London, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Incessantly growing demand for maritime safety and security solutions, as well as the expanding userbase of cloud computing will remain the key driving forces for the maritime security market growth, suggests Fairfield Market Research in its latest published report. Projected to observe a promising growth prospect between 2021 and 2027, global maritime security market is poised to exceed the revenue of US$38 Bn toward the end of forecast year. With industry’s attempt to streamline existing procedures, transform supply networks, and thereby developing fresh commercial prospects, significance of safety and security is likely to escalate to a large extent. The report also says that the growing ubiquity of digitalisation across maritime industry, and advances in next-gen technologies like IoT, AIT, Blockchain, and automation will continue to favour market growth throughout the period of projection.
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Increasing Concerns Pertaining to Piracy Indicate Strong Growth Prospects of Maritime Security Market
Marine industry has been witnessing a substantial rise in the number of pirate attacks on ships over the past couple of decades. The locations that are at a greater risk of piracy naturally demand effective marine safety measures to achieve measurable reduction in attack risks. While this remains a major factor favouring the growth of maritime security market, the market will also receive an impetus from the ongoing development of a global database on maritime piracy. With marine businesses expanding at a rapid pace, the voluminous data that is being collected from sources across networks, users, endpoints, and applications is also swelling, which is in turn expected to fuel the growth of maritime security market.
Security Management Dominant Application in Maritime Security Market
Demand for security solutions remains dominant over that for services as the former continues to account for more than 60% of total demand that maritime security market experiences. On the other hand, in terms of the type of security, port and critical infrastructure security remains the most sought-after, with over a third of the total market valuation. Application in security management recorded a revenue share of more than 40% in the market in 2019, whereas adoption for the other key applications such as coastal monitoring, counter privacy, and loss prevention and detection collectively represented a share of more than 45% the same year. Oil and gas industry, followed by shipping and transportation, will remain the prime end user segments in maritime security market.
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North America Continues to Surge Ahead in Global Maritime Security Market
North America, contributing over a fourth of the global maritime security market size, remains the largest regional market. Europe follows, further trailed by Asia Pacific. The market in North America has been experiencing successful and effective implementation of maritime safety and security solutions across most concerned organisations, as well as industry verticals. Critically growing need for addressing the maritime piracy concerns will drive North America’s maritime security market at around 6.7% CAGR by 2027 end. The report also identifies higher growth potential of the Asia Pacific maritime security management market.
Key Players in Maritime Security Market
The report sheds light on the competitive landscape to draw the most significant insights into the key strategic developments of industry leaders. Some of the leading players profiled in maritime security market report include Thales Group, BAE Systems, Honeywell, Smiths Group, Elbit Systems, Raytheon Anschut, Northrop Grumman, Saab Group, Rolta, and Airbus. Several major players are likely to emphasize innovating around subscription-based models for improved sales, marks the report.
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Components Coverage |
1.1.2. Risk Assessment and Investigation 1.1.3. Support and Maintenance
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| Security Type Coverage |
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| System Coverage |
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| Application Coverage |
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| End User Coverage |
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| Geographical Coverage |
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| Leading Companies |
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| Report Highlights | Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Product-, Application-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis, Key Trends |
Table of Contents:
1. Executive Summary
1.1. Global Maritime Security Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions
2.2. Market Taxonomy
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.4. Value Chain Analysis
2.5. Porter’s Five Forces Analysis
2.6. Covid-19 Impact Analysis
2.7. Key Patents
3. Global Maritime Security Market Outlook, 2019 - 2027
3.1. Global Maritime Security Market Outlook, by Components (US$ ‘000), 2019 - 2027
3.1.1. Key Highlights
3.1.1.1. Solutions
3.1.1.2. Services
3.1.1.2.1. Professional Services
3.1.1.2.1.1. Training and Consulting
3.1.1.2.1.2. Risk Assessment and Investigation
3.1.1.2.1.3. Support and Maintenance
3.1.1.2.2. Managed Services
3.1.2. BPS Analysis/Market Attractiveness Analysis
3.2. Global Maritime Security Market Outlook, by Security Type, Value (US$ ‘000), 2019 - 2027
3.2.1. Key Highlights
3.2.1.1. Port and Critical Infrastructure Security
3.2.1.2. Coastal Surveillance
3.2.1.3. Vessel Security
3.2.1.4. Crew Security
3.2.1.5. Cargoes and containers Safety
3.2.1.6. Ship system and equipment (SSE) Safety
3.2.1.7. Other Security Type (Yacht Security, Safety of marine installations, Shipyard security, and cyber security)
3.2.2. BPS Analysis/Market Attractiveness Analysis
3.3. Global Maritime Security Market Outlook, by System, Value (US$ ‘000), 2019 - 2027
3.3.1. Key Highlights
3.3.1.1. Ship Security Reporting System
3.3.1.2. Automatic Identification System (AIS)
3.3.1.3. Global Maritime Distress Safety System (GMDSS)
3.3.1.4. Long Range Tracking and Identification (LRIT) System
3.3.1.5. Vessel Monitoring and Management System
3.3.1.6. Other Systems (Automated Manifest System (AMS), and Automated Mutual Assistance Vessel Rescue System (AMVER)
3.3.2. BPS Analysis/Market Attractiveness Analysis
3.4. Global Maritime Security Market Outlook, by Application, Value (US$ ‘000), 2019 - 2027
3.4.1. Key Highlights
3.4.1.1. Loss prevention and detection
3.4.1.2. Security management
3.4.1.3. Counter piracy
3.4.1.4. Coastal monitoring
3.4.1.5. Pollution Prevention and Response (PPR) management
3.4.2. BPS Analysis/Market Attractiveness Analysis
3.5. Global Maritime Security Market Outlook, by End User, Value (US$ ‘000), 2019 - 2027
3.5.1. Key Highlights
3.5.1.1. Government Institutions
3.5.1.2. Oil & Gas
3.5.1.3. Marine & construction
3.5.1.4. Shipping & Transportation
3.5.1.5. Other End-Users (Yachts, Boat Owners, and Ship Agencies)
3.5.2. BPS Analysis/Market Attractiveness Analysis
3.6. Global Maritime Security Market Outlook, by Region, Value (US$ ‘000), 2019 - 2027
3.6.1. Key Highlights
3.6.1.1. North America
3.6.1.2. Europe
3.6.1.3. Asia Pacific
3.6.1.4. Latin America
3.6.1.5. Middle East & Africa
3.6.2. BPS Analysis/Market Attractiveness Analysis
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