Market Size (2016)
2016
$16.08B
Vertical: AnDBase Year: 20179 Sections
Market Size (2016)
2016
$16.08B
Projected (2024)
2024
$27.76B
CAGR (2016–2024)
7.1%
7.1%Key Players
109+
The global maritime security market is growing at a significant rate with an increase in naval budgets and rising emphasis on maritime security. The global maritime security market is expected to register a 7.08% CAGR during the forecast period of 2019 to 2024. In 2018, the market was led by North America with a 39.45% share, followed by Asia-Pacific and Europe with shares of 25.06% and 23.71%, respectively.
The global maritime security market has been segmented based on system, threats and vulnerabilities, application, and region. On the basis of system, the surveillance and tracking segment accounted for the largest share of 49.92% of the global maritime security market in 2018. On the basis of threats and vulnerabilities, the deep water security segment accounted for the larger market share of 63.59% in 2018.
1.1 Market Attractiveness Analysis
1.1.1 Global Marit ime Security Market , by System
1.1.2 Global Maritime Security Market, by Threats and Vulnerabilities
1.1.3 Global Maritime Security Market, by Application
1.1.4 Global Maritime Security Market, by Region
The Maritime Security Market market is projected to grow at a CAGR of 7.1% from 2016 to 2024.
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansMarket Size (USD Mn)
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View Subscription PlansMaritime security focuses on the safety of ports, vessels, and other shipping infrastructure from treason, sabotage, and terrorism. Maritime security involves the use of a single system or a combination of systems such as screening and scanning, communications, surveillance and tracking, access control, and detectors. The systems are used to prevent deep water threats and for perimeter protection.
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View Subscription Plans3.1 Research Process
Market Research Future analysis is based on interviews with industry experts who offer insight into the market structure, market segmentation, technology assessment, competitive landscape (CL), market penetration, as well as the emerging trends. Besides primary interviews (~80%) and secondary research (~20%), their analysis is based on years of professional expertise in their respective industries. Our analysts also predict where the market will be headed in the next five to 10 years, by analyzing historical trends and the current market position. Furthermore, the varying trends in segments and categories in each region are studied and estimated based on primary and secondary research.
3.2 Primary Research
Extensive primary research was conducted to gain a deeper insight into the market and industry performance. For this particular report, we have conducted primary surveys (interviews) with the key level executives (VPs, CEOs, marketing directors, and business development managers, among others) of the major players active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed in the next five to 10 years.
3.3 Secondary Research
Secondary research was mainly used to collect and identify information useful for an extensive, technical, market-oriented, and commercial study of the global Maritime Security market. It was also used to obtain key information about major players, market classification and segmentation according to industry trends, and developments related to the market and technology. For this study, analysts have gathered information from various credible sources such as annual reports, SEC filings, journals, white papers, corporate presentations, company websites, international organizations, and paid databases.
3.4 Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of the overall global Maritime Security market. The key players in the market were identified through secondary research, and their market contributions in different applications across the globe were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Market Research Future added before being presented in this report. The following figure shows an illustrative representation of the overall market size estimation process employed for the purpose of this study.
Base Year
2017
Historical Period
2016 – 2017
Forecast Period
2017 – 2024
Primary Interviews
150+
Historical data (2016–2017) and forecast period (2017–2024)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription Plans1.1.1 Threat of New Entrants
The potential for growth in the global maritime security market is high; however, factors such as the need of significant initial investments and difficulties in forming a client base deter the entry of new vendors in the market to a certain extent. Moreover, the market has well-established players with a wide geographic reach. It is difficult for new entrants to attain economies of scale, which the leading players already possess. Therefore, the new entrants present a very low threat to the major stakeholders in the market.
1.1.2 Bargaining Power of Suppliers
The suppliers in the market include providers of basic systems and components for manufacturing maritime security systems and solutions. The offerings they provide have to undergo stringent regulatory and review processes and should be suitable for rugged marine applications, which limits the number of key suppliers in the market. However, the suppliers have an edge over the buyers in terms of their product offering and pricing. Thus, the bargaining power of suppliers in the market is moderate.
1.1.3 Bargaining Power of Buyers
Buyers can be broadly categorized as commercial and defense end users. Although the number of buyers in the global maritime security market is high, they are mainly reliant on the successful and established companies that develop these systems. Moreover, the switching costs for buyers is high as these systems are long-term investments. The buyers dictate the specification and type of solution required, which makes their bargaining power moderate.
1.1.4 Threat of Substitutes
The marine security system has no direct alternative. However, certain market players offer real-time accessibility using big data analytics, which sets them apart from the rest. Thus, the threat of substitutes in the global maritime security market is deemed to be low.
1.1.5 Intensity of Rivalry
There is intense competition among the existing players in the market, with the vendors investing heavily in and using extensive research and development to develop high quality, advanced, and cost-effective systems. The global maritime security market has immense growth potential, resulting in private and public players vying for contracts and focused on increasing their footprint. Moreover, some companies aim at expanding their market presence by forming mid- to long-term alliances with end users. Thus, the intensity of rivalry in the market is high.
Market estimates by geography (2024)
InsightNorth America leads with $10.91B by 2024, while Asia Pacific is projected to grow fastest at a 8.2% CAGR.
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View Subscription Plans| REGION | 2016 | 2017 | 2024 | CAGR | SHARE |
|---|---|---|---|---|---|
| Middle East and Africa | $1.05B | $1.33B | $1.69B | 6.2% | 6% |
| North America | $6.35B | $8.32B | $10.91B | 7.0% | 39% |
| Asia Pacific | $3.73B | $5.11B | $7.02B | 8.2% | 25% |
| Europe | $4.45B | $5.71B | $7.33B | 6.4% | 26% |
| South America | $498.50M | $642.50M | $810.70M | 6.3% | 3% |
| Total | $16.08B | $21.11B | $27.76B | 7.1% | 100% |
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Analytical insights on Maritime Security Market covering market dynamics, competitive landscape, and strategic outlook.
The Maritime Security Market market is projected to reach $27.76B by 2024, growing at 7.1% CAGR.
The global maritime security market is expected to witness high growth over the next five years. Market growth is expected to be driven by the growing emphasis on maritime security and subsequent increase in naval budgets, surge in international seaborne trade, and increasing number of terrorist attacks. However, the growth of the market may be hindered by the high costs of maritime security systems and vulnerabilities of electronic navigation systems to cyberattacks.
The issue of piracy poses a significant threat to the global shipping industry. According to the International Maritime Bureau, in 2017, around 180 incidents of piracy and armed robbery against ships were reported, including six vessels that were hijacked. According to the International Maritime Bureau’s, Piracy Reporting Centre, worldwide, there were 201 incidents of maritime piracy and armed robbery in 2018, up from 180 in 2017, thus the effects on crew and their safety continue to be a cause of concern. There are various other issues faced by the maritime industry such as drug and arms trafficking, terrorism, and territorial disputes. In order to counter these concerns and ensure safety, countries around the world are focusing on enhancing maritime security. For instance, according to the US Department of the Navy, the US Navy is expected to receive funding as part of the two-year (FY2018 and FY2019) defense spending package passed by Congress. It is also likely to add 46 ships over the next five years. Furthermore, an increase in maritime tension between China and India has become increasingly apparent over the past few years and both the countries are strengthening their maritime security. The tensions with China have pushed countries in Asia-Pacific, including India and Japan, to boost military spending. The Indian Navy is aiming at a 200-ship fleet by 2027 to guard the interests and assets of the nation in surrounding waters. Hence, growing emphasis on maritime security and a subsequent increase in naval budgets worldwide are driving the growth of the global maritime security market.
The maritime industry has gained traction over the years. Maritime transport enables trade and contact between several countries, across the globe, and is considered a major asset for the import and export of goods in a number of countries. Particularly in European ports, more than 400 million passengers embark and disembark each year. With the rapid growth of the industry, it becomes crucial for maritime organizations and authorities to ensure high standards of safety. For example, organizations such as the Safety of Life at Sea (SOLAS), International Maritime Organization (IMO), and several regional associations have mandates in place to ensure the safety of the maritime industry. Thus, security breaches have the potential to do substantial harm to the safety and security of ports, ships, marine facilities, and other components of the maritime transportation system.
IMO has taken the initiative to raise awareness across the industry to tackle risks by encouraging maritime cyber risk management. The overall goal is to support safe and secure shipping, which is operationally resilient to cyber risks. Such safety standards at sea are expected to offer market players lucrative opportunities for growth.
Maritime security is carried out at various levels to trace possible threats during the transportation of goods. Maritime systems consist of systems such as ship security reporting system, automatic identification system, global maritime distress safety system (GMDSS), long-range tracking and identification (LRIT) system, automated manifest system (AMS), vessel monitoring system, automated mutual assistance vessel rescue system (AMVER), and vessel management system. These systems are used for various naval safety applications. The design and development of these systems are expensive and any modifications according to the requirement further increase costs. Moreover, the initial investments and installation costs of these systems are high. The implementation of advanced technology in security systems increases the overall cost of the systems. The protection of ships from cybersecurity attacks and other issues also incurs high costs. At present, the governments in various countries need to allot separate budgets for the security of their maritime transport networks.
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Profiles of 109 companies operating in the Maritime Security Market market, including revenue, employee count, and market positioning where available.
Showing 109 of 109 companies
Kongsberg Maritime AS
Company Headquarters: Kongsberg, Norway Founded: 1916 Workforce: ~6,900 Company Working: Kongsberg Maritime AS (Kongsberg Maritime) manufactures systems for positioning, surveying, and navigating offshore installations. As part of its marine navigation system, the company provides radars, chart plotters, display systems, navigation sensors, and gyrocompasses, among others. Kongsberg Maritime has production, research and development, and personalization and data centers in Norway, Australia, the US, Germany, Canada, France, Sweden, Brazil, and the UK.
Thales Group
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Raytheon Company
Company Headquarters: Waltham, Massachusetts, US Founded: 1922 Workforce: ~60,000 Company Working: Raytheon Company develops combined products, services, and solutions for defense and other government sectors worldwide. It operates through five segments, namely integrated defense systems (IDS), intelligence, information, and services (IIS), missile systems (MS), space and airborne systems (SAS), and force point. The IDS segment provides integrated airborne and missile systems; land and sea-based radar solutions; control, computers, communications, cyber, and intelligence solutions; and ship electronic systems. The IIS segment provides a number of technical and professional services, such as intelligence, surveillance, and reconnaissance, navigation, cybersecurity, analytics, training, logistics, mission support, and air traffic management systems. The SAS segment offers secure sensor solutions, intelligence, surveillance, and reconnaissance systems (ISRS), electronic warfare systems, space systems, and integrated communication systems. It assists the US Department of Defense (DOD), the US Intelligence Community, the US Armed Forces, National Oceanic and Atmospheric Administration, Federal Aviation Administration, Department of Homeland Security, National Aeronautics and Space Administration, and other international customers.
Northrop Grumman Corporation
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Lockheed Martin Corporation
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Harris Corporation
Company Headquarters: Florida, US Founded: 1926 Workforce: 17,500 Company Working: Harris Corporation (Harris), along with its subsidiaries, engages in the provision of advanced communications and information systems. The company delivers end-to-end solutions that meet customers’ needs for mission-critical applications. It serves government and commercial markets in more than 100 countries worldwide. Harris operates via three business segments electronic systems, space and intelligence systems, and communication systems. The communication system segment serves markets in tactical communications and defense equipment, including tactical ground and airborne radio communications solutions and night vision technology, and in public safety networks. The electronic systems segment provides electronic warfare, avionics and C4ISR solutions for defense and classified customers and mission-critical communication systems for civil and military aviation and other customers. The space and intelligence systems segment provide intelligence, space protection, geospatial, complete Earth observation, universe exploration, PNT, and environmental solutions for national security, defense, civil and commercial customers, using advanced sensors, antennas, and payloads, as well as ground processing and information analytics. Harris has a robust geographical footprint across North and South America, Europe, the Middle East, and Asia-Pacific.
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Maritime Security Market