Market Size of Maritime Security Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 27.67 Billion |
| Market Size (2029) | USD 39.39 Billion |
| CAGR (2024 - 2029) | 7.32 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Maritime Security Market Analysis
The Maritime Security Market size is estimated at USD 27.67 billion in 2024, and is expected to reach USD 39.39 billion by 2029, growing at a CAGR of 7.32% during the forecast period (2024-2029).
- According to UNCTAD, the global maritime trade contracted by 3.8% in 2020 due to the impact of the COVID-19 pandemic. However, it rebounded later in the year and was projected to increase by 4.3% in 2021. This is expected to support the growth of the revenues of the seaport operators, thereby driving investments into the maritime security sector. Also, as per the International Maritime Organization (IMO), more than 90% of global trade is carried through the sea network.
- This is accelerating the investments in large port construction and developmental programs by many Asian maritime countries. This is propelling the demand for screening, scanning, and surveillance systems in the coming years.
- Moreover, an increase in maritime trade and transportation activities has also been marred by the rising incidents of trafficking of prohibited substances, illegal immigration, and attacks on ports and coastal areas, thereby driving the demand for maritime security equipment.
- However, currently, not many port facilities are not equipped with the necessary cybersecurity systems to handle the attacks. Therefore, the port operators are investing in integrating new cybersecurity systems to strengthen their security measures further.
