Dublin, May 12, 2022 (GLOBE NEWSWIRE) -- The "Maritime Safety System Market by Component (Solutions & Services), Security Type (Coastal Surveillance, Crew Security), Application (Counter Piracy, Safety of Ships), System (AIS, GMDSS, LRIT System ), End-User and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Maritime Safety market size to grow from USD 23.9 billion in 2021 to USD 33.4 billion by 2026, at a CAGR of 6.9%
The major factors driving the growth of the maritime safety market are the rising need to manage complex supply chain operations and increase sustainability across the marine industry, increasing trade and freight transport activities through the sea, rising need to create awareness about maritime safety, and regulatory compliances and standards.
Furthermore, the advent of innovative technologies, such as RFID, GPS, AR, robotics, and Blockchain; development of integrated solutions to lower maritime terrorism and piracy; and emerging opportunities across untapped regional markets are expected to provide opportunities for enterprises operating in the maritime safety market.
However, there are restraining factors that may slow down the growth of the maritime safety market. These include stringent environmental regulations and compliance issues, a lack of uniform standards to implement security solutions across the marine industry and rising criminal activities across the marine industry.
Apart from these restraints, vendors are expected to face various other challenges in the near future. These would include growing issues pertaining to piracy, increasing maritime terrorism, and limited workforce and halt in production units during the pandemic
The Coronavirus disease (COVID-19) triggered a global health and economic crisis with wide-ranging implications for maritime transport and trade. Restrictions introduced in response to the pandemic have caused disruptions, affecting ports, shipping, and supply chains. Many industries faced challenges along their supply chain.
Some of these challenges were raw material shortages, lead-time issues, ocean blank sailings, port closures, reduced working hours at ports, equipment and labor shortages, and transport capacity constraints. These obstacles undermine the smooth movement of trade flows and supply chain operations and significantly erode transport services. Governments have both flag and port states, which have issued circulars and other forms of communication on COVID-19.
The maritime sector in various countries across different regions has issued several port marine circulars related to COVID-19. After initially announcing that crew changes were suspended, following feedback from the industry and unions, it has established a prescribed process, considering whether the seafarer has served the maximum time on board and no further extension of the employment contract is granted by the flag state.
The long-term impact of the pandemic is yet to be fully understood. All indicators are pointing to significant immediate challenges for the maritime sector. These differ depending on the maritime transport segment (e.g., container, bulk, reefer, tanker). These indicators vary by region, level of development, and the state of prior preparedness to shocks and disruptions.
The COVID-19 pandemic has created an unprecedented situation worldwide. To slow the spread of the disease and lessen its impact, governments around the globe have restricted travel and closed borders. Numerous ports and airports have shut, ships have been denied entry, and planes grounded. About 90 percent of global trade is moved by maritime transport. Commercial fishing is a major source of the world's food.
Many seafarers are on board for extended periods. Therefore, to avoid fatigue, crews need to change regularly. This involves some 100,000 seafarers every month. However, because of restrictions due to the COVID-19 pandemic, around 90,000 seafarers are currently stuck onboard cruise ships without passengers and sometimes even without pay. The Maritime Labor Convention 2006 has proved to be a strong and practical instrument that has supported both seafarers and ship owners during this pandemic.
Premium Insights
- Across Maritime Sector to Drive the Growth of Market
- Coastal Monitoring Segment Expected to Grow at the Highest CAGR During the Forecast Period
- North America Expected to Account for the Largest Market Share
- Port and Critical Infrastructure and Loss Prevention and Detection Segments Expected to Account for the Largest Share
Market Dynamics
Drivers
- Rising Need to Manage Complex Supply Chain Operations and Increase Sustainability Across the Marine Industry
- Rising Need to Create Awareness About Maritime Safety
- Regulatory Compliances and Standards
- Increasing Trade and Freight Transport Activities Through the Sea
Restraints
- Stringent Environmental Regulations and Compliance Issues
- Lack of Uniform Standards to Implement Security Solutions Across the Marine Industry
- Rising Criminal Activities Across the Marine Industry
Opportunities
- Development of Integrated Solutions to Lower Maritime Terrorism and Piracy
- Advent of Innovative Technologies, Such as Rfid, Gps, Ar, Robotics, and Blockchain
- Emerging Opportunities Across Untapped Regional Markets
Challenges
- Growing Issues Pertaining to Piracy
- Increasing Maritime Terrorism
- Limited Workforce and Halt in Production Units During the Pandemic
Case Study Analysis
- The Strait of Georgia Has Selected Marine Insight Vendor to Accurately Track the Blackwater Discharge in Approved Zones
- Manual Input into Maintenance Programs Uses Marine Insight That Will Automatically Generate Summary Reports to Deliver to the Proper Personnel
- Customers Need to Have Different Solutions for Geofencing Their Voyages. with Marine Insight Input, Customer Locations Can be Traced
- The Kirke Narrows Has Selected MSM to Design a System That Collects Hydrographic and Atmospheric Data to Transmit Them to All Users
- BigOceanData Vessel Tracking System Has Been Used to Track Maersk Line's Fleet Using Fused Data Feeds
- Norwegian Hull Club's Has Selected BigOceanData to Provide a Central Maritime Intelligence Service for Loss Prevention and Emergency Response, Team
- Crew Uses Marine Insight to Detect the Overheat and Prevent the Catastrophic Loss
- Customer Uses Marine Insight to Maintain a Constant Temperature in the Refrigerated Saltwater (Rsw) Tanks
- Customers Need to Have a Notification for the Shoreside Team When Vessels Are Running Idle with Marine Insight. It Will be Able to Send An Alert When a Vessel is Sitting in Specific Idle Rpm Bands
Regulations Landscape
- Solas (International Convention for the Safety of Life at Sea, 1974)
- Marpol (International Convention for the Prevention of Pollution from Ships, 1973/1978)
- Colreg (Convention on the International Regulations for Preventing Collisions at Sea, 1972)
- Loadline (International Convention on Loadlines, 1966)
- Isps (The International Ship and Port Facility Security Code, 2002)
- Ism (The International Safety Management Code, 1993)
- Stcw (International Convention on Standards of Training, Certification, and Watchkeeping for Seafarers, 1978/1995/2010)
- Ilo 147 (The Ilo Merchant Shipping (Minimum Standards) Convention, 1976)
Technology Analysis
- Big Data
- Artificial Intelligence
- Machine Learning
- Internet of Things
- Blockchain
- Automation
- Cloud Computing
Company Profiles
- AirbUS
- Ares Security
- Atlas Elektronik
- Bae Systems
- Captain's Eye
- Consilium
- Elbit Systems
- Fregata Space
- Halo
- Harbor Lab
- Honeywell
- Hudsonanalytixs
- Iocurrents
- Knl Networks
- Kongsberg
- L3Harris Technologies
- Leonardo
- Maindeck
- Nautix Technologies
- Northrop Grumman
- Nuctech
- Osi Maritime Safety
- Raytheon Anschutz
- Rolta
- Saab Group
- Sailrouter
- Smart Ship Hub
- Smiths Group
- Terma Group
- Thales Group
- Westminster Group
- Ymanage360
For more information about this report visit https://www.researchandmarkets.com/r/bm8lhj
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