Maritime Security Market growth projection to 8.1% CAGR through 2030

The Market Statsville Group (MSG) publishes the new report on the "Maritime Security Market by Technology (Screening and Scanning, Communications, Surveillance and Tracking, Detectors, and Other Technologies), by Type (Port and Critical Infrastructure Security, Vessel Security, and Coastal Surveillance), by Region – Global Share and Forecast to 2030". The global maritime security market size is expected to grow from USD 20.0 billion in 2021 to USD 37.2 billion by 2030, at a CAGR of 8.1% during the forecast period. 

The growing world trade has increased the demand for maritime cargo movements over the years. According to the International Maritime Organization (IMO), more than 90% of all global trade is conducted through the seas. Due to a growth in the use of maritime transport, activities, such as trafficking prohibited substances, illegal immigration, and attacks on ports and coastal areas are increasing. These situations necessitated the demand for enhanced maritime security.Maritime terrorism, drug trafficking, gun-running, piracy, and other non-traditional seaborne attacks increased exponentially over the past decade. These situations concern many countries. Furthermore, there have been reports of links between cyberattacks and physical piracy. The pirates have reportedly identified ships that carry valuable cargo and have minimal onboard security by infiltrating the systems of the shipping companies in several regions of the world.

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Global Maritime Security Market Segmentation

The overall maritime security market has been segmented into technology, type, and region.

• By Technology (Screening and Scanning, Communications, Surveillance and Tracking, Detectors, and Other Technologies)
• By Type (Vessel Security, Port and Critical Infrastructure Security, and Coastal Surveillance)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

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Vessel Security, by type, is estimated to hold the largest market share during the forecast period

The global maritime security market is segmented into port and critical infrastructure security, vessel security, and coastal surveillance by type. The vessel security segment generated the highest revenue of 47.1% of the global maritime security market in 2021. Vessel security encompasses issues related to national security, economic development, human security, and marine environmental concerns. It is a part of the maritime security umbrella. It is aimed to protect vessels against crimes such as piracy, trafficking of people and illicit goods, illegal fishing, marine pollution, and armed robbery at sea.

Maritime OT systems like Vessel Integrated Navigation System (VINS), Global Positioning System (GPS), Satellite Communications, Automatic Identification System (AIS), radar systems, electronic charts, etc., provide efficiency gains but are also vulnerable to external threat vectors. With a rise in connected operations between onshore and offshore systems, cyber-attacks targeting marine OT systems span the threat spectrum, including ransomware, malware infections, DDoS attacks, etc.

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Asia Pacific accounts for the largest market share in the maritime security market

Based on the regions, the global maritime security market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific was accounted for the largest market share of 32.5% in the global maritime security market and was anticipated to maintain its dominance throughout the forecast period. As per the UNCTAD Review of Maritime Transport 2020, Asia-Pacific dominated maritime trade and accounted for 76% of all maritime trade loaded and unloaded in developing regions. Hence, maritime security has become a critical aspect for ensuring optimum sea trade. Moreover, In November 2018, Saab received a multi-million contract to renew and extend the Vessel Traffic Management Information System (VTMIS) in Shanghai. The contract, scheduled for completion by the end of 2020, includes the replacement of most of the existing radar and communications systems, two traffic centers, and the delivery of a new supervisory center.

The Australian government plans to introduce an enhanced regulatory framework, building on the Security of Critical Infrastructure Act 2018. The critical transport infrastructure assets will include security-regulated or controlled ports, airports, and Australian-regulated ships. Currently, the seaports identified as “critical” under the Security of Controlled Infrastructure Act are Broome, Gladstone, Adelaide, Hay Point, Brisbane, Hobart, Cairns, Melbourne, Christmas Island, Botany, Darwin, Port Hedland, Eden, Rockhampton, Fremantle, Sydney (Port Jackson), Geelong and Townsville.

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This research report includes an examination of the leading companies' development and marketing strategies, as well as an examination of their product portfolios and winning strategies in the maritime security market. It also consists of the profiles of leading companies such as SAAB AB, Elbit Systems Ltd., Thales Group, Leonardo SpA, Westminster Group PLC, Kongsberg Gruppen ASA, Airbus SE, BAE Systems PLC, Terma AS, Smiths Group PLC, OSI Systems Inc., Nuctech Company Limited, and Leidos Holdings Inc.

About Market Statsville Group

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Article source: https://article-realm.com/article/Finance/36336-Maritime-Security-Market-growth-projection-to-8-1-CAGR-through-2030.html