The global maritime security market, valued at US$22.4 billion in 2019, is expected to witness substantial growth, reaching over US$38 billion by the end of 2027, according to a report by Fairfield Market Research. The market is projected to register a CAGR of more than 7% during the forecast period from 2021 to 2027.
Key Insights from the Report:
- Digital Transformation: The maritime industry is increasingly embracing digital technology to improve efficiency, enhance sustainability, and streamline supply chain operations. Innovations in AI, blockchain, IoT, and automation technologies are transforming supply networks and marine management, presenting opportunities for growth in the maritime security market.
- Piracy Concerns: Rising concerns regarding piracy attacks on ships, particularly in the Gulf of Aden, the Indian Ocean, and West African maritime routes, are driving the demand for robust safety and security measures in the maritime sector, boosting the maritime security market.
Market Overview:
The maritime security market is poised for significant growth due to the increasing adoption of advanced technologies and the need for enhanced safety and security measures in the maritime industry.
Driving Factors:
- Digitalization: The marine industry is leveraging digitalization to optimize supply chain operations, reduce costs, and meet environmental regulations. Innovative technologies, such as design and simulation tools, warehouse management, and transportation solutions, are streamlining logistics networks, driving the demand for maritime security solutions.
- Piracy Threats: Pirate attacks on ships have been on the rise in recent years. To mitigate piracy risks, the maritime sector is investing in security solutions, contributing to the growth of the maritime security market.
Challenges:
- Environmental Regulations: Stricter environmental regulations are influencing maritime transportation, necessitating sustainable and secure operations. Meeting these regulations poses challenges and drives the demand for comprehensive maritime security solutions.
Key Market Segments:
- Geographical Presence: North America, Europe, Latin America, the Middle East & Africa, and Asia Pacific are witnessing varying levels of adoption of maritime security solutions, with North America and Europe leading in the integration of these solutions.
Key Players:
Key players in the global maritime security market include Honeywell, Thales Group, Smiths Group, Elbit Systems, Northrop Grumman, Raytheon Anschut, Saab Group, BAE Systems, Airbus, and Rolta, among others.
Browse Global Maritime Security Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2027 [2023 UPDATE Available – Forecast 2023-2030*] (By Components, By Security Type, By System, By Application, By End User, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/maritime-security-market
Similar Reports:
Managed Security Services Market: https://www.fairfieldmarketresearch.com/report/managed-security-services-market
Public Safety and Security Market: https://www.fairfieldmarketresearch.com/report/public-safety-security-market
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: [email protected]
This press release first seen on Brilad
COMTEX_440951303/2840/2023-09-26T03:00:33
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.