Maritime Security Market Outlook
Maritime Security Market size is projected to reach approximately USD 33.3 billion by 2030, at a CAGR of 6.78% from 2022 to 2030.
Maritime security agencies protect the nation from various threats such as smuggling, drug trafficking, piracy, human trafficking, and maritime terrorism. These agencies provide port facility and vessel security.
The increase in terrorism through sea routes such as the 2008 attack on Mumbai and the rise of piracy in Gulf of Aden have raised concerns regarding port security. This had also led to the modernization of weapons and equipment used by security agencies around the world.
The demand for various modern equipment in maritime security market is increasing due to the increase in number of illegal immigrants around the world. This has resulted in an increased demand for automated systems such as EO detection systems, underwater acoustic weapon systems, electronic fence, MIRA Autonomous Control Equipment (MACE), and integrated security system. In addition, there has been significant growth in demand for small satellites that are used to monitor merchant ships. These provide images and videos from less than 3-16 feet. These are also cost effective and are used for deriving environmental data.
The growing defense budget across various nations has led to an increase in R&D investments as well as an increase in number of contracts for By Report Vendors are focusing on providing better surveillance systems, communication systems, upgraded weapons, stealth UUVs, sensors, and underwater contraband threats. The market has also witnessed the shift towards unmanned surface vessel (USVs), which are cost effective and fully autonomous.
Maritime Security Market – Competitive Analysis
The global maritime security market is highly competitive. Vendors compete based on cost, quality, reliability, and aftermarket services. To survive and succeed in such an intensely competitive environment, it is crucial for the vendors to provide cost-effective and high-quality services.
Vendors have to focus on global footprint network, in house manufacturing capabilities, product offerings, investment in R&D, and a strong client base, to gain an edge over competitors. Global economic recovery, R&D, and investments by the vendors provide opportunities for defense industry players to compete and grow.
New strategies adopted by the aerospace industry to achieve greater efficiency and reduced costs are increasing OEM's dependence on tier 1 suppliers. Big players such as Boeing and Airbus focus more on integration and less on internal production capability. These vendors are working toward a business model, where they would need to work with fewer tier 1 suppliers and decreasing direct interactions with tier 2 and tier 3 suppliers.
Key Players:
The leading market players in the global Maritime Security market share primarily include Boeing, Israel Aerospace Industries, Raytheon, Thales, Northrop Grumman, Lockheed Martin, GE Aviation, SpaceX and ViaSat.
Industry/ Innovation/ Related News:
October 23, 2023 - General Dynamics NASSCO hosted a christening and naming ceremony for the Navy’s newest Expeditionary Sea Base, the USNS Hershel “Woody” Williams (ESB 4). The ship’s namesake, Hershel Woodrow “Woody” Williams, spoke at the ceremony, and his two daughters, Travie Ross and Tracie Ross, officially named and christened the ship with the traditional break of a champagne bottle alongside the ship. Williams, a retired U. S. Marine, received the Medal of Honor for his actions in the Battle of Iwo Jima during World War II. He is the last surviving recipient of the Medal of Honor from that battle.
January 5, 2024:- General Dynamics NASSCO delivered three lead ships in 2015: USNS Lewis B. Puller, the Isla Bella and the Lone Star State. Each vessel represents three new and separate ship classes and highlights the diverse portfolio of commercial and government contracts for the San Diego-based shipbuilding company.
Maritime Security Market – Segments
For the convenience of the report and enhanced understanding; The Maritime Security Market is segmented in to 3 key dynamics
Segmentation by Category: Port & Shipyard, Vessel Security, and Coastal Surveillance.
Segmentation by System: Screening & Tracking, Detectors, Access Control, Communication, and Surveillance.
Segmentation by Regions: Comprises Geographical regions - Americas (North & Latin),Europe, APAC and Middle East & Africa.
Regional Analysis
The Americas is the largest defense investor as well as defense exporter in the world. It accounts for 31% of the global deals in the field of defense. This increase in maritime budget is due to the increase in the number of marine threats such as smuggling, illegal immigration, human trafficking, and cargo thefts. The terrorist attacks of 9/11 have led the Americas to constantly focus on enforcing laws so as to ensure smooth commercial activities by sea. Maritime Security Standards in the US followsafety of life at sea (SOLAS) and international ship and port facility security (ISPS) code strictly for safe international sea trade.
The International Maritime Organisation (IMO), US Coast Guard, and Federal Maritime Commission (FMC) are the governmental bodies that are also contributing to the growth of the market. In 2015, the Pentagon launched unmanned ghost ships for tracking submarines.
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