Maritime Security Systems Market Size Expected To Acquire USD 38.9 billion By 2030 At 7.10% Compound Annual Growth Rate
The latest market report published by Credence Research, Inc. “Global Maritime Security Systems Market: Growth, Prospects, and Competitive Analysis, 2016–2030”. The global maritime security systems market generated revenue of around USD 24.1 billion in 2022 and is anticipated to grow a CAGR of over 7.10% during the forecast period from 2018 to 2030 to reach around USD 38.9 billion in 2030.
The market is being driven by increased trade and freight transit and improved maritime safety awareness. In addition, the industry is growing due to increasing security concerns, a dramatic increase in international marine trade, and maritime trade regulations. The development of several rules and regulations for better regulating and integrating maritime security systems has also raised the market share for marine security systems. Technical developments and the successful integration of new technologies, such as smart containers with GPS tracking capabilities, may also result in significant growth for the marine security systems market. However, some of the significant market restraints are expensive integration and maintenance costs, an increase in cyber warfare combined with maritime terrorism, the use of illegal weapons, drug trafficking, piracy, and other non-traditional seaborne attacks.
The global maritime security systems market is bifurcated into system, type and geography. Based on the system, the maritime security systems market is categorized into screening and scanning, communications, surveillance and tracking and other systems. The global maritime security systems market is segmented based on type: port and critical infrastructure security, vessel security and coastal security. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2022, North America was expected to occupy the largest maritime security systems market share in revenue and sales. The region’s substantial port infrastructure and increasing levels of import and export activity, in turn, have raised the demand for maritime safety solutions to strengthen local security. The region also makes a sizable sum of money from marine time safety solutions suppliers because of the extensive maritime transit and freight activities in developed countries like the United States and Canada. This region’s shipping and transportation industries highly desire modern maritime safety strategies developed through R&D in marine technology.
The maritime security systems market is currently being driven by a number of key trends. Firstly, the increasing awareness of the need for maritime security is leading to greater investment in this area. Secondly, the development of new and innovative security technologies is providing more effective solutions for protecting ships and their crews. Thirdly, the increasing number of piracy incidents is also prompting shipowners to invest in better security systems. fourthly, The implementation of international maritime safety and security regulations is another key driver of the market.
Why to Buy This Report-
· The report provides a qualitative and quantitative analysis of the global maritime security systems by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018–2021, base year- 2022, and forecast period 2023–2030.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global maritime security systems segmentation based on system, type and regional integration.
· The global maritime security systems report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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