Maritime Security Market Set for Growth, Projected to Reach $29.06 Billion by 2024
The Business Research Company’s Maritime Security Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LANDON, GREATER LANDON, UK, June 18, 2024 /EINPresswire.com/ — The maritime security market has exhibited robust growth, expanding from $26.88 billion in 2023 to an anticipated $29.06 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.1%. This growth trajectory underscores the increasing importance placed on safeguarding global maritime operations against evolving threats.
Rising Maritime Threats Propel Market Expansion
The surge in maritime threats, encompassing piracy, terrorist activities, illicit trafficking, and cybersecurity breaches, is a primary driver propelling the maritime security market forward. These threats jeopardize the safety, security, and sustainability of maritime activities worldwide. For instance, in 2022, the International Maritime Bureau reported 115 incidents of piracy and armed robbery against ships, highlighting the persistent challenges faced by the maritime industry. Moreover, maritime cyber incidents rose significantly, underscoring the critical need for enhanced cybersecurity measures in maritime operations.
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Key Players and Market Trends
Leading companies such as Cobham plc, Raytheon Technologies, and Airbus SE are at the forefront of innovation within the maritime security sector. These players focus on developing advanced technologies and integrated solutions to fortify port and vessel security amid escalating threats. For example, technologies like the vessel traffic management information system (VTMIS) have been pivotal in enhancing maritime safety by integrating radar, CCTV, and communication systems.
In a strategic move, AD Ports Group launched a VTMIS across its UAE operations in March 2023, aimed at bolstering maritime safety and operational efficiency. This system serves as a critical tool for real-time monitoring and coordination, facilitating safer navigation and streamlined port operations.
Emerging Trends in the Maritime Security Market
The maritime security market is witnessing transformative trends driven by technological advancements and global security imperatives. Key trends include the integration of artificial intelligence (AI) for enhanced threat detection, rapid adoption of unmanned systems for surveillance and reconnaissance, and a heightened focus on cybersecurity resilience across maritime infrastructure. Additionally, there is increasing global collaboration and information sharing to combat maritime threats collectively and sustainably.
Market Segments and Geographic Insights
The maritime security market is segmented based on components, security types, services, and technologies. Key segments include port and critical infrastructure security, vessel security, coastal surveillance, and a range of services from risk assessment to consulting and maintenance. Technological advancements such as access control systems, detectors, and surveillance technologies play pivotal roles in safeguarding maritime assets and operations.
Asia-Pacific emerged as the largest market for maritime security in 2023 and is expected to continue leading in the forecast period, driven by rapid industrialization, increasing trade volumes, and heightened security concerns.
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In conclusion, the maritime security market is poised for significant growth driven by escalating maritime threats, technological innovations, and stringent regulatory frameworks. Stakeholders across the industry are focused on enhancing security measures to safeguard maritime assets, ensuring safe and efficient global trade operations.
Maritime Security Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Maritime Security Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on maritime security market size, maritime security market drivers and trends, maritime security market major players, competitors’ revenues, market positioning, and market growth across geographies. The maritime security market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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