by Maritime Security solutions help maintain law and order in coastal areas and ensure safety of life and cargo at sea. Security systems such as access control systems, intrusion detection systems, video surveillance systems, tracking systems, etc. aid in monitoring maritime territories and facilities.
The global Maritime Security Market is estimated to be valued at US$ 24961.1 Mn 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.
Market key trends:
Stringent maritime security regulations across regions are driving the adoption of advanced maritime security solutions. Government agencies are developing new regulations and policies to enhance coastal surveillance and protect maritime borders. For instance, the International Maritime Organization (IMO) introduced the International Ship and Port Facility Security or ISPS Code to detect security threats and take preventive measures against security incidents affecting ships or port facilities used in international trade. Growing instances of piracy, terrorism, illegal immigration and trafficking have also increased the need for robust maritime security systems. Advanced maritime solutions assisted with technologies like AI, IoT and analytics are helping countries proactively monitor coastal activities and border areas more efficiently.
SWOT Analysis
Strength: The maritime security market offers various advantages such as improved connectivity between ships and ability to monitor waters. This enhances safety and protection.
Weakness: High initial investment and maintenance costs associated with maritime security systems pose major challenges especially for smaller port authorities and shipping companies.
Opportunity: Growing seaborne trade and increasing instances of piracy and security threats at sea present significant growth opportunities. Technological advancements in autonomous shipping also create new avenues.
Threats: Economic slowdowns impacting global trade could decrease demand. Stringent regulations regarding data privacy and security also pose threats.
Key Takeaways
The Global Maritime Security Market Size is expected to witness high growth over the forecast period from 2023 to 2030. The global Maritime Security Market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Regional analysis:
The North America region currently dominates the market and is expected to maintain its dominance over the forecast period. This can be attributed to large coastal borders and trade activity in countries like the US. The Asia Pacific region is projected to witness fastest growth owing to increasing military spending on coastal surveillance and marine security by countries such as India and China in the region.
Key players:
Key players operating in the maritime security market are C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. These players are focusing on new technological advancements and geographical expansion to meet the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
