by The maritime security market deals with solutions and equipment that are deployed to secure shipping vessels and ports against criminal activities such as piracy, terrorism, trafficking, and other threats. Maritime security systems comprise security cameras, access control systems, intrusion detection systems, fire alarms and controls, and networking solutions that help monitor activities across vessels and shipping harbors. With increasing globalization and expansion of international trade networks, world seaborne trade volumes have grown significantly over the past few decades. Around 90% of global trade by volume is carried by sea. This growing dependence on maritime logistics has elevated risks, necessitating advanced security and surveillance.
The global Maritime Security Market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Over the forecast period, increasing investments by governments and port authorities worldwide in marine infrastructure will further propel the maritime security systems market. For instance, under its ‘Sagarmala’ project, the Government of India is investing US$ 25 billion between 2015-35 towards port modernization and new port development. Such initiatives are expected to boost demand for security solutions at ports. Moreover, growing focus on integrating newer and advanced technologies like artificial intelligence (AI), Internet of Things (IoT) and cloud computing solutions with existing security infrastructure will present lucrative opportunities for manufacturers. For example, AI-enabled sensors, drones and CCTV cameras installed at ports can automatically detect anomalies and alert authorities in real-time. This is expected to further augment the maritime security market growth over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the maritime security market is moderate. Significant capital investments are required for security equipment and systems, which poses a barrier. However, emerging technologies are enabling new players to enter.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have a variety of maritime security solution providers to select from. Buyers can negotiate on price and bundled offering.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of security equipment have some differentiation but are replaceable. Suppliers depend on a few buyers for bulk of business.
Threat of new substitutes: Threat of substitutes is moderate. While new technologies improve security, core requirements remain. Integration across platforms also limits rapid substitution.
Competitive rivalry: Competition is high amongst global players. Innovation, product differentiation and customer service give competitive edge. Collaboration is also prevalent to address complex security needs.
Key Takeaways
The Global Maritime Security Market Demand is expected to witness high growth. Advancements in technologies including drones, AI and robotics will drive new opportunities. The global Maritime Security Market is estimated to be valued at US$ 24961.1 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
North America currently dominates the market due to large defense budgets and rising importance of maritime trade routes. Growing investments in port infrastructure in China, India and Southeast Asia is boosting demand. Asia Pacific is projected to be the fastest growing regional market. This is attributed to increasing maritime trade and rising focus on securing sea lanes. China, India, Japan and South Korea are major consumers. Countries are collaborating to strengthen maritime domain awareness.
Key players: Key players operating in the maritime security market are C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. The market is fragmented with presence of global as well as regional solution providers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
