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Global Maritime Safety System Market Forecast Report 2024-2029: Port & Critical Infrastructure and Loss & Prevention Detection to Account for Largest Shares of North American Market in 2024
Global Maritime Safety System Market
Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Global Maritime Safety System Market by Offering (Solutions, Services), Security Type (Coastal Security, Crew Security), System (AIS, GMDSS, LRIT), Application (Monitoring & Tracking, Counter Piracy, Search & Rescue) End User & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global maritime safety system market is valued at USD 30.2 billion in 2024 and is estimated to reach USD 47.8 billion in 2029, registering a CAGR of 9.6% during the forecast period. Maritime transport is essential for the world's economy, comprising over 90% of the world's trade. It is the most cost-effective way to move goods and raw materials worldwide. Maritime activity is vital to alleviate poverty and hunger, as it provides income and employment for many developing countries. Income opportunities include the areas of providing seagoing personnel and ship recycling, ship ownership and operation, ship building, and repair & port services. As markets became increasingly globalized, shipping volumes soared.
By offering, the solution segment is projected to hold the largest market size during the forecast period.
Maritime safety solutions encompass a range of critical operations such as search and rescue, protection of offshore assets, managing shipping lanes, surveillance of territorial waters, environmental monitoring, safeguarding offshore platforms, combating trafficking, controlling fisheries, and ensuring harbor security. India is enhancing its coastal security and maritime vigilance to defend against asymmetric threats and meet growing national security demands.
Various companies provide maritime safety solutions, with Rolta offering comprehensive in-house Maritime Safety and Security (MSS) systems aligned with national policies. These solutions encompass command, control, communications, and surveillance systems tailored to stringent MSS requirements. The core of Rolta's solutions lies in its indigenous Command and Control (C2) system, adaptable to address diverse maritime safety aspects. These solutions play a crucial role in securing national waters through command and control functionalities and self-protection mechanisms.
By security type, crew security is registered to grow at the highest CAGR during the forecast period.
Maritime safety systems prioritize crew security by implementing a range of measures and technologies designed to protect personnel onboard vessels. These measures include training crew members in security protocols and response procedures, conducting regular security drills and exercises, and providing them with access to communication systems for immediate reporting of security incidents. Additionally, crew accommodation areas are often equipped with secure locks, access control systems, and panic alarms to enhance onboard security. Leading maritime security firms, such as ESPADA, offer a wealth of services that guarantee robust protection for both crew members and cargo. ESPADA is globally recognized for its expertise in maritime and land-based security, logistics management, and medical services, with a proven track record of safely completing over 500 crew transits in some of the most challenging and hazardous locations worldwide.
Asia Pacific is projected to witness the highest CAGR during the forecast period.
The maritime safety system landscape throughout the Asia Pacific region has grown increasingly intricate due to escalating incidents of serious and organized crimes like illegal fishing, piracy, weapons trafficking, drug smuggling, and human trafficking, all of which have potential ties to terrorism. While some countries have heavily invested in strengthening their naval capabilities, others have prioritized the development of their coast guard forces. In response to the evolving operational environment, there's been a noticeable push towards enhancing bi and multilateral maritime cooperation.
This heightened focus on civil-military maritime security has spurred a growing demand for more integrated and coordinated maritime domain awareness (MDA) initiatives. The shipping industry has witnessed significant technological transformations, with the Indian government spearheading initiatives to invest in emerging technologies like AI, IoT, and blockchain for application in the maritime safety sector. Responding to the escalating demand for maritime trade, investments are being channeled into the development of new ports and expansion of existing terminals.
Key Attributes:
Report Attribute | Details |
No. of Pages | 332 |
Forecast Period | 2024 - 2029 |
Estimated Market Value (USD) in 2024 | $30.2 Billion |
Forecasted Market Value (USD) by 2029 | $47.8 Billion |
Compound Annual Growth Rate | 9.6% |
Regions Covered | Global |
Key Topics Covered:
Executive Summary
Maritime Safety System Market Size and Growth Rate, 2019-2023 (USD Million, Y-O-Y)
Maritime Safety System Market Size and Growth Rate, 2024-2029 (USD Million, Y-O-Y)
Solutions Segment to Hold Larger Market Share in 2024
Professional Services to Hold Larger Market Share in 2024
Risk Assessment & Investigation Segment to Account for Largest Market Size in 2024
Ship Security Reporting System to Account for Largest Market Size in 2024
Port & Critical Infrastructure Security Type to Hold Largest Market in 2024
Oil & Gas to Grow at Highest CAGR During Forecast Period
Shipping Companies to Account for Largest Market in 2024
Asia-Pacific to Grow at Highest CAGR in Maritime Safety System Market
Premium Insights
Attractive Opportunities in Maritime Safety System Market - Rising Global Trade Volumes to Drive Maritime Safety System Market
Maritime Safety System Market, by Key End-user -Oil & Gas to Grow at Highest CAGR During Forecast Period
North America: Maritime Safety System Market, by Key Security Type & Key Application - Port & Critical Infrastructure and Loss & Prevention Detection to Account for Largest Shares of North American Market in 2024
Maritime Safety System Market, by Region - North America to Account for Largest Share in 2024
Market Dynamics
Drivers
Rising Need to Manage Complex Supply Chain Operations and Increase Sustainability Across Marine Industry
Surging Need to Create Awareness About Maritime Safety
Regulatory Compliances and Standards
Increasing Marine Trade and Freight Transport Activities
Restraints
Stringent Environmental Regulations and Compliance Issues
Lack of Uniform Standards to Implement Security Solutions Across Marine Industry
Rising Criminal Activities Across Marine Industry
Opportunities
Growing Advent of Innovative Technologies, Such as RFID, GPS, AR, Robotics, and Blockchain
Emerging Opportunities Across Untapped Regional Markets
Challenges
Growing Issues Pertaining to Piracy
Increasing Maritime Terrorism
Case Study Analysis
Marineinsight Facilitated Efficient and Reliable Monitoring of Blackwater Discharge in Strait of Georgia
Strat-Observer Enhances Maritime Surveillance to Combat Illegal Fishing Effectively
Airbus' Trimaran II Boosted Maritime Enforcement Against High-Speed Traffickers
Elbit Systems UK Demonstrated Seagull USV for Royal Navy's Mine-Hunting Wisex Program
Kongsberg's Promas System Boosted Naval Efficiency and Maneuverability
Companies Profiled
Honeywell
Thales Group
Smiths Group
Elbit Systems
Northrop Grumman
Westminster Group
Anschutz
Saab Group
Osi Maritime Safety
Bae Systems
L3Harris Technologies
Kongsberg
Leonardo Drs
Airbus
Terma Group
Nuctech
Atlas Elektronik
Ares Security
Rolta
Halo Maritime Defense Systems
Hudsonanalytix
Consilium
Maindeck
Captain's Eye
Anduril Industries
Orca AI
Iocurrents
Harbor Lab
Smart Ship Hub
Sailrouter
Piersight
Eyerov
For more information about this report visit https://www.researchandmarkets.com/r/ltuyw2
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