Maritime Security Is Estimated To Witness High Growth
Maritime security refers to measures adopted by government agencies and private organizations to protect ports, ships, and other maritime facilities and assets against threats. Increased maritime trade has heightened the need for security against threats like piracy, terrorism, and smuggling. Maritime security products include biometric systems, x-ray & screening systems, surveillance systems, and safety & security systems that help secure ports and vessels.
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 Opportunity:
One of the major opportunities driving the growth of the maritime security market is combating pirates and terrorists. Maritime piracy and terrorism continues to pose severe threats to global trade and energy supplies. As per reports, pirate attacks in the Gulf of Guinea off West Africa's coast have been rising rapidly in recent years. Terrorist groups are also increasingly targeting vessels, especially oil tankers. This has heightened security concerns. The implementation of advanced security systems can help curb such unlawful activities at sea by enhancing vessel protection, maritime domain awareness, and coastal surveillance. Technologies such as command and control systems, biometric access control, screening and scanning, GPS tracking, and anomaly detection solutions are playing a key role in thwarting piracy and terrorist threats, thereby boosting demand in the market.
Porter's Analysis:
Threat of new entrants: The maritime security market has moderate threat from new entrants due to high initial capital investment requirements for establishing advanced systems. However, the growth opportunities attract new players.
Bargaining power of buyers: The bargaining power of buyers in the maritime security market is high. Buyers can negotiate on pricing and switch between providers easily as there are multiple system providers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple component manufacturers. However, suppliers of critical components can influence prices.
Threat of new substitutes: There is low threat from substitutes as maritime security systems integrate various aspects like access control, video surveillance, and analytics that are not easily substitutable.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional players offering differentiated solutions.
SWOT Analysis:
Strengths: Growing maritime trade and emphasis on security are driving demand. Systems offer multi-layered protection through technologies.
Weaknesses: High installation and maintenance costs can restrain demand from small ports/vessels. Systems require expertise for effective implementation and management.
Opportunities: Digitization of ports and integration with other digital solutions provide growth opportunities. Governments promoting development of smart ports.
Threats: Cyber threats and vulnerabilities pose security challenges. Economic slowdowns can decline maritime trade and hamper market growth. Regulations different across regions.
Key Takeaways:
The Global Maritime Security Market Growth is expected to witness high supported by growing maritime trade and emphasis on protection of ports and vessels from internal and external threats. 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 Asia Pacific region is currently the fastest growing as well as the largest market for maritime security globally. Countries like China, India, Japan, and Singapore have major ports that handle a significant share of global maritime trade. These countries are Witnessing rising maritime threats and thereby focusing on port digitization and upgrading security infrastructure.
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 offer comprehensive solutions combining technologies such as radar systems, video surveillance, x-ray screening and RFID for access control and monitoring.
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