Maritime Security Market Overview
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). The surveillance and tracking segment currently dominate the market and is expected to continue its dominance over the market owing to the increased demand for security in ports, illegal immigration, 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.
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Recent Developments in the Maritime Security Market
- In September 2021, the Coast Guard Administration (CGA) of Taiwan announced a new project for the replacement of 23 aging coastal radar stations in eastern and southern Taiwan and on the outlying Islands. The overhaul of radar systems is anticipated to enhance the monitoring capabilities of Taiwan’s coastal radars. The project is anticipated to begin in 2022 and run through 2024.
- In April 2021, Leidos was awarded a prime contract by the US Customs and Border Protection (CBP) to provide Multi-Energy Portal (MEP) systems. The systems will be installed at land and seaports for non-intrusive inspection (NII) of the commercial vehicles.
- 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 business's new geographic locations.
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Key Highlights of the Maritime Security Market
- 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 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. Currently, the port operators are currently investing in the integration of new cybersecurity systems to further strengthen their security measures.
- 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.
Maritime Security Market - Geographical Overview
The Asia- Pacific region is expected to witness the highest growth in the maritime security market
The growth 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.
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List of Key Players in the Maritime Security Market
- SAAB AB
- Thales Group
- Leonardo S.p.A.
- Elbit Systems Ltd.
- Airbus SE
- BAE Systems plc
- Terma A/S
- Westminster Group plc
- Kongsberg Gruppen ASA
- Smiths Group PLC
- OSI Systems, Inc.
- Nuctech Company Limited
- Leidos Holdings, Inc.
*List Not Exhaustive
Mordor Intelligence has segmented the global maritime security market on the basis of system, type, and geography:
- System Type (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- Screening and Scanning
- Surveillance and Tracking
- Other Systems
- Other Types
- Type (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- Port and Critical Infrastructure Security
- Vessel Security
- Coastal Security
- Geography (Market Size & Forecast based on Revenue (USD billion), 2018-2026)
- North America
- Latin America
- Middle-East and Africa
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