Market Trends of Maritime Security Industry
Surveillance and Tracking Currently Accounts for Largest Share by Revenue
- The surveillance and tracking segment currently dominates the market and is expected to continue its dominance over the market, owing to the increased demand for security in ports and coastal areas. The need for surveillance and tracking systems is expected to be high in regions like West Africa, Latin America, and the Caribbean, where the incidents of pirate attacks and robbery have increased over the past few years.
- On the other hand, while the countries in North America and Europe embrace emerging maritime surveillance technologies for enhanced security, the growing trade and increasing maritime tensions in Asia-Pacific have been the key driver for the procurement of surveillance systems.
- The ports deploy a wide variety of cameras, including fisheye, pan-tilt-zoom (PTZ) cameras, thermal cameras, etc. For wide short-range operations, such as monitoring cruise terminal areas, ports prefer wide-angle (90 degrees to 360 degrees) cameras to allow them a wide view of busy operation areas, whereas, for long-range surveillance, ports deploy thermal cameras to detect and monitor illegal fishing and poaching activities in the coastal areas and the exclusive economic zones. The forward looking infrared (FLIR) thermal imaging cameras combined with maritime video analytics software from gradient have been deemed successful in spotting illegal vessels on a 24/7 basis.
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The Asia- Pacific Region is Expected to Witness the Highest Growth During the Forecast Period
- The Asia-Pacific region is expected to witness the highest growth during the forecast period. This is primarily due to robust maritime trade in the region. To cater to the maritime trade in the region, investments are being made into the development of new ports and terminal expansions. With the robust need for security and surveillance systems, the ports are introducing new perimeter security systems for tracking unidentified goods and materials, automatic alarms in case of an unusual gathering of personnel, tracking alarms for camera tampering, etc.
- For instance, in June 2021, Garden Reach Shipbuilders and Engineers Ltd (GRSE), a leading shipyard and warship manufacturer in Kolkata, installed an artificial intelligence (AI)-enabled high-end CCTV network for surveillance at its five units in the city at the cost of USD 1.56 billion, to ward off any threat to its assets. Similar investments into maritime security are being made by port authorities in China, Japan, Australia, and Vietnam, among others, which is expected to propel the growth of the market during the forecast period.
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