London, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Fairfield Market Research in a newly released report tracks the performance of global maritime security market during 2021 – 2027. The report says that while the market registered revenue worth US$22.4 Bn in the year 2019, it is poised to surpass the valuation of US$38 Bn toward the end of 2027. Increasing significance of marine security and safety in line with growing digitalization across industry will drive maritime security market ahead. Deepening penetration of automation, IoT, AIT, and Blockchain technology in marine operations is expected to spur the expansion of market. Rising prevalence of pirate attacks on ships demand more effective and reliable safety measures. In addition, unprecedented expansion of marine businesses expansion and the subsequently ballooning data volumes will elevate the scope of growth for maritime security market.
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Key Research Insights
- Global maritime security market size is slated for 7.1% growth between 2021 and 2027
- Demand for security solutions accounts for more than 60% of total demand
- Security management continues to be the top application area with over 42% market share
Insights into Segmental Analysis
Maritime security solutions continue to experience dominant demand over maritime security services. The report estimates over 60% share of security solutions in total market revenue. Application-wise analysis of maritime security market reveals continued lead of security management that accounts for over 2/5th of the overall market valuation. The other prominent areas of application include counter privacy, coastal monitoring, and loss prevention and detection. Based on type, the port and critical infrastructure security remains sought-after, accounting for over 33% market share. The report further sheds light on the end user analysis, which shows dominance of oil and gas industry, further followed by shipping and transportation industry.
Key Report Highlights
- The market will exhibit strong growth majorly in the wake of rising concerns around marine piracy
- Port and critical infrastructure security remains the most preferred type of security with over 1/3rd of total market valuation
- North America, and Europe contribute a collective revenue share of more than 50%
Insights into Regional Analysis
In 2019, North America recorded more than 27% share in total revenue of maritime security market. The region remains the largest market and will continue to be at the forefront of demand generation throughout the period of forecast. The report expects North America’s maritime security market to witness 6.7% expansion by 2027 end. The market here has been thriving on account of the maximum successful implementation of maritime security and safety solutions. Europe, the next key market for maritime security, follows North America. Both the regions collectively capture over half the market revenue. Asia Pacific is also likely to develop a strong market in the next few years as the region registered more than 23% revenue share in maritime security market in 2019.
Leaders in Global Maritime Security Market
Honeywell, Thales Group, Smiths Group, Rolta, BAE Systems, Raytheon Anschut, Elbit Systems, Northrop Grumman, Airbus, Saab Group, Northrop Grumman
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2027 | |
| Market Size in 2019 | US$22.4 Bn | |
| Estimated Market Size in 2027 | US$38 Bn | |
| CAGR | 7.1 % | |
| Key Players | Honeywell, Thales Group, Smiths Group, Rolta, BAE Systems, Raytheon Anschut, Elbit Systems, Northrop Grumman, Airbus, Saab Group, Northrop Grumman | |
Market Segmentation
Components Coverage
- Solutions
- Services
- Professional Services
- Training and Consulting
- Risk Assessment and Investigation
- Support and Maintenance
- Managed Services
- Professional Services
Security Type Coverage
- Port and Critical infrastructure Security
- Coastal Surveillance
- Vessel Security
- Crew Security
- Cargoes and containers Safety
- Ship system and equipment (SSE) Safety
- Other Security Type (Yacht Security, Safety of marine installations, Shipyard security, and cyber security)
System Coverage
- 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 (Automated Manifest System (AMS), and Automated Mutual Assistance Vessel Rescue System (AMVER))
Application Coverage
- Loss prevention and detection
- Security management
- Counter piracy
- Coastal monitoring
- Pollution Prevention and Response (PPR) management
End User Coverage
- Government Institutions
- Oil & Gas
- Marine & construction
- Shipping & Transportation
- Other End-Users (Yachts, Boat Owners, and Ship Agencies)
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- Honeywell
- Thales Group
- Smiths Group
- Elbit Systems
- Northrop Grumman
- Raytheon Anschutz
- Saab Group
- BAE Systems
- Airbus
- Rolta
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Component-wise Analysis
- Security Type-wise Analysis
- Application-wise Analysis
- System-wise Analysis
- End User-wise Analysis
- Industry-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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