Report: Maritime Security Market to Grow by $5 Billion in 5 Years
Maritime security is critical in the protection of a nation’s security. It is important to defend against increasing maritime threats such as terrorist threats, environmental destruction, illegal seaborne immigration, and transnational criminal and piracy threats.
The crime against ships is one of the biggest concerns for maritime security professionals and sailors operating in high-risk areas. Pirates and terrorists use advanced technology which can cause serious damage to the ships, as well as a nation’s security. The solutions and services are evolving significantly to help safeguard the maritime transport system and offshore facilities from terrorism and unlawful interference. Maritime security provides advanced technology which is used for detection of hazards and also communication technologies to notify officials and services to combat the potential threats. The shocking rise in the number of piracy incidents which is inclusive of hijacking is fueling a burgeoning maritime security industry.
Various rules and standards have been set up, so that the maritime systems and solutions are regulated. Many countries have their own rules and compliances which must be followed. The flag state of a commercial vessel is the state under whose laws the vessel is registered or licensed, which is also necessary during international trade. These regulations play an important role in the design and integration of security systems as well as maintain coordination for international trade. The advancement in technology has helped to develop state-of-the-art systems for maritime security.
This market research report analyzes global adoption trends, future growth potential, key drivers, restraints, opportunities, and best practices in this market. The report also analyzes market sizes and revenue forecasts across different geographies as well as industry verticals. North America (NA) is expected to have the largest market share in the year 2013, which is succeeded by Europe. In 2013, the highest market share is accounted by surveillance and tracking technologies such as underwater surveillance, video surveillance, Automatic Identification System (AIS), Long-Range Identification and Tracking (LRIT), radar, optronics, and thermal imaging. Furthermore, in 2018, it is expected that the market share of smart container technology will have a higher market share in the coming 5 years.
The Asia Pacific (APAC) is expected to have the largest market share, which will be succeeded by North America (NA), in 2018. Due to increase in the laws and regulations, and also the increasing instances of maritime threats, an increasing trend in implementation of maritime security solutions in the emerging Brazil, Russia, China, and India (BRIC) countries has been noted.
It is forecast that the global maritime security market to grow from $12.55 billion in 2013 to $19.48 billion in 2018, at a Compound Annual Growth Rate (CAGR) of 9.2% from 2013 to 2018.
It is expected that vessel security will continue to account for the largest market share throughout the forecast period. However, the port and critical infrastructure security will witness significant growth in this period.
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