Various instances of terror attacks increasing the need for maritime security

This report covers the present scenario and the growth prospects of the Global Maritime Security market for the period 2014-2018.

The recent spike in pirate activity on major shipping routes has made it necessary for the maritime security market to extensively exploit weaknesses to counter threats. The costs associated with the efforts to mitigate such threats reduce the competitiveness of those affected along with the port, making counter-terror security an essential part of their operations. The security controls both the waterside and landside access of ports. Despite its importance, discrepancies in jurisdictional authority, lack of funds and equipment problems are restraining the attempts made by these countries towards these issues. The maritime security needs international participation of governments and the global commercial maritime industry.

This report, Global Maritime Security Market 2014-2018, highlights the present scenario and the growth prospects of the Global Maritime Security market for the period 2014-2018. The report considers the annual revenue generated from sales of maritime security products such as access control and biometrics, surveillance and tracking, detectors, SCADA, GIS, and communications.

Market overview

The factors that are driving the growth of the market are awareness of maritime security threats, regulations and standards and the increased international trade by sea. Furthermore, globalization has played an important role. The maritime security issues have been one of the major factors that have deterred international trade in many areas.

Key players like Raytheon, Kongsberg, Thales Group, and Northrop Grumman Corporation are expected to provide integrated solutions that would offer better competitive services. The companies in the maritime security industry must also be aware of the new emerging markets such as the Middle East and Africa and Asia Pacific region. The surveillance and tracking systems and solutions, including the smart container systems integrated with scanning and screening systems, are some of the segments that would see the highest growth rate in the market.

Growing awareness is expected to help the maritime security industry grow from USD 12.55 billion in 2013 to USD 19.48 billion in 2018 at a CAGR of 9.2%. Of all the segments in the industry, the vessel security segment would continue to be the largest contributor to maritime security. In terms of region, North America is expected to have the biggest market share in terms of revenue contribution in 2013, whereas APAC is expected to increase market traction in the upcoming years.

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