What is Maritime Security Market?
Maritime security is an umbrella term - to classify issues within the maritime domain that are usually associated with national security, marine surroundings, economic development, and human security. This includes the world's oceans however also regional seas, territorial waters, rivers and ports. The theoretical conception of maritime security has evolved from a narrow perspective of national naval power projection towards a buzzword that includes several interconnected sub-fields. The definition of the term maritime security varies and while no internationally agreed definition exists, the term has usually been used to describe both existing, and new regional and international challenges to the maritime domain. The buzzword character enables international actors to discuss these new challenges without the requirement to define each potentially contested aspect of it.
The market study is being classified, by Application (Port and Shipyard, Vessel Security and Coastal Surveillance) and major geographies with country level break-up.
BAE Systems (United Kingdom), Elbit Systems Ltd (Israel), ESC Global Security (Estonia), Harris Corporation (United States), Honeywell International Inc. (United States), Kongsberg Maritime AS (Norway), Leonardo SpA (Italy), Lockheed Martin Corporation (United States), Northrop Grumman Corporation (United States), Raytheon Company (United States) and Saab AB (Sweden) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Signalis (France), Sonardyne (United Kingdom), TERMA (Denmark), Thales Group (France) and Westminster International Ltd (United Kingdom).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Maritime Security market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Maritime Security market by Type, Application and Region.
On the basis of geography, the market of Maritime Security has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increase in Number of Undocumented Immigrants
- Increasing Defense Budget
- Increasing Illegal Maritime Trade
Market Trend
- Adoption of New and Innovative Technology in Maritime Security
- Increasing Pirates Activity Across the World Fuels the Demand for Maritime Safety Solutions
Restraints
- Due to Covid-19 Pandemic, the Maritime Travelling Is Drastically Reduced
- Unregulated Marine Region
- Absence of Uniform Standards for Maritime Safety Technologies
Opportunities
- Increasing Investment in Port Infrastructure Will Increase the Demand for Maritime Security
- Technological Advancements in The Security Field Will Boost the Demand for Maritime Security
Challenges
- Initial Cost of Setting Up Maritime Security Is High
- Constant Recalibration Is Necessary for Maritime Security as Those Who Do Unlawful Activity Find Innovative Ways to Serve Their Purpose
Market Leaders and some development strategies
In February 2019 - Northrop Grumman Corporation partnered with U.S. Coast Guard (USCG) Offshore Patrol Cutter (OPC) to contribute to the OPC platform which has the integrated bridge, navigation, command and control, computing network, information distribution, machinery management, and propulsion management systems.
In May 2019 - Northrop Grumman Corporation launched a SeaFIND, a next-generation maritime inertial navigation system.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Government Regulatory and Research Organizations and End-Use Industries