The maritime security market deals with ensuring safety and protection of ports, vessels, cargo and personnel at sea from terrorism, piracy and other criminal activities. Key products in this market includes access control & surveillance systems, personnel tracking systems, emergency systems, video surveillance systems and audio-visual surveillance systems. Maritime security solutions help detect and deter security threats through real-time monitoring and situational awareness. They play a crucial role in facilitating secure and efficient movement of goods through sea routes.
The global maritime security market is estimated to be valued at US$ 24,961.1 million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Increasing digitalization of maritime operations is expected to drive growth of the maritime security market over the forecast period. Growing connectivity through satellite communications and integration of advanced technologies like internet of things and artificial intelligence in ships and ports is generating huge amounts of data. This data when analyzed using analytics and business intelligence tools can help detect anomalies and threats proactively. Digitalization is also enabling remote monitoring of vessels and cargo using technologies like drone surveillance. This is improving situational awareness for maritime security agencies.
Another key driver for the market is growing investments by governments and private players to enhance coastal surveillance and anti-piracy measures. Several countries are deploying sophisticated sensor networks, radar systems and unmanned systems along their coastlines to strengthen maritime border protection and monitor infringements. For example, countries like Japan, Australia and India have significantly scaled up their investments in procuring advanced maritime patrol aircraft, offshore patrol vessels and other security assets in recent years in response to ongoing security threats.
The global Maritime Security market is segmented on the basis of technology, equipment and services. Based on technology, the Maritime Security market is segmented into screening and scanning, access control, detectors, software systems, command and control and surveillance and tracking. The screening and scanning segment is dominating currently due to increasing security threats across ports and waterways which require strict screening of cargo and vehicles entering water terminals.
Political: The global maritime security market is highly driven by geopolitical factors and security regulations across various countries. Countries are continuously increasing their maritime security budgets to tackle issues like piracy, terrorism and illegal immigration.
Economic: Growth in global seaborne trade volume is positively impacting the market. The economic prosperity of coastal regions and countries also boosts investments in maritime security.
Social: Rising security concerns due to issues like piracy, smuggling and human trafficking are influencing governments and end-users to adopt better maritime security solutions. This is a key social driver for the market.
Technological: Advancements in technologies like RFID, biometrics, terahertz imaging and sensors are enhancing the capabilities of various maritime security equipment. Use of big data analytics and artificial intelligence is also gaining traction in this market.
The Global Maritime Security Market Growth is expected to witness high supported by increasing maritime trade and growing investments by governments and port authorities in advanced security systems. The global maritime security market is estimated to be valued at US$ 24,961.1 million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Regionally, Asia Pacific captures a major share of the market currently due to rising maritime infrastructure development and growing seaborne trade volumes in countries like China, India and Japan. Countries in this region are aggressively focusing on upgrading their maritime domain awareness through surveillance technologies.
Key players operating in the Maritime Security are C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. The key players are focusing on developing innovative security solutions leveraging technologies like RFID, biometric scanning, data analytics and marine robotics to enhance overall domain awareness and security. For example, C L Pharm has developed advanced biometric access systems for ports and terminals.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it