The global maritime security market is anticipated to grow significantly over the forecast period. Maritime security is concerned with the protection of vessels, ports, and other infrastructure related to the shipping business from intentional damage through terrorism, sabotage, or subversion. Maritime security provides advanced technology to detect hazards and communicate with officials. It also renders services that help to combat potential threats. Maritime threats include environmental destruction, transactional crimes, terrorist attacks, illegal seaborne immigration, and piracy threats among others. These threats not only disrupt international trade but also cause political unrest which makes maritime security imperative in such cases. Thus, maritime security is instrumental in protecting a nation’s security and maintaining a harmonious trade relation.
The global maritime security market is driven by the increasing number of threats, rising awareness regarding the need for maritime security, regulations in favor of necessitating security standards, and proliferation of international trade by sea. However, economic downturns and ungoverned marine regions pose a restraint for the market’s growth. Various rules and standards have been devised to regulate maritime security systems and solutions. Regulations play an important role in the design and integration of security systems. Many countries have their own rules and regulations that must be adhered to to coordinate international trade. Technological advancement and development of integrated solutions are some of the growth opportunities for the global market. The adoption of smart containers, a shipping container equipped with sensors to track and report data, will also provide immense growth opportunities for the market.
The maritime security market can be segmented on the basis of the type of security, service offered, technology, and regions. The different types of maritime security include port and critical infrastructure security, coastal surveillance, and vessel security. Out of these, vessel security is expected to account for the largest share in the market, over the forecast period, due to greater susceptibility towards risk. The different services offered include consulting, maintenance and support, risk assessment and investigation, training, and others. The technologies and systems used for maritime security include access control, communications, detectors, geographic information systems, screening and scanning, smart containers, supervisory control and data acquisition (SCADA), surveillance and tracking, and weather monitoring among others. On the basis of geography, the market can be segmented into regions such as North America, Europe, Asia Pacific and Rest of the World.
The Asia Pacific is expected to account for the largest share in the market by 2020, followed by North America. This may be attributed to the rising instances of maritime threats in the regions and favorable government regulations. Some of the players in the market include SAAB Group, Thales Group, Sonardyne International Ltd., Bae Systems Inc., Raytheon Anschütz GmbH, Signalis GmbH, Elbit Systems Ltd., Northrop Grumman Corporation, Telecommunication Systems, Inc., Harris Corporation, Terma A/S, Selex ES, Kongsberg Gruppen, Westminster Group and Honeywell International Inc.
This report by Grand View Research provides complete market estimates and forecasts up to 2020. The study also explains in detail various market dynamics including key drivers, restraints, growth opportunities, and competitive landscape.
Key questions answered by the report include:
- What is the current market size and what are the future growth prospects of the market
- What are the key applications in the market and what is their future potential
- What are the factors driving market growth and what are the key challenges for participants in this industry
- How will key regional markets perform up to 2020
- What is the competitive scenario in the market, which companies are expected to lead the market over the next six years
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Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.