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Global Maritime Security Market to Increase by Over USD 3.7 Bn in 4 Years

Global Maritime Security Market to Increase by Over USD 3.7 Bn in 4 Years

The global maritime security market is projected to increase by USD 3,702.13 million between 2023 and 2027, reveals a recent report by Technavio. This is a compound annual growth rate (CAGR) of 3.34%. During the forecast period, North America is estimated to contribute a majority of 35% to the growth.

Maritime Security

Maritime security offers ports, vessels, and other shipping infrastructure protection from intended damage through sabotage, terrorism, or subversion. Environmental destruction, transactional crimes, terrorist attacks, illegal seaborne immigration, piracy threats – all represent severe challenges to maintain international peace and security.

Sources: Piracy and Armed Robbery against Ships Annual Report (London: International Maritime Bureau, various issues 2019-2021); Annual Report (Singapore: ReCAAP-ISC, various issues 2019-2021); Annual Report (Singapore: Information Fusion Centre, 2021); Maritime Security Annual report 2021 (Brest: MICA Center, 2022).

Statistics by four reporting agency shows the increase in piracy and sea robbery in Southeast Asia in 2020 during the pandemic. However, this is lower than precious spikes seen between 2009 and 2011 due to the Global Financial Crisis, and from 2014 to 2015 when oil prices fell.

The Global Market

The market is segmented into Perimeter Security and Deepwater Security, the latter estimated to account for the largest share of the market’s growth during the forecast period. Types of technology in maritime security are categorised into Surveillance and Tracking, Screening and Scanning, Communications, and Other Systems.

Factors influencing the growth of the global maritime security market include marine threats, expansion of the Chinese naval fleet in critical regions, and increased maritime traffic in the Arctic Ocean. However, maritime issues arising due to Brexit could hinder the market growth.

According to the report, leading vendors in the market include Airbus Group SE, which offers cybersecurity, critical infrastructure, public safety, and crisis management under maritime digital connectivity; BAE Systems Plc, which offers Panoramic Area Surveillance System (PASS) combining surveillance and data fusion technologies; and Elbit Systems Ltd, which offers maritime security through Elbit Systems Electro-optics naval sensors and systems and highly advanced coastal security systems. Other vendors include HENSOLDT AG, Honeywell International Inc, Kongsberg Gruppen ASA, and more.

Related reports reveal that the physical security market size is projected to grow by USD 62.75 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 14.1%. This is mainly driven by the increasing concerns about terrorism and crime. Meanwhile, the cyber security market size is projected to grow by USD 203.5 billion from 2022 to 2027, and the market’s growth momentum will accelerate at a CAGR of 13.57%. This is mainly driven by the increase in the use of mobile devices.

Download the Global Maritime Security Market report here.

Naza Nazeem
Author: Naza Nazeem

Content writer and marketer experienced in media, hospitality, and technology.

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