Market Size of Maritime Security Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 0.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Maritime Security Market Analysis
- In response to criminality and violence in the maritime sector, the shipping industry has increasingly relied on several models of maritime security to protect vessels and seafarers. This trend has resulted in a proliferation of weapons at sea, and various types of security measures, operating aboard seafaring ships.
- Maritime terrorism, drug trafficking, gun-running, piracy, and other non-traditional seaborne attacks, increased exponentially in the past decade and threatens many nations today. This state has given rise to a shift towards asymmetric forces, from the use of conventional force-structured defense forces. Maritime security is critical to national, as well as human, safety, and it is also linked to economic development, since it affects sea trade.
- Emerging economies in East Asia are acquiring more purchasing power and a need to secure increasing energy needs. As geopolitical control changed from the Atlantic to the Pacific, policy-makers in the EU sought to pay closer attention to the vast maritime region that lies in between the Indian Ocean. All significant sea-powers rely on the so-called Great Connector, that stretches from the Cape of Good Hope to the Strait of Malacca.
- According to the UNCTAD forecasts, in the Review of Maritime Transport, published in 2018, world seaborne trade increased in 2017, reaching 10.7 billion tons, reflecting an additional 110 million tons. This is expected to grow further in the current fiscal year.
- Further, there have been reports of links between cyberattacks and physical piracy, in which pirates have reportedly identified ships that carry valuable cargo and minimal onboard security, by infiltrating the systems of shipping companies. This has led to the emergence of developing a sound security system, with services such as a private communication channels, etc.
- The use of drones as surveillance support system is expected to gain a foothold in maritime security, and it can enhance the security with the exposure of threats during nighttime and testing weather conditions.
