Authored By: Sarah
13 Dec 2023

3.34% Growth Forecast through 2023-2027 : Charting Evolution in Maritime Security Market  

The Maritime Security Market is undergoing a transformative phase with a focus on enhancing naval patrol vessels equipped for maritime surveillance and coastal security. This evolution involves a shift towards advanced technologies such as Unmanned Surface Vessels (USVs), Autonomous Maritime Patrol systems, and Intelligence, Surveillance, and Reconnaissance (ISR) capabilities. Naval fleet modernization initiatives encompass upgrades in sonar technology, Electronic Warfare (EW) systems, and the integration of Long-Range Maritime Patrol Aircraft, strengthening capabilities in Anti-Submarine Warfare (ASW) and Maritime Domain Awareness (MDA). Offshore Patrol Vessels (OPVs) and Multi-Mission Patrol Vessels play a pivotal role in maritime border control and persistent surveillance, bolstering efforts in maritime interdiction operations.

As per the market forecast, between 2022 and 2027, the maritime security market is projected to expand at a CAGR of 3.34%. The market size is expected to witness a rise of USD 3.70 billion during this period. Advancements in the Maritime Security Market are closely aligned with the integration of Command, Control, Communications, Computers, and Intelligence (C4I) systems into naval surface combatants, reshaping the landscape of maritime security strategies and operations.

Maritime Security Market , Maritime Security Market Trends ,Maritime Security Market forecast

Snapshot of Maritime Security Market


Businesses like Northrop Grumman Corp. provide maritime security solutions like Manta Ray and C5ISR systems within its defense system segment that offer integrated battle management systems, weapons systems, mission sustainment, modernization services, information technology, and intelligence operations.

Increasing maritime threats drive market growth as the demand for maritime security rises due to heightened coastal security concerns globally. The significance of marine borders extends to national security, territorial integrity, and global trade facilitation, influencing immigration and emigration dynamics. Utilizing sophisticated maritime security systems enables efficient threat detection, identification, and execution of security operations.

For instance, In the Gulf of Guinea in western Africa, oil rigs face significant vulnerability to piracy threats, with about six reported instances since 2007. Integrating maritime security systems plays a pivotal role in relaying critical information about these threats.

Curious to delve deeper into the critical dynamics shaping the global Maritime Security Market, Request for a sample report today.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of about 3.34%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by USD 3.70 Bn through 2023-2027.
  3. What is a key factor driving this market?
    Growing marine threats will drive market growth over the forecast period.

     
  4. Which is the leading geographic region for this market:
    35% growth will originate from North America

     
  5. Who are the leading market players?
    The leading vendors in this market are Airbus Group SE, BAE Systems Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, Safran SA, Sonardyne International Ltd., SPX Corp., Teledyne Technologies Inc., Terma AS, Thales, The Boeing Co., and Ultra Electronics Holdings Plc

     
  6. What are the market segments covered in this report?
    The market is segmented by Type (Deepwater security and Perimeter security), Technology (Surveillance and tracking, Screening and scanning, Communications, and Other systems), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)
Read News Read Less
Interested in this report?
Get your sample now!
Technavio
Document