LONDON--(BUSINESS WIRE)--The global maritime security market size is poised to grow by USD 2.06 billion during 2020-2024, progressing at a CAGR of about 2% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The maritime security market is driven by the growing marine threats. Marine borders play an important role in national security and territorial integrity. Marine borders are also important for global trade, immigration, and emigration. In many countries that have a long coastline, the patrolling of territorial waters using highly advanced airborne platforms is gaining importance. Maritime security systems are highly effective in the detection and identification of threats and the carrying out of operations for security. For instance, the oil rigs in the Gulf of Guinea in western Africa are highly vulnerable to the threat of piracy. The region has witnessed about six such instances of piracy since 2007. Also, pirate groups operating in the region often resort to violent and extreme measures, such as kidnapping, torturing, and shooting of crewmen. The integration of the maritime security system helps in sending information about marine threats. Thus, growing marine threats is driving the market for maritime security.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
Report Highlights:
- The major maritime security market growth came from the deepwater security segment in 2019, and is expected to witness the fastest growth during the next five years.
- APAC was the largest maritime security market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the need to augment maritime security in the South China Sea owing to the rising number of maritime conflicts in the Indian Ocean and the South China Sea.
- The global maritime security market is fragmented. BAE Systems Plc, Elbit Systems Ltd., FLIR Systems Inc., Kongsberg Gruppen ASA, Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, Terma Group, Thales Group, and Ultra Electronics Holdings Plc. are some of the major market participants. To help clients improve their market position, this maritime security market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global maritime security market 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
View market snapshot before purchasing
Expansion of the Chinese Naval Fleet in Critical Regions will be a Key Market Trend
China has been focusing on its naval fleet expansion since the announcement by the Chinese President in 2012 on making China a maritime superpower. The expansion of its naval fleet by China is encouraging the country to prove its dominance in critical regions, such as the disputed South China Sea and the Indian Ocean. In July 2019, China held military exercises in the South China Sea, which is the world's most critical seaborne trade route. Furthermore, in May 2019, China announced the deployment of a coastguard vessel in the South China Sea to monitor the Parcel Islands. These activities undertaken by China in the South China Sea are compelling countries such as the Philippines, Taiwan, and Vietnam to focus on the strengthening of their own naval fleets. Thus, the aggressive expansion of its naval fleet by China in critical regions is likely to augment the growth of the global maritime security market during the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Maritime Security Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist maritime security market growth during the next five years
- Estimation of the maritime security market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the maritime security market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of maritime security market vendors
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
View market snapshot before purchasing
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Threats and vulnerabilities
- Market segments
- Comparison by threats and vulnerabilities
- Deepwater security - Market size and forecast 2019-2024
- Perimeter security - Market size and forecast 2019-2024
- Market opportunity by threats and vulnerabilities
Customer Landscape
- Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- BAE Systems Plc
- Elbit Systems Ltd.
- FLIR Systems Inc.
- Kongsberg Gruppen ASA
- Northrop Grumman Corp.
- Raytheon Technologies Corp.
- Saab AB
- Terma Group
- Thales Group
- Ultra Electronics Holdings Plc
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
