Global demand for maritime security systems market was valued at approximately USD 19.21 billion in 2018 and is expected to generate revenue of around USD 31.25 billion by end of 2025, growing at a CAGR of around 7.2% between 2019 and 2025.
The report covers forecast and analysis for the maritime security systems market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the maritime security systems along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the maritime security systems market on a global level.
As per the report, the global demand for maritime security systems market was valued at approximately USD 19.21 billion in 2018 and is expected to generate revenue of around USD 31.25 billion by end of 2025, growing at a CAGR of around 7.2% between 2019 and 2025.
The rising terrorism and need for marine security are a few prominent drivers of the maritime security systems market. Moreover, the demand for market is predicted to grow owing to the rise in the awareness of maritime security and its advantages related to the same. Further, there are incidents relating to the unethical and illegal acts that are carried in the transport and shipping enterprise which is creating a demand for safety solutions of the maritime. Furthermore, the government is taking initiatives and creating regulations to avoid such incidents. However, the fall in economy and few ungoverned marine regions are restraining the growth of the market. Nevertheless, technological development is creating an opportunity for the demand of the market.
The maritime security systems market is segmented on the basis of technology and systems, service, category, and region. The category segment is bifurcated into coastal surveillance, port and critical infrastructure security, and vessel security. The coastal surveillance segment holds a significant amount of market size. The system helps in protecting the coastlines. It is based on radar and identifies targets at a wide range. Moreover, the radars help in searching for ground as well as air targets.
The detector technology and system segment anticipate growing at a higher pace owing to the inclination towards technology in various regions. Many conventional systems are being replaced by new technology to obtain accuracy and reliability on the system. Supervisory Control and Data Acquisition (SCADA) is expected to hold a considerable market size owing to the benefits obtained from supervising and operations that can be carried out on other devices. Moreover, the system helps in data acquisition which can be used to detect other sensors and radars.
By geography, North America is predicted to hold the largest market size owing to the maritime safety solution vendors in the region. Moreover, North America consist of developed countries like the U.S. and Canada which carries the maritime and freight activities the maximum. As a result, these countries focus on safety and security of their ships. Further, the region has been investing a lot on the research and development of maritime security technologies which can be considered a factor for the growth of the demand of the market in the region.
Asia Pacific is expected to follow the lead of North America owing to the increasing adoption of maritime transport and the rise in terrorism in the region. Countries like India, Japan, and China face constant threat from the enemy countries and need to enhance the security. Moreover, the Government of India has been making investment in the military and defense industry to be ready for any change coming their way. Japan is witnessing an increase in the sea trade and therefore, to secure their coast and ports, maritime security market is expected to grow in the region.
Some of the key players in maritime security market include Northrop Grumman Corporation, BAE Systems PLC, Saab Group, Leonardo-Finmeccanica, Raytheon Anschütz GmbH, Kongsberg Gruppen ASA, Elbit Systems Ltd., Honeywell International, Inc., Harris Corporation, and Signalis SA, among others.
The report segments of global maritime security systems market are as follows:
Global Maritime Security Systems Market: Technology and Systems Segment Analysis
Global Maritime Security Systems Market: Service Segment Analysis
Global Maritime Security Systems Market: Category Segment Analysis
Global Maritime Security Systems Market: Regional Segment Analysis