the laws and regulations, and also the increasing instances of maritime threats, an increasing trend in implementation of maritime security solutions in the emerging Brazil, Russia, China, and India (BRIC) countries has been noted.

The vendors of maritime security include companies such as Kongsberg, Raytheon, Terma, Thales Group, Northrop Grumman Corporation, and Honeywell. Other companies that cater to the maritime security market include Aegis, Hart Security, HudsonAnalytix, Neptune Maritime Security Ltd., and Trident Group. The maritime security market research report analyzes global adoption trends, future growth potentials, key drivers, restraints, opportunities, and best practices in this market. The report also analyzes market sizes and revenue forecasts across different regions as well as industry verticals.

This report segments the maritime security market by type of technologies and systems: screening and scanning, access control, detectors, Geographic Information System (GIS), surveillance and tracking, weather monitoring, smart containers, Supervisory Control and Data Acquisition (SCADA), communication, and others; by type of services: training, risk assessment and investigation, maintenance and support, consulting, and others; by categories: port and critical infrastructure security, vessel security, and coastal surveillance; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).

The report forecasts the maritime security market to grow from $13.94 billion in 2014 to $20.87 billion in 2019. Over the next 5 years, this market is expected to experience high traction in Asia-Pacific (APAC), Latin America (LA), and the Middle East and Africa (MEA) regions.

The maritime security market report will help the market leaders/new entrants in this market in the following ways:

1. This report segments the market into various solutions, providing the closest approximate market forecasts for the overall market and the subsegments. The report further analyzes market numbers and provides split across regions.

2. This report will help the market leaders/new entrants in better understanding of the competitors and help gain more insights to enhance their position in business. There is a separate section on competitive landscape, including mergers and acquisition, venture capital funding, and social reach of the players in the market. Besides, it covers company profiles of 10 major players in this market.

For more information, click here.