Maritime Security Market Size
| 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.
Maritime Security Market Trends
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.
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.
Maritime Security Industry Overview
The maritime security market is semi-consolidated, with a handful of leading players supporting the market with various products like surveillance and scanning systems, command and control systems, and communication systems, among others. Some of the prominent players are THALES, BAE Systems plc, Smiths Group plc, Westminster Group Plc, and OSI Systems, Inc. The companies are investing in the research and development of new and advanced monitoring systems that will enhance the overall security at maritime borders. Also, as a part of their expansion strategies, companies are acquiring stakes in companies that will complement their existing solutions and enhance their footprint in the market.
For instance, in April 2021, Leonardo announced that it acquired a 30% stake in GEM Elettronica, a company involved in manufacturing small and medium-sized 3D radars, electro-optical sensors, and inertial systems for maritime, coastal, and airport surveillance. Such strategies of the companies are expected to help the players increase their sales profit and expand their business to new geographical locations.
Maritime Security Market Leaders
BAE Systems plc
OSI Systems, Inc.
Westminster Group plc
THALES
Smiths Group plc
*Disclaimer: Major Players sorted in no particular order
Maritime Security Market News
- December 2023: The Indian Navy commissioned the indigenously built stealth-guided missile destroyer INS Imphal at a ceremony in the naval dockyard in Mumbai. INS Imphal is a potent and versatile platform equipped with state-of-the-art weapons and sensors, including surface-to-air missiles, anti-ship missiles, and torpedoes.
- July 2023: The US Senate approved USD 844.3 billion for the US DoD, and announced the plans to manufacture and induct 10 new ships including three submarines, two destroyers, two frigates an oiler, a submarine tender, and an amphibious transport dock.
- January 2022: Elbit Systems Sweden agreed to supply combat management systems to the Royal Swedish Navy. It would enable underwater detection and surface tracks based on real-time data, live video streaming, and imagery data, thereby expanding the operational envelope, increasing flexibility, and enabling effective decision-making during MCM missions.
Maritime Security Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Technology Trends
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers/Consumers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 System
5.1.1 Screening and Scanning
5.1.2 Communications
5.1.3 Surveillance and Tracking
5.1.4 Other Systems
5.2 Type
5.2.1 Port and Critical Infrastructure Security
5.2.2 Vessel Security
5.2.3 Coastal Security
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 SAAB AB
6.1.2 THALES
6.1.3 Leonardo S.p.A
6.1.4 Elbit Systems Ltd.
6.1.5 Airbus SE
6.1.6 BAE Systems plc
6.1.7 Terma AS
6.1.8 Westminster Group PLC
6.1.9 Kongsberg Gruppen ASA
6.1.10 Smiths Group PLC
6.1.11 OSI Systems Inc.
6.1.12 Nuctech Company Limited
6.1.13 Leidos Holdings Inc.
6.2 Other Players
6.2.1 ATLAS ELEKTRONIK GmbH
6.2.2 ARES Security Corporation
6.2.3 Rolta India Limited
6.2.4 HGH Infrared
6.2.5 HALO Maritime Defense Systems
7. MARKET OPPORTUNITIES
Maritime Security Industry Segmentation
Maritime security is concerned with the protection of vessels, ports, and other infrastructure related to the shipping business from intentional damage through terrorism, sabotage, or subversion.
The market is segmented by systems into screening and scanning, communications, surveillance and tracking, and other systems. The other systems include command and control systems, gate or port access control systems, and cybersecurity systems. By type, the market will be segmented into port and critical infrastructure security, vessel security, and coastal security. The report also covers the market sizes and forecasts for the maritime security market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| System | |
| Screening and Scanning | |
| Communications | |
| Surveillance and Tracking | |
| Other Systems |
| Type | |
| Port and Critical Infrastructure Security | |
| Vessel Security | |
| Coastal Security |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Maritime Security Market Research FAQs
How big is the Maritime Security Market?
The Maritime Security Market size is expected to reach USD 27.67 billion in 2024 and grow at a CAGR of 7.32% to reach USD 39.39 billion by 2029.
What is the current Maritime Security Market size?
In 2024, the Maritime Security Market size is expected to reach USD 27.67 billion.
Who are the key players in Maritime Security Market?
BAE Systems plc, OSI Systems, Inc., Westminster Group plc, THALES and Smiths Group plc are the major companies operating in the Maritime Security Market.
Which is the fastest growing region in Maritime Security Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Maritime Security Market?
In 2024, the Asia-Pacific accounts for the largest market share in Maritime Security Market.
What years does this Maritime Security Market cover, and what was the market size in 2023?
In 2023, the Maritime Security Market size was estimated at USD 25.64 billion. The report covers the Maritime Security Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Maritime Security Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Maritime Security Industry Report
Statistics for the 2024 Maritime Security market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Maritime Security analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
