The maritime security market size was USD 20.0 billion in 2021 and is projected to register a CAGR of 8.1%, to reach a market value of USD 37.2 billion by 2030. About 90% of global trade is carried by seaborne routes, which increases the importance of maritime security globally. Several maritime trade routes globally are susceptible to unlawful activities like piracy, smuggling, and terrorism. On the other hand, ports and critical infrastructure across the coastal regions have also been targeted by hostile forces over the years. In response to such incidents, governments are focusing on maritime security solutions to avoid such incidents in the future. In response, vendors are working to enhance maritime security solutions and services to safeguard shipping and transport enterprises from such illegal acts and threats.
With the global seaport numbers expected to expand by up to fourfold the next three decades and the existing ports requiring up-gradation to maintain current levels of operability due to the rising sea levels, most of the port development projects are expected to generate significant demand for security solutions in the years to come.
However, deploying maritime security solutions incur huge costs to the stakeholders in the market. With shipping companies and ports already operating on smaller profit margins, allocating vast financial resources into the security systems remains a challenge for the users.
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Global Maritime Security Market Definition
Maritime security is a general term for protecting vessels both internally and externally. The areas where ships and maritime operations need protection include piracy, robbery, illegal fishing, terrorism, illegal trafficking of goods and people, and pollution. The marine industry works hard to reduce malicious and unintentional threats to maritime security through supervision, inspection, and proactive procedures.
Global Maritime Security Market Dynamics
Drivers: Increasing Number of Seaports Globally
Port infrastructure has become critical to the global economy and has seen major expansion over the last few decades. The growth in cargo movements is expected to generate demand for increasing port capacity, requiring additional port area. Hence the global seaport numbers are expected to expand by up to fourfold in three decades. On the other hand, existing ports will need upgrading to maintain current levels of operability due to the rising sea levels.
Many Asian maritime nations took up large port construction and developmental programs to boost terminal facilities and attract container shipping lines. With the ports in the region becoming global hotspots for world trade, governments in Asia, especially from China, ASEAN, and the Indian subcontinent, are taking proactive steps in funding new ports and terminals for container trade and were going ahead rapidly building logistic hubs.
Restraints: High Cost of Maritime Security Systems and Weak Ocean Governance
One of the major challenges affecting the maritime security industry is the high costs. With shipping rates under extreme pressure, players in the industry are already operating under smaller profit margins. In 2004 the International Maritime Organization established the International Ship and Port Facility Security Code (ISPS Code), a mandatory set of security measures that aim to enhance the security of ships and port facilities. While these measures have effectively alleviated security threats, both in terms of terrorist attacks and sea piracy, the industry is concerned about the commercial and financial consequences entailed, such as delays in transportation, route deviations, and high implementation costs.
The implementation of these measures requires large investment in purchase, maintenance, and amortization of capital equipment both at ports and on board ships; this includes Gamma Ray, neutron scanning, X-Ray scanning, biometrics; employing armed guards with ballistic vests; using computer software to identify security vulnerabilities, sharing sensitive information at a global diplomatic level, carrying out extensive training and security drills, etc., which incur huge capital and maintenance costs. Hence the ports in several developing and economically backward countries that could not afford to spend huge amounts on such equipment are not complying with these regulations. This trend has been majorly observed in Africa and Latin American countries, although some ports in Asia are also found to have poor compliance levels.
Scope of the Global Maritime Security Market
The study categorizes the maritime security market based on technology and type at the regional and global levels.
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By Technology Outlook (Sales/Revenue, USD Billion, 2017-2030)
- Screening and Scanning
- Communications
- Surveillance and Tracking
- Detectors
- Other Technologies
By Type Outlook (Sales/Revenue, USD Billion, 2017-2030)
- Port and Critical Infrastructure Security
- Vessel Security
- Coastal Surveillance
By Region Outlook (Sales/Revenue, USD Billion, 2017-2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia New Zealand, Rest of Asia Pacific)
- The Middle East Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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The surveillance and tracking segment had the largest market share by technology
Based on technology, the global maritime security market is divided into screening and scanning, communications, surveillance and tracking, detectors, and other technologies. In 2021, the surveillance and tracking segment accounted for the largest market share of 35.0% in the global market of maritime security. The demand for surveillance and tracking systems witnessed significant growth in the past few years, owing to the increased need for security in ports, coastal areas, and tracking vessels to protect them from pirates, terrorists, or any hostile attacks. This technology can be leveraged to avoid collisions, which can control the maritime traffic at ports and channels of coastal and oil platforms defense using the latest advancements in tracking and security surveillance.
The demand for surveillance and tracking systems witnessed significant growth in the past few years, owing to the increased need for security in ports, coastal areas, and tracking vessels to protect them from pirates, terrorists, or any hostile attacks. This technology can be leveraged to avoid collisions, which can control the maritime traffic at ports and channels of coastal and oil platforms defense using the latest advancements in tracking and security surveillance.
Asia Pacific is projected to register the highest CAGR during the forecast period
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Based on the regions, the global maritime security market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 8.4% in the global maritime security market. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia-Pacific. The growth of the region is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
After the Asia Pacific, North America is the fastest-growing region with a CAGR of 8.3% during the projected period. In the US, the Federal, State, local, and private sectors have developed eight supporting plans to address the specific threats and challenges of the maritime environment. In June 2017, the International Maritime Organization (IMO), at its 98th session of Maritime Safety Committee (MSC) adopted resolution MSC 428 (98), which encourages national administrations to ensure that cyber risks are appropriately addressed in safety management systems (SMS) by the first annual verification of the company's Document of Compliance after January 2021. Hence, the US has mandated all US and foreign-flagged ships that call on ports in the United States ensure cyber risk management is addressed in their SMS, failing which the ship may be detained at the port.
Key Market Players
The maritime security market is mildly concentrated in nature with few numbers of global players operating in the market such as SAAB AB, Leonardo SpA, Elbit Systems Ltd., Thales Group, Airbus SE, BAE Systems PLC, Westminster Group PLC, Kongsberg Gruppen ASA, Terma AS, Smiths Group PLC, OSI Systems Inc., Nuctech Company Limited, and Leidos Holdings Inc.
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