The market was valued at USD 14.96 billion in 2015, and it is projected to reach USD 20.71 billion by 2020 at a CAGR of 6.72% during the forecast period 2015-2020. Non-traditional seaborne attacks such as maritime terrorism, gun-running, drug trafficking and piracy have grown exponentially and are threatening many nations today. There is a shift towards asymmetric forces from the use of conventional force-structured defense and offense forces. Global maritime security is a new byword of securing the sea lines of communications in international relations. Maritime security is vital to national as well as human safety and it also linked to economic development. Throughout the history, majority of trade through was done via sea routes, playing a vital role in economic development. Shipping of various cargo and fisheries have transformed into billion dollar industries. The commercial value of the oceans has been increasingly re-evaluated due to the economic potential of offshore resources, centrally fossil energy but also seabed mining, as well as the economic promises of coastal tourism.
The Indian Ocean, the Pacific Ocean, and the Atlantic Ocean rims became a mainstay of global world trade and raised the geostrategic importance. Marine resources such as coal, oil, and gas, as well as living resources have become critical elements in the world economy, and thereby the attacks on ships, vessels, and oil rigs have been on the rise in recent times. West Africa and South East Asian regions are becoming increasingly vulnerable to pirate attacks, drug smuggling and gun running. The Straits of Malacca, the world's busiest sea lane, where 80% of Japan's oil supplies and 60% of that of China's are shipped every year. Around USD 70 billion worth of oil passes through these straits each year along with straits of Hormuz and almost half the world's containerized stream of traffic passes through these choke points.
There were 125 pirate attacks reported in the straits of Malacca region in 2013, which has tripled from 2009. According to the U.S. Merchant Marine estimates, the global piracy costs shippers around $4.9 billion to $8.3 billion a year. In November 2008, a group of terrorists used sea lines of communication to enter on the shore and attacked the city of Mumbai. In 2009, United States navy guided missile destroyer USS Cole was attacked by terrorists. Due to the rise in maritime security concerns, the international security forums and organizations recommends increasing the maritime security details. Therefore the concept of maritime security evolved into the areas like surveillance of border coastlines and harbors, secure container data service standardization, autonomous maritime surveillance system, ports and coastal zones, underwater coastal sea surveillance, wide maritime area airborne surveillance, efficient integrated security checkpoints.
The rise in naval defense budgets of developed and developing nations to combat the seaborne threats, along with huge losses due to natural calamities because of the lack of advanced maritime technology, act as major drivers for the growth of this market. However, the increasing cost of maritime technological devices and systems, lack of awareness on the applications of technology, and the complex regulatory system of international maritime organizations and various other boards are the major restraints to this market.
The global maritime security market is segmented on the basis of type, end user and geography. Other segments like tracking, surveillance, and unmanned surface and underwater vehicles are likely to occupy a major share in the maritime security market.
Some of the key players mentioned in this report are:
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