The global maritime security market was valued at almost $8 billion in 2015 and is expected to reach approximately $11 billion by 2020, says Technavio.
Technavio has announced its latest market research report on maritime security for the forecast period, 2016-2020. This market analysis, under the IT security vertical, discusses the major drivers and key emerging trends that will influence the growth of the global maritime security market during the forecast period. Some of the top vendors listed in this industry analysis include BAE Systems, Elbit Systems, FLIR Systems, Harris, Northrop Grumman, Raytheon, and SAAB.
In terms of geographical analysis, North America is anticipated to continue its domination over the global market and is likely to account for a revenue of almost $4 billion by 2020. The US will emerge as the key revenue-generator.
“Growing need to protect marine ports from advanced security threats is resulting in the increased adoption of multiple security technologies across ports, vessels, and harbors. However, the adoption of various security technologies increases infrastructural complexities. Companies are opting for converged security technologies that combine multiple security technologies in a single solution in order to overcome such challenges,” says Ishmeet Kaur, a lead analyst at Technavio for IT security.
Click here to request a free sample of this report
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing maritime security concerns
Increased threat of terrorism around the world and increased instances of maritime attacks have affected maritime trade and global peace and security. The most notable incidents were the attacks on the US warship USS Cole in 2000, the French crude oil carrier MV Limburg in 2002, the passenger ship DON RAMON in 2005, and the Japanese M. STAR in 2010. In August 2015, armed pirates attacked Singapore-based oil tanker, Joaquim, when it was sailing at the Indonesia-Malaysia route. The majority of the thefts, robberies, and terrorist attacks occurred in Southeast Asia, the western Indian Ocean, West Africa, Latin America, and the Caribbean. In addition, Africa is the most affected region by maritime piracy because of the increasing rate of poverty and the pervasiveness of political instability in certain African states. Increasing instances of such incidences is augmenting the demand for maritime security globally.
Rise in international trade by sea
There has been a noticeable expansion in seaborne trade because of the growth in the world economy. The economy of China is growing rapidly, and its GDP per capita is expected to increase substantially during 2016-2020. However, it has been observed that China was the largest contributor in seaborne trade during 2010-2015. The rapid increase in global seaborne trade traffic in recent years have increased the demand for maritime security to provide continuous real-time surveillance of harbor and ports and tracking and tracing information of vessels during the journey.
High demand for maritime security from emerging countries
In countries such as countries such as Brazil, China, Russia, Poland, Ukraine, Egypt, and India, the maritime security market is in the growth stage and is expected to grow at a faster rate during the forecast period. The recent increase in naval defense budgets in emerging countries to neutralize seaborne threats will drive the market’s growth. In addition, the demand for maritime security is increasing because of the continuous rise in attacks and attempts of ship hijacking globally.
Rising awareness about the applications of advanced technologies such as radars, navigation systems, laser warning systems, explosive detectors, and surveillance systems in the maritime industries of emerging countries is also expected to propel the adoption of maritime security during the forecast period. Several vendors in the market space are currently shifting their focus to emerging countries to boost their market presence and revenue.
Some of the other prominent vendors identified in this report are Boeing, Enterprise Control Systems, Kelvin Hughes, Klein Marine Systems, Kongsberg Gruppen, Safran, SIGNALIS, TERMA, Thales, and Ultra Electronics.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Maritime Security Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Naval Radar Systems Market 2016-2020
- Global Anti-Ship Missile Defence System Market 2016-2020
- Global Marine Propulsion Engine Market 2016-2020
- Global Maritime Information Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
