Published on : Dec 08, 2016
ALBANY, NY, Dec 08, 2016: The report offers qualitative and quantitative insights into various critical aspects of the global maritime security market including its dynamics, trends, competitive landscape, and regional segmentation. As per the findings of the report, the global maritime security market is estimated to rise at a CAGR of more than 6% from 2016 to 2020.
The global market is primarily driven by the increasing maritime security concerns in developed and developing countries. The rapid industrialization and increasing demand for consumer goods are contributing to the growth of international seaborne trade, which in turn is working in favor of the global maritime security market. Maritime security systems are required to provide continuous real-time surveillance of ports and harbors and tracking information of vessels. Various studies suggest that more than three quarters of the world trade is seaborne.
On the flip side, the high implementation cost of maritime security systems is hampering the growth of the global maritime security market. The presence of a large number of local players, who are selling systems at cheaper cost, are compelling established players to lower the prices of their products. This trend is adversely affecting the overall revenue generation of the global market. Moreover, the technological issues associated with the existing systems are inhibiting the growth of the market. However, with the advent of technologically advanced maritime security solutions such as the improved phase array radars, the future of the global maritime security market looks bright. Furthermore, the increasing investments in the research and development are likely to mitigate the technical issues associated with these systems.
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The regional markets for maritime security studied in this report are Europe, Asia Pacific, North America, South America, and the Middle East and Africa. North America represented the leading share of the overall market in 2015, with the U.S. being the major contributor. The mounting cases of criminal activities are compelling the U.S. government to increase the funds for the deployment of security systems in the country. However, the region is poised to witness a decline in its market share due to the market’s saturation.
In the highly fragmented competitive landscape of the global maritime security market, companies are competing fiercely in terms of product innovation. The leading players are expanding their product and service portfolio by acquiring or merging with smaller vendors. Some of the key players are Elbit Systems, BAE Systems, Harris, FLIR Systems, Raytheon, Northrop Grumman, and SAAB. Other prominent vendors operating in the market are Enterprise Control Systems, Boeing, Klein Marine Systems, Kelvin Hughes, Safran, Kongsberg Gruppen, Thales, TERMA, SIGNALIS, and Ultra Electronics.
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