Maritime Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The maritime security market was valued at USD 19. 1 billion in 2020 and is expected to reach USD 27. 56 billion by 2026, by witnessing a CAGR of about 8. 1% during the forecast period (2021-2026).

New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Maritime Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06177322/?utm_source=GNW

Due to the impact of the COVID-19 pandemic, the demand for international sea trade decreased significantly in 2020 compared to the previous year. However, to increase operational efficiency, reduce environmental impacts and enhance the security of the facilities, the ports operators are investing in technologies like artificial intelligence, big data, the internet of things and blockchain.

According to the International Maritime Organization (IMO), more than 90% of global trade is carried through the sea network. This is accelerating the investments in large port construction and developmental programs by many Asian maritime nations as well as North America and European regions investing in the improvement of their port infrastructure to handle higher shipping volumes. This is propelling the demand for screening, scanning and surveillance systems in the coming years.

Also, due to the growing maritime trade and transportation, activities, such as trafficking prohibited substances, illegal immigration, and attacks on ports and coastal areas are increasing, which is driving the demand for maritime security globally.

The current growing trend of increasing smart technologies like artificial intelligence, and cloud-based technologies in the ports, increases the venerability of smart ports toward cyber-attacks. However, currently not many port facilities are not equipped with necessary cybersecurity systems to handle the attacks. Therefore, currently, the port operators are currently investing into integration new cybersecurity systems to further strengthen their security measures.

Key Market Trends

Surveillance and Tracking Currently Accounts to Largest Share

The surveillance and tracking segment currently dominates the market and is expected to continue its dominance over the market owing to the increased demand for security in ports, coastal areas and to track vessels, to protect them from pirates, terrorists, or any hostile attacks. The need for surveillance and tracking systems is expected to be high in regions, like West Africa, Latin America, and the Caribbean, where the incidents of pirate attacks and robbery have increased over the past few years. On the other hand, while the countries in North America and Europe are embracing emerging maritime surveillance technologies for enhanced security, the growing trade and increasing maritime tensions in Asia-Pacific has been the key driver for the procurement of surveillance systems. The ports deploy a wide variety of cameras including fisheye, pan-tilt-zoom (PTZ) cameras, thermal cameras, etc. For wide short-range operations, such as monitoring cruise terminal areas, ports prefer wide-angle (90 degrees to 360 degrees) cameras to allow them a wide view of busy operation areas, whereas, for long-range surveillance, ports deploy thermal cameras to detect and monitor illegal fishing and poaching activities along with the coastal areas and in the exclusive economic zones. For instance, in July 2020, authorities of the Spanish Galician coast used FLIR PT-Series cameras in a pilot surveillance project to detect and monitor illegal fishing and poaching activities along the Spanish Galician coast. The FLIR thermal imaging cameras combined with maritime video analytics software from gradient have been deemed successful in spotting illegal vessels on a 24/7 basis and at a long-range under the project. The need in surveillance and tracking systems is accelerating the growth of segment in the coming years.

The Asia- Pacific region is Expected to Witness Highest Growth

The Asia-Pacific region is expected to witness the highest growth during the forecast period. This is primarily due to robust maritime trade in the region. According to UNCTAD Review of Maritime Transport 2020, approximately 76% of all maritime trade loaded and unloaded in developing regions is accounted from the Asia region. To cater to the maritime trade in the region, investments are being made into the development of new ports as well as terminal expansions. With the robust need for security and surveillance systems, the ports are introducing new perimeter security systems for tracking unidentified goods and materials, automatic alarm in case of an unusual gathering of personnel, tracking alarm of camera tampering, etc. For instance, in June 2021, Garden Reach Shipbuilders and Engineers Ltd (GRSE), a leading shipyard and warship manufacturer in Kolkata, installed an artificial intelligence (AI)-enabled high-end CCTV network for surveillance at its five units in the city at a cost of INR 1.29 billion, to ward off any threat to its assets. Similar investments into maritime security are being made by port authorities in China, Japan, Australia and Vietnam, among others is expected to propel the growth of the market during the forecast period.

Competitive Landscape

The maritime security market is highly fragmented with many players supporting the market with various products like surveillance and scanning systems, command and control systems and communication systems, among others. Some of the prominent players are Thales Group, BAE Systems plc, Smiths Group PLC, Westminster Group plc and OSI Systems, Inc. The companies are investing in the research and development of new and advanced monitoring systems that will enhance the overall security at the maritime borders. Also, as a part of the expansion strategy, the company acquiring stakes in companies that will complement their existing solutions and enhance their footprint in the market. For instance, in April 2021, Leonardo announced that it acquired a 30% stake in GEM Elettronica, a company involved in the manufacturing of small and medium-sized 3D radars, electro-optical sensors, and inertial systems for navigation, maritime, coastal and airport surveillance. Such strategies of the companies are expected to help the players increase their sales profit as well as expand their businesses new geographic locations.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06177322/?utm_source=GNW

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