Dublin, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The "Maritime Safety System Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The maritime safety system market size has grown strongly in recent years. It will grow from $19.85 in 2023 to $21.18 in 2024 at a compound annual growth rate (CAGR) of 6.7%. The maritime safety system market size is expected to see strong growth in the next few years. It will grow to $25.93 in 2028 at a compound annual growth rate (CAGR) of 5.2%.
Asia-Pacific was the largest region in the maritime safety system market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the maritime safety system market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of maritime safety systems include the Ship Security Reporting System, Automatic Identification System (AIS), Global Maritime Distress Safety System (GMDSS), Long Range Tracking and Identification (LRIT) System, Vessel Monitoring and Management System, and other systems like the Automated Manifest System (AMS) and Automated Mutual Assistance Vessel Rescue System (AMVER).
The expansion observed in the historical period can be attributed to several factors, including the influence of international maritime regulations, the growth in global shipping activities, incidents of maritime accidents, increasing concerns about piracy, and a heightened focus on environmental protection within the maritime industry. These factors collectively contributed to the development and adoption of maritime safety systems during this period.
The projected growth in the forecast period can be attributed to various factors, including investments in port infrastructure, the emergence of autonomous vessels, collaboration with coastal authorities, evolving insurance requirements, and the ongoing concern for security threats in maritime environments.
Maritime safety systems are employed for various purposes, including loss prevention and detection, security management, counter-piracy measures, coastal monitoring, safety of ships, and Pollution Prevention and Response (PPR) management. These systems find applications in diverse sectors such as government institutions, oil & gas, marine & construction, shipping & transportation, cargos & containers, and other end-users.
Key trends expected in this period include the digitalization of maritime operations, the integration of artificial intelligence, the adoption of remote monitoring and telematics, the use of digital twins for vessel safety, satellite-based communication solutions, and the automation of emergency response measures. These trends reflect the industry's commitment to leveraging advanced technologies for enhanced safety, efficiency, and security in maritime activities.
The maritime safety system market is poised for growth due to the increasing maritime trade and transportation. Enhanced consumer well-being leads to higher production, and lower emissions during long voyages benefit producers, ensuring competitiveness. Sea transport becomes more cost-effective and environmentally friendly for shipping goods over long distances, contributing to a significant increase in the volume of products transported.
The marine safety system market is expected to receive a boost from the expansion of global shipping. With an increase in shipping activities globally, there is a higher risk of safety-related incidents, making maritime safety systems crucial. The United Nations Conference on Trade and Development reported a notable increase in global shipments, emphasizing the growth in Africa, Latin America, and the Caribbean. The demand for maritime safety systems is evident in the need to prevent accidents and enhance safety measures in response to the rising global shipping activities.
Companies in the marine safety system market are innovating by developing new products such as single-man portable subsea remotely operated vehicles (ROVs). These compact, remotely controlled underwater vehicles are designed for underwater inspections and maintenance. For instance, SeaDrone Inc. launched SeaDrone MINI, a professional-grade ROV that is compact, one-person-operable, and equipped with advanced features. The MINI ROV is designed for underwater tasks in challenging environments, offering users varying levels of experience a versatile and efficient solution.
The avenue of innovation in the marine safety system market involves the development of products like long-range identification and tracking (LRIT). LRIT is an international system that monitors and tracks ship movements over long distances, typically in international waters. Lars Thrane A/S introduced LRIT capabilities to its LT-3100S global maritime distress and safety system (GMDSS), enhancing the tracking capabilities of vessels. LRIT functionality is available for activation across all versions of the GMDSS system, providing comprehensive monitoring capabilities.
Major companies operating in the maritime safety system market include
- Raytheon Anschutz GmbH
- Honeywell International Inc.
- Elbit Systems Ltd.
- Saab AB
- OSI Maritime Systems Ltd.
- BAE Systems plc
- Thales Group
- Smiths Group plc
- Northrop Grumman Corporation
- Westminster Group Plc
- L3Harris Technologies Inc.
- Kongsberg Gruppen ASA
- Leonardo S.p.a.
- Atlas Elektronik GmbH
- Airbus SE
- Terma Group AS
- Nuctech Company Ltd.
- ARES Security Corporation
- Rolta India Ltd.
- HALO Maritime Defense Systems Inc.
- Lockheed Martin Corporation
- General Dynamics Corporation
- Harris Corporation
- Safran S.A.
- FLIR Systems Inc.
- Garmin Ltd.
- Furuno Electric Co. Ltd.
- Japan Radio Co. Ltd.
- Wartsila Corporation
- Signalis SA
- SRT Marine Systems PLC
- Consilium Strategic Communications Ltd.
- MarineGuard Systems Ltd.
- Martek Marine Ltd.
- HENSOLDT UK
Key Topics Covered:
1. Executive Summary
2. Maritime Safety System Market Characteristics
3. Maritime Safety System Market Trends And Strategies
4. Maritime Safety System Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Maritime Safety System Market Size and Growth
5.1. Global Maritime Safety System Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Maritime Safety System Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Maritime Safety System Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Maritime Safety System Market Segmentation
6.1. Global Maritime Safety System Market, Segmentation By System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Ship Security Reporting System
- Automatic Identification System (AIS)
- Global Maritime Distress Safety System (GMDSS)
- Long Range Tracking and Identification (LRIT) System
- Vessel Monitoring and Management System
- Other Systems
6.2. Global Maritime Safety System Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Loss prevention and detection
- Security management
- Counter piracy
- Coastal monitoring
- Safety of ship
- Pollution Prevention and Response (PPR) management
6.3. Global Maritime Safety System Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Government Institutions
- Oil and Gas
- Marine and construction
- Shipping and Transportation
- Cargos and containers
- Other End-Users
7. Maritime Safety System Market Regional And Country Analysis
7.1. Global Maritime Safety System Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Maritime Safety System Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/nwzave
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
