Newark, April 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30 billion in 2022 global maritime security market will reach USD 59.01 billion by 2032. The pirate attacks on large cargo vessels have considerably reduced over the years; however, they are still present in certain regions of the world, causing millions of losses for the shipping industry and global trade. The breakdown of law and order in several African and West-Asian countries and the rise in radical outfits have increased the number of attacks on cargo vessels. Additionally, the Americas are dealing with the growing menace of drug smuggling on ships. Substance abuse deaths and their severe adverse effects are causing significant loss of life in the United States. Therefore, the global community strives to protect the global commons to ensure maritime security. The growing collaborations, agreements and partnerships among countries will drive the global maritime security market's growth.
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Key Insight of the global maritime security market
Asia Pacific is expected to rise the fastest during the forecast period.
Around 80% of global trade takes place in the Asia Pacific region. China and India, the two biggest producers of various goods, are located in the area and conduct most of their trade via water. One of the most notable and significant economic trading routes in the world is the Malacca Strait. The Persian Gulf and the Suez Canal are vital to commerce routes between Asia, Europe, and the Americas and are accessible from the Indo-Pacific area. The world must do everything possible to protect critical water passages and travel routes from terrorism and piracy. Furthermore, the regional marine security sector will expand due to increased illegal fishing and drug trafficking.
In 2022, the surveillance and tracking segment dominated the market with the largest market share of 35% and market revenue of 10.50 billion.
The system segment is divided into screening and scanning, surveillance and tracking, detectors, communications, access control, ship security reporting system, global maritime distress safety system, long-range tracking and identification system and others. In 2022, the surveillance and tracking segment dominated the market with the largest market share of 35% and market revenue of 10.50 billion.
In 2022, the vessel security segment accounted for the largest market share, with 33% and a market revenue of 9.90 billion.
The security type is divided into port and critical infrastructure security, vessel security, cargoes and containers safety, coastal surveillance, crew security, ship system and equipment safety and others. In 2022, the vessel security segment accounted for the largest market share, with 33% and a market revenue of 9.90 billion.
In 2022, the shipping and transportation segment accounted for the largest market share, with 37% and market revenue of 11.10 billion.
The end user is divided into government institutions, marine and construction, cargos and containers, oil and gas, shipping and transportation and others. In 2022, the shipping and transportation segment accounted for the largest market share, with 37% and market revenue of 11.10 billion.
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Advancement in market
December 2022 – A bill that calls for the prevention of maritime piracy and harsh punishment for the Indian parliament approved those found guilty of such crimes. The Rajya Sabha approved the Maritime Anti-Piracy Bill 2022. External Affairs Minister S. Jaishankar moved the bill for discussion and approval in the Rajya Sabha, claiming that it has provisions to deter marine piracy, improve India's maritime security, and provide a powerful legal tool to confront the threat. The bill will also allow India to execute its responsibilities to other nations and raise its stature in international fora. The region has tightened maritime security measures in response to previous terrorist assaults that used maritime pathways.
Market Dynamics
Driver: The escalating dangers to maritime security.
The Indo-Pacific region has experienced a transformation over the past ten years, given its importance in the global marine trade. China, which is fast becoming a global superpower, aims to establish its control in the Indo-Pacific by developing and leasing regional ports through its Belt and Road Initiative. The South China Sea is another area where China establishes its control while other nations make territorial claims. Given the conflicting claims, geopolitical tensions in the Indo-Pacific area have increased. These allegations will exacerbate an unstable maritime security environment in which nations hinder the ships or cargo of other countries. Illegal navigation and naval blockades can exacerbate tensions and create navigational hazards.
Furthermore, worldwide drug trafficking via naval routes has increased due to the Taliban's return to power in Afghanistan. Other dangers include the rise in non-state actor pirate attacks in the Persian Gulf. Additionally, the climate change crisis raises ecological concerns about marine ecosystems. For instance, the marine environment in the Palk Strait is being destroyed by bottom trawling. Due to the increasing dangers from piracy, terrorism, oil spills, illegal fishing, and geopolitical conflicts, maritime security will become a global priority and drive the market's growth.
Restraint: The field of maritime security is extensive.
International organizations' rules, regulations, and conventions have effectively defined marine borders. Territorial waterways, special economic zones, and international waters are all well-delineated. Several oceans are spread over thousands of km in the vast marine realm. Ocean waters are in dispute, with various nations opposing each other's claims to sovereignty. Regional regulations also apply to each country's territorial waterways, in addition to international regulations. These laws and rules may frequently overlap or clash. It is challenging to monitor and regulate activity in each maritime region due to the size of the oceans. In light of this, keeping an eye on the vast jurisdiction of the maritime systems is challenging, and this will hamper the market's growth.
Opportunities: The improvements in maritime security technology.
Traditional maritime security systems cannot handle the modern threats to oceans and maritime ships. The threat climate change poses to marine ecosystems now includes increasing sea levels, dwindling marine resources, and the extinction of marine flora and animals. Therefore, it is necessary to create more effective and superior maritime security systems that can counteract contemporary threats. The advancement of UAVs with longer flight times, better imaging, and surveillance technology has improved the tracking and management of movements in maritime systems and oceanic waters. Robotics, artificial intelligence, data analytics, and digital technologies are all being used as instruments in maritime security. Consequently, the improvements in maritime security technology will offer lucrative opportunities to the market players in the forecast period.
Challenge: The rise in cyberattack incidences.
Due to technological advancements, cyberattacks pose a greater danger to maritime security. The risk of cyberattacks has increased due to the automation and digitization used to optimize marine activities in ships, ports, and trade routes. Due to sophisticated cyberattacks, the maritime industry may have operational, safety, or security issues. Cyberattacks have escalated through data breaches, phishing scams, hacking, and the weaponization of artificial intelligence. The current marine security protocols are not prepared to handle evolving cyber threats. As a result, the market's expansion will be hampered by rising cyberattack events and inadequate traditional maritime security measures.
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Some of the major players operating in the global maritime security market are:
• BAE Systems PLC
• Elbit Systems
• Honeywell
• Leonardo
• Northrop Grumman
• OSI Systems Inc.
• Raytheon Anschutz
• Smiths Group PLC
• Thales Group
• Westminster Group
Key Segments cover in the market:
By System
• Screening and Scanning
• Surveillance and Tracking
• Detectors
• Communications
• Access Control
• Ship Security Reporting System
• Global Maritime Distress Safety System
• Long-Range Tracking and Identification System
• Others
By Security Type
• Port and Critical Infrastructure Security
• Vessel Security
• Cargos and Containers Safety
• Coastal Surveillance
• Crew Security
• Ship System
• Equipment Safety
• Others
By End User
• Government Institutions
• Marine and Construction
• Cargos and Containers
• Oil and Gas
• Shipping and Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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