A recent report published by Infinium Global Research on the maritime security market provides an in-depth analysis of segments and sub-segments in the global as well as regional maritime security market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional maritime security market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global maritime security market. According to the report, the global maritime security market is projected to grow at a CAGR of 7.27% over the forecast period of 2019-2025.
Globalization opened up new opportunities for the nations and companies to trade extensively. Today, international trade has become a common thing. With the increase of global trade, there is an increase in demand for security of national borders. Seaways had been an important mode of transport since ancient age. Maritime security has found immense importance in border protection and watercraft security. The maritime security market is highly competitive and consolidated in nature. Only a few numbers of market players hold a significant share of the market. The key players in the market including Saab AB, BAE Systems Plc, Thales Group, Honeywell International Inc., Raytheon Anschütz GmbH, Northrop Grumman Corporation are focusing on developing innovative products and services that can accurately track and detect the movement in the ocean.
The rise in the number of sea-borne threats is the major driving factor for the growth of the maritime security market. The growing number of pirates, terrorists and other hostile attacks on ports and ships have increased the concerns regarding safety and protection, which in turn augment the demand for maritime security. Moreover, the increase in global trade and traveling by seaways is anticipated to boost the growth of the maritime security market. Furthermore, the regulatory standards & guidelines compliances for maritime trade has expanded the demand for maritime security. The regulatory norms for maritime trade imply to have maritime security equipment on board and on ports. However, a significant number of ungoverned marine regions are expected to hamper the growth of the maritime security market. Nevertheless, the development of integrated security solutions has posed lucrative business opportunities for the players in the market.
In terms of region, North America dominates the maritime security market, accounting for the highest market share among the regions. The growth of North America's maritime security market attributes to the long stretch of coastline, a large number of ports and extensive marine travel and freight activities. Moreover, the presence of the leading manufacturers including Honeywell International Inc. and Harris Corporation in the region is anticipated to boost the growth of the maritime security market in North America.
The report on global maritime security market covers segments such as type, service, and category. On the basis of type, the sub-markets include screening and scanning, surveillance and tracking, detectors, communication, weather monitoring, and other types. On the basis of service, the sub-markets include training, risk assessment and investigation, maintenance and support, consulting, and other services. On the basis of category, the sub-markets include port and critical infrastructure security, vessel security, and coastal surveillance.
The report provides profiles of the companies in the market such as Saab AB, BAE Systems Plc, Thales Group, Honeywell International Inc., Elbit Systems Ltd., Sonardyne International Ltd., Raytheon Anschütz GmbH, Northrop Grumman Corporation, Leonardo S.p.A., Harris Corporation, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of maritime security market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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