Global Maritime Security Market: Snapshot
Maritime security involves measures to combat intended damage to ships, ports, and sophisticated infrastructure meant to support marine trade, marine defense, and marine life. It involves utilization of advanced technologies to detect danger and raise alerts well in advance. Inspection is one of the primary activities that maritime security personnel is engaged in and at times also involved in forced boarding of vessels. These actions are termed as visit, board, search, and seizure.
Maritime security is one of the key tasks of modern naval forces across the world. For instance, the U.S. Coast Guard is chiefly involved in marine security post the series of catastrophic events of 1917.The task force is engaged in combating sea-based terrorism and other unlawful activities such as piracy, hijacking, and human trafficking. Ships engaged in maritime security are also involved in assisting seafaring vessels in distress.
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The International Maritime Organization (IMO) is the regulatory body that provides assistance and guidance to member governments to provide safety of life on the sea and for conserving marine ecological balance. Since its inception in 1959, the IMO has endorsed several conventions to address security challenges related to devastating terrorist activities across the world. Of the several pursuits of the IMO, the organization is seriously engaged in enhancing travel and transport by sea as safe as possible. The International Convention for the Safety of Life at Sea (SOLAS), 1974 is regarded as the most important international treaties for the safety and security of merchant ships. The convention has been amended several times thereafter with the inclusion of tacit adoption agreement.
Global Maritime Security Market: Overview
Maritime security is aimed at providing protection to ports, vessels, and the sophisticated infrastructure related to the shipping business against intentional damage through sabotage, subversion, or terrorism. It provides advanced technologies to help detect potential hazards and communicate the same to the concerned officials in no time. It also offers solutions to help combat the potential threats such as transactional crimes, environmental hazards, illegal seaborne immigration, piracy threats, and terrorist attacks. These threats would not only disrupt international trade but can trigger political unrest, which renders maritime security highly imperative for the maritime industry.
Spurred by the aforementioned factors, the global maritime security market is poised to exhibit growth at an impressive pace. Contrary to these, the volatile nature of the international sea trades and recent economic downturns could pose threat to the market. Nevertheless, with leading market players gearing to offer integrated and smart security solutions, the market will have significant opportunities to gain from over the course of the forecast period.
The report provides a comprehensive overview of the global maritime security market covering the factors encouraging its expansion and those restraining its growth. It also studies the market’s trajectory across various segments. Chapters dedicated to study the vendor landscape profiles some of the most prominent brands providing maritime solutions. The key strategies adopted by these companies and their impact on market operations are studied in detail. The report also gauges the effect of Porter’s five forces on the overall market operations.
Global Maritime Security Market: Drivers and Restraints
The increasing threat to maritime security and the rising awareness regarding the same are the chief drivers of the global maritime security market. With regulations in favor of deploying advanced security standards, coupled with the proliferation of international sea trade, the market is most likely to witness lucrative opportunities for the growth. While economic downturn and ungoverned marine localities pose a threat for the market, potential technological advancements and the innovation of integrated solutions hold promise for the market’s growth in the forecast period.
Various countries have specific standards and rules in place to regulate maritime security solutions and systems. These regulations play a crucial role in designing and integrating security systems. Furthermore, several nations around the world have their own rules and policies, adhering to which is mandatory to coordinate and maintain hindrance-free international trades. Such regulations have proven favorable in aiding the growth of the maritime security market in the respective nations. Furthermore, the market is expected to gain from the rising adoption of smart containers.
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Global Maritime Security Market: Regional Outlook
Regionally, North America held the largest share in the global maritime security market, trailed by Asia Pacific. Due to the increasing incidence of security breaches, governments are implementing stringent policies to ensure improved maritime security. Given the scenario, the market is expected to witness rising opportunities in Brazil, Russia, China, and India (BRIC). As per TMR, Asia Pacific is likely to exhibit lucrative opportunities for the global maritime security market.
Global Maritime Security Market: Vendor Landscape
Some of the most prominent companies operating in the global maritime security market are Harris Corp., Bae Systems Inc., Northrop Grumman Corporation, Elbit Systems Ltd., Honeywell International, Inc., Kongsberg Gruppen, The Raytheon Company, Genetec, Thales Group, Hikvision Digital Technology, Tyco International Ltd, and others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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