Maritime Security Market Analysis | 2022-2028

Market Insights

The maritime security market was estimated at USD 25.3 billion in 2021 and is likely to grow at a CAGR of 5.9% during 2022-2028 to reach USD 35.7 billion in 2028.

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Market Dynamics

Introduction

Maritime security refers to measures and practices implemented to safeguard the seas, oceans, and related infrastructure from threats that could compromise safety, order, or environmental integrity. It encompasses protection against piracy, terrorism, smuggling, illegal fishing, and other illicit activities at sea. Key elements include the safeguarding of maritime borders, ensuring the safety of vessels and their crews, and preventing unauthorized access to critical maritime assets.

Cooperation between nations, enforcement of international maritime laws, and the use of advanced technologies are integral to maintaining maritime security and facilitating the safe and efficient movement of goods and people across global waterways.

COVID-19 Impact

Global trade and the economy have both been severely impacted by the COVID-19 outbreak. Certain areas of the maritime industry have been touched, albeit to incredibly different degrees. This is due in part to the presence of specific activity types and the adaptability of individual firms and their disaster management plans.

The COVID-19 pandemic is a dynamic phenomenon with significant effects on the transportation sector. Security-aware vessels will still be able to trade, but secure trading will require dependable, real-time, data-driven technology.

Therefore, a drop in piracy accidents is difficult to happen, and a partial rise is very likely given the increased likelihood that protective responses will be compromised due to widespread infection. In this time of uncertainty, ships, shipowners, and the marine industry must rely on straightforward, data-driven, and practical solutions. This will encourage economic activity in this new environment.

Market Drivers

To defend against numerous marine hazards, maritime safety helps to secure ports and offers coastal surveillance technology and services. Due to the rise in marine risks, including piracy, sabotage, and other illegal activities, and the significance of international maritime trade, maritime safety has become vital.

Historically, semaphore methods and operations like coast guard and sea marshal patrol were the only components of maritime safety. But during the past few decades, there has been a profusion of modern technology, including radio and satellite communication systems, cutting-edge detection methods, and real-time onshore and underwater monitoring.

There has been a rise in interest in marine security and geopolitical relations over the past several decades. Protecting ships, ports, and other shipping infrastructure against malicious destruction by terrorism, sabotage, or subversion is the focus of maritime security. Studies show that most global trade is carried out via the maritime network.

As a result, several maritime nations in Asia are boosting their expenditures on substantial port expansion and building projects. This will increase demand for screening, scanning, and surveillance technology over the next years. Additionally, as the worldwide need for marine security grows, criminal activities, including drug trafficking, illegal immigration, and attacks on ports and coastal regions, are rising.

To function, the maritime industry must be able to handle complicated procedures and changing market situations. The industry is embracing the spike in digital technology use for shipping logistics as a chance to improve efficiency, build more innovative ships and fleets, and get ready to take advantage of global expansion. As consumer demand rises, global supply networks are expanding and more complicated.

Increasing environmental effects directly result from increased demand for goods, commodities, and raw resources. Marine businesses must immediately implement new strategies to maximize efficiency and simplify their supply chains in today's fiercely competitive market.

Users may easily arrange inventory data, track and manage shipping and tracking information, and issue electronic invoices thanks to marine and marine management software combined with cutting-edge technology. Delivering firms might save their business time and money by reducing the time spent shipping, receiving, tracking, and generating order data. Additionally, the maritime industry is beginning to recognize the importance of digitization and recent advancements in AI, blockchain, IoT, and automation.

They support the transformation of supply chains, the creation of new business prospects, and the streamlining of existing operations. With the help of design and simulation tools, warehouse management, transportation and yard management, and end-to-end control of the logistics network, the marine and marine management software provides end users with a way to manage supply chain activities efficiently.

The Gulf of Aden and the Indian Ocean have fewer piracy assaults than other West African maritime routes. These routes take longer and use more gasoline, though. Customers are responsible for paying the additional gasoline costs. In locations with significant pirate dangers, marine safety must be addressed to decrease this.

A worldwide database on maritime piracy is now being created. A few tools and technology can examine pirate networks. This will make it easier for the nations to find and apprehend pirates on the high seas. The volume of data gathered from sources across networks, users, endpoints, and apps is expanding as organizations expand.

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Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

• Major ports, waterways, and maritime agencies are not the only ones to deploy advanced Vessel Traffic Services (VTS) technology. They are also heavily utilised for incident management and maritime rescue coordination. In the marine industry, incident detection is crucial. The use of surveillance equipment like radar, sonar, the Automatic Identification System (AIS), closed-circuit television (CCTV), and others is required to provide operators with real-time situational awareness. Therefore, there is a high demand for an integrated solution that would give a platform and enable data analysis to stop maritime terrorism and piracy.

Recent Developments

There is stiff competition in the maritime security market. The growth of the companies is directly dependent on industry conditions and government support. These companies differentiate their maritime security based on their quality and penetration in the target and emerging markets. Also, some major mergers and acquisitions in the industry recently have significantly influenced the competitive dynamics. For example:

• In January 2022, Honeywell unveiled a novel, new low-global-warming-potential (GWP) refrigerant for commercial and industrial refrigeration that is tailored for supermarkets. Before any legislative changes, the product satisfies the demands of supermarkets and merchants looking for low-global-warming alternatives.

Segments Analysis

By Security Type

The market is segmented into coastal surveillance, vessel security, crew security, cargo and container safety, and ship system and equipment (SSE) safety.

By System Type

The system segment is segmented into ship security reporting system, automatic identification system, global maritime distress safety system, longer-range tracking and identification system, vessel monitoring and management system, and others. In the upcoming years, there will likely be an increased need for marine safety systems with tiny target detection capabilities to help authorities effectively monitor criminal operations, including illegal immigration, smuggling, illicit fishing, drug trafficking, piracy, and terrorism.

Regional Insights

“North America is expected to dominate the market, while the Asia Pacific region is projected to experience the highest CAGR during the forecast period”.

The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, North America is likely to maintain its supremacy in the maritime security market throughout the forecast period. Rapid modernization and technological advancements in various sectors have resulted in a high rate of maritime security.

Concurrently, the maritime security market in the Asia Pacific is anticipated to expand at the highest CAGR during the forecast period. The main economies in this region are emphasizing modernizing their existing military systems, which is driving the growth of the Asia Pacific maritime security market.

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Key Players

The following are the key players in the maritime security market (arranged alphabetically):

• BAE Systems (UK)
• ESC Global Security (Estonia)
• Elbit Systems Ltd (Israel)
• Harris Corporation (US)
• Honeywell International Inc. (US)
• Kongsberg Maritime AS (Norway)
• Leonardo SpA (Italy)
• Lockheed Martin Corporation (US)
• Northrop Grumman Corporation (US)
• Raytheon Company (US)
• Saab AB (Sweden)
• Signalis (France)
• Sonardyne (UK)
• TERMA (Denmark)
• Thales Group (France)
• Westminster International Ltd (UK)

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s maritime security market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our maritime security market report from the industry stakeholders, we have tried to further accentuate our research scope to the maritime security market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The maritime security market is segmented into the following categories:

By Component Type

• Solutions
• Services

By Security Type

• Coastal Surveillance
• Crew Security

By Application Type

• Counter Piracy
• Safety of Ships

By System Type

• AIS
• GMDSS
• LRIT System

By End-User Type

• Government Institutions
• Oil & Gas
• Marine & Construction
• Shipping and Transportation
• Cargoes and Containers
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research:

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].