The maritime security market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The maritime security market includes products and solutions for monitoring vessels and cargo, ensuring port security, combating piracy and providing naval intelligence. Key products are access control systems, radar systems, video surveillance systems, screening and scanning equipment and biomarker identification. These are used by national coast guards, navies and commercial organizations like port authorities to enhance coastal surveillance and protect critical infrastructure.

Market Dynamics:
One of the key drivers for growth of maritime security market is the rising incidences of piracy and terrorism at sea. As per International Maritime Bureau, 179 piracy incidents were recorded globally in 2022, representing a rise of over 20% from previous year. This has prompted governments worldwide to strengthen maritime domain awareness and response capabilities. Secondly, increasing maritime trade volumes have led ports and shipping companies to invest more in cargo screening, access control and infrastructure monitoring systems. This ensures smooth operations and prevents security breaches and smuggling. Technological advancements in sensors, command and control platforms have further enhanced situational awareness. Integration of big data analytics and artificial intelligence also aids in tackling newer threats.

SWOT Analysis
Strength: The global maritime security market has strong growth opportunities owing to rising security threats at sea. Several governments are increasing their defense budget for maritime security. Many leading players are offering advanced technologies such as unmanned systems, big data analytics and cyber security solutions in this market.

Weakness: High initial investment requirement for procurement of maritime security systems can negatively impact small players and law enforcement agencies of developing nations. Lack of trained personnel is another challenge for effective utilization of advanced maritime security systems.

Opportunity: Growing emphasis on surveillance and domain awareness at sea is fueling the adoption of long range identification and tracking systems as well as unmanned maritime systems. Increasing sea trade and economic activities will augment the need for securing ports and vessels.

Threats: Budget cuts during recessionary period can delay the modernization of maritime security infrastructure. Geopolitical tensions may disrupt global supply chains and international trade routes posing threats to maritime security.

Key Takeaways
The Global Maritime Security Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investments by governments as well as private sector to secure trade routes and enforce regulations. Major economies like US, China, Japan and UK are strengthening their maritime security capabilities due to rising piracy and terrorism threats. According to a recent report, the global market was valued at US$ 24961.1 Mn in 2023 and is projected to reach more than US$ 55000 Mn by 2030.

North America dominates the global maritime security market owing to large defense spending and presence of leading market players like Leidos, OSI Systems and Smiths Group in the region. The Asia Pacific market is anticipated to grow at fastest pace during the forecast period owing to rising maritime activities in countries like China, India and Japan. Governments in the region are increasingly focusing on securing ports, coastlines and offshore assets due to ongoing territorial disputes.

Key players operating in the maritime security market are Leidos Holdings Inc., SAAB AB, Nuctech Company Limited, Thales Group, OSI Systems Inc., Leonardo SpA, Smiths Group PLC, Elbit Systems Ltd., Kongsberg Gruppen ASA, Airbus SE, Westminster Group PLC, BAE Systems PLC, and Terma AS. Major players are investing in development of advanced technologies such as big data analytics, UAVs, vessel traffic services and electronic surveillance systems

For More Insights, Read: https://www.trendingwebwire.com/maritime-security-market-trends-growth-and-regional-outlook-2023-2030/