SecurityWorldMarket

27/08/2015

Increased ME trade fuels maritime security market

Maharashtra, India

The maritime security market is estimated to grow from USD 15.32 Billion in 2015 to USD 22.26 Billion by 2020. This represents a compound annual growth rate (CAGR) of 7.7% from 2015 to 2020, and is according to the latest report from Marketsandmarkets.

The maritime security market report provides forecasts and analysis for the period of 2015 to 2020, and also includes market dynamics, such as drivers, restraints, challenges, and opportunities in the maritime security market. Major drivers of the maritime security market are identified as awareness of maritime security, regulations and standards, and international trade by sea. Restraints that hinder the growth of this area of security are ungoverned marine regions, non-uniform standards, and transnational organised crime. The challenges faced by this market include piracy and maritime terrorism.

The surveillance and tracking systems segment has the largest market share in the global maritime security market. The services segment includes training, risk assessment and investigation, maintenance and support, consulting, and others. The categories are segmented into groups including port and critical infrastructure security, vessel security, and coastal surveillance. On the basis of regions, the maritime security market has been segmented into North America (NA), Asia-Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA).

The key players of the global maritime security market are identified by Marketsandmarkets as BAE Systems plc, Elbit Systems Ltd., Kongsberg Gruppen, Raytheon Anschutz GmbH, Harris Corporation, Honeywell International Inc., Northrop Grumman Corporation, and many others. The key players provide integrated solutions and offer better competitive services. The companies in this industry must take advantage of the market drivers such as growing awareness of maritime security and increased international trade by sea in the new markets of Middle East & Africa (MEA) as well as Asia-Pacific (APAC)

The vessel security segment continues to be the largest contributor for maritime security. In terms of regions, NA is expected to be the largest market in terms of revenue contribution in 2015, whereas APAC is expected to experience increased market traction in coming years.


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