Maritime Safety System Global Market Report 2023
Major players in the maritime safety system market are Raytheon Anschutz, Honeywell , Elbit Systems, Saab Group , OSI Maritime Systems, BAE Systems, Thales Group, Kongsberg Gruppen, Smiths Group PLC, Signalis SA.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Maritime Safety System Global Market Report 2023" - https://www.reportlinker.com/p06318506/?utm_source=GNW
, HALO Maritime Defense Systems, SRT Marine Systems PLC., Westminster Group, Captain’s Eye, and Consilium.
The global maritime safety system market grew from $18.45 billion in 2022 to $19.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The maritime safety system market is expected to grow to $26.04 billion in 2027 at a CAGR of 7.0%.
The maritime safety system market consists of revenues earned by entities by providing maritime safety solutions such as navigation, tracking, sending, and receiving real-time data, assistance to vessels, and managing ship traffic.The market value includes the value of related goods sold by the service provider or included within the service offering.
The maritime safety system market also includes sales of automatic identification systems, GMDSS systems, long-range tracking and identification (LRIT) system, automated manifest system (AMS), automated mutual assistance vessel rescue systems (AMVER), and vessel management systems.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The maritime safety system refers to planned solution and services implemented by shipping companies to ensure ship and marine environment safety. MSS aims to alert the system about the position and safety-related concerns about the ships in the vicinity, search and rescue coordination, and protection from terrorism, piracy, robbery, illegal trafficking activities, and others.
Asia-Pacific was the largest region in the maritime safety system market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the maritime safety sytem market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of systems include ship security reporting system, automatic identification system (AIS), global maritime distress safety system (GMDSS), long range tracking and identification (LRIT) system, vessel monitoring and management system, other systems (automated manifest system (AMS), and automated mutual assistance vessel rescue system (AMVER).Security reporting system refers to electric systems used to prevent or abate potential risks in ships by taking less hazardous processes programs to reduce injuries and property loss.
The maritime safety system are used for loss prevention and detection, security management, counter piracy, coastal monitoring, safety of ship, pollution prevention and response (PPR) management. They used by government institutions, oil & gas, marine & construction, shipping & transportation, cargos & containers, other end-users.
The growing maritime trade and transportation are expected to propel the maritime safety system market.The increased well-being of consumers leads to increased production.
The lower emissions on long voyages, maritime trade, and transportation assist producers in remaining competitive.The volume of products moved on a single trip is greater, making sea transport more cost-effective and environmentally friendly than other methods of shipping goods over long distances.
For instance, in May 2021, according to the Ministry of External Affairs, an India-based government agency responsible for implementing foreign policy, approximately 95% of India’s trade by volume and 70% by value are transported by maritime. Additionally, the Ministry of Shipping announced the allocation of Rs. 1,702.35 crores (USD 233.48 million) in the Union Budget 2020–21 to promote merchant ship flagging in the nation, and subsidy money worth Rs. 1,624 crores (USD 222.74 million) to Indian shipping businesses. Furthermore, the government proposed the doubling of the ship recycling capacity of ~4.5 million light displacement tonnes (LDT) by 2024. Therefore, the rising maritime trade and transportation will drive the maritime safety system.
Technology developments such as AI, IoT are a key trend gaining popularity in the maritime safety system market.For a long time, the key technology of marine safety and systems has remained unchanged.
However, the rising number of accidents, terrorism, and other components is now subject to many changes created within maritime safety and security by involving AI, IoT, Big Data, digital route management, innovative defense technology, integrated control systems, and others. For instance, In December 2020, Iridium Communications, satellite communications company, has introduced its GMDSS service that is embedded with a strong network of 66 cross-linked Low Earth Orbit (LEO) satellites which provide low latency, high-quality, and real-time voice and data connections across the entire system, including seas and polar regions.
In April 2021, Leonardo, an Italian aerospace, defense, and security company, acquired a 30% stake in GEM Electronica for an undisclosed amount.Through this acquisition, Leonardo will strengthen its market position in the naval sector, particularly in the sector of short and mid sensors for navigation, maritime, coastal, and airport surveillance.
It will broaden and diversify Leonardo’s product offering and improve engineering, manufacturing, and marketing. GEM Electronica is an Italian company producing small and medium-sized 3D radars, electro-optical sensors, and inertial systems for the maritime, air, and land sectors.
The countries covered in the maritime safety system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The maritime safety system market research report is one of a series of new reports that provides maritime safety system market statistics, including maritime safety system industry global market size, regional shares, competitors with a maritime safety system market share, detailed maritime safety system market segments, market trends and opportunities, and any further data you may need to thrive in the maritime safety system industry. This maritime safety system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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