Maritime Safety Market

Global Maritime Safety Market Size (2024 to 2029)

The size of the global maritime safety market is predicted to reach USD 24.66 billion in 2024 and USD 33.15 billion in 2029, growing at a CAGR of 6.1% during the forecast period.

Marine time safety is associated with protecting vessels, ports, and other infrastructure related to the transport business from intentional damage through terrorism, pirate attacks, etc. Maritime safety is a broad term that includes everything from the safety of the ship's workers to the ship's construction and maintenance and port and infrastructure security. It is a term that defines the undertaking of security measures of vessels both internally and externally. The ports worldwide used for international trade are prone to several kinds of attacks and illegal activities. Several illegal activities such as terrorism, supply of illegal weapons, drugs, and immigration can be done for that, and maritime security solutions are required to track these kinds of activities. The different types of technology and systems are there for marine time safety, such as Surveillance and tracking, detectors, geographic information systems communication supervisory control and data acquisition, screening & scanning, access control and others.

Global Maritime Safety Market Drivers:

The growing activities such as the trafficking of prohibited substances, attacks on the ports or coastal areas, and illegal immigration worldwide are fuelling the demand for maritime security solutions to identify suspicious activities and contributing to the global market growth. The growing geopolitical tensions and disputes among the neighbouring countries are propelling the demand for marine safety solutions.

The rising awareness and the need to maintain the marine security is driving the growth of the marine safety market. The growing conflicts in the Indian Ocean and the South China Sea are increasing the demand for maritime safety in the Asia Pacific region. The International Maritime Organization states that almost 90% of global trade is passed over the sea network. This escalates the investment in the infrastructure and the security of the ports, propelling the demand for marine time safety solutions, which drive the growth of the maritime safety market.  The growing trend of adopting intelligent technologies like artificial intelligence and cloud-based technologies for security purposes in ports is driving the growth of the maritime security market in the forecast period. Presently, several ports are equipped with intelligent security solutions to handle attacks; therefore, the port operators are investing in deploying new innovative security solutions to strengthen their security measures for the future, which will further fuel the growth of the maritime safety market growth.

Global Maritime Safety Market Restraints:

With the developing technology, the development of stealth vessels is expanding, and stealth vessels are difficult to detect with low-generation monitoring system technology, so it is difficult to build an advanced surveillance solution. And the initial cost of developing an advanced solution is too high, which is a significant challenge to the original equipment manufacturers.

Impact of COVID-19 on the global maritime safety market: 

The COVID-19 outbreak has significantly impacted the Global Maritime Safety Market due to the pandemic. Strict regulations and complete and partial lockdowns have been imposed, which affect international sea trade activities. Therefore, the demand for maritime solutions was decreasing during the pandemic. New projects have stalled through the international airports, leading to declining demand for maritime safety solutions. Also, due to the pandemic, there were fewer workforces in the manufacturing industries, which has disrupted the production and the supply chain of maritime safety solutions. However, international trade is gaining speed, and port operators are investing in technologies like AI, Big data, and the Internet of Things to raise operational efficiency, reduce environmental impacts, and improve the security of the facilities, which is driving the growth of the Maritime Security Market in future.

REPORT COVERAGE:

This research report on the global maritime market has been segmented and sub-segmented based on the technology and systems, service, category, and region.

Global Maritime Safety Market - By Technology and Systems:

• Surveillance and Tracking
• Detectors
• Geographic Information System
• Communication
• Supervisory Control and Data Acquisition
• Screening & Scanning
• Access Control
• Weather Monitoring
• Others

Based on Technology and Systems, the surveillance and tracking segment dominate the market and will sustain its dominant position within the forecast period due to increased demand for security in ports and coasts. The need for surveillance and tracking is expected to be high in regions where pirate attacks and robbery have increased over the years, such as Latin America, the Caribbean, and West Africa.

Global Maritime Safety Market - By Service:

• Maintenance And Support
• Training, Consulting
• Risk Assessment and Investigation
• Others

Based on service, the risk assessment and investigation segment is expected to dominate the market during the forecast period as prevention of management risk is necessary for preventing incidents and accidents. Also, the Maintenance and support service segment is estimated to grow progressively during the forecast period.

Global Maritime Safety Market - By Category:

• Port and critical infrastructure security
• Vessel Security
• Coastal Surveillance

Based on category, the port and critical infrastructure security segment is predicted to dominate the market during the forecast period. The increasing focus on strengthening marine time security in ports is due to increasing disputes among neighbouring countries, terrorist attacks, and the changing nature of Warfield in developing and developed countries. The Security Vessel segment will also dominate the market in the near future due to the increasing number of cargo vessels for sea trade operations. Thus, the protection of vessels from collision and control of criminal activities such as piracy, illegal immigration, drug trafficking, and illegal fishing is fuelling the growth of the global marine time safety market.

Global Maritime Safety Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

North America has the largest share of the Maritime Safety Market. It will dominate the market over the forecast period due to the many ports and the increasing volume of import and export activities in this region, increasing the demand for maritime safety solutions to increase regional security. Also, large revenue is generated from marine time safety solutions vendors in the region due to extensive marine travel and freight activities in developed countries like the United States and Canada. Moreover, this region's shipping and transportation companies are highly focused on adopting advanced maritime safety solutions from R&D in maritime technologies.

After America, Europe has showcased a significant market share of maritime safety solutions owing to the high marine trade activities in the U.K. Established marine industries in this region are propelling the market growth.

Asia-Pacific is witnessing a significant growth rate during the forecast period due to rapidly increasing marine time trade in this region. The investments are being made into developing new ports and terminal expansion to cater to the marine trade in this region. The ports are introducing new security solutions to track unidentified goods and materials, automatic alarms for unusual gathering at the ports, tracking alarms for camera tampering, etc. The rising conflicts in the Indian Ocean and the South China Sea will drive the marine safety solution. Moreover, the increasing investment in maritime security by the port authorities in China, Japan, Austria, and Vietnam is expected to boost the growth of the maritime safety market.

KEY MARKET PARTICIPANTS:

The major companies operating in the Global Maritime Safety Market include BAE Systems PLC (U.K.), Honeywell International, Inc. (U.S.), Northrop Grumman Corporation (Israel), Raytheon Anschütz GmbH (Germany), Saab Group (Sweden), Elbit Systems Ltd. (Israel), Harris Corporation (U.S.), Kongsberg Gruppen ASA (Norway), Leonardo-Finmeccanica (Italy) and Signalis SA (France).

RECENT HAPPENINGS IN THE MARKET:

• In November 2021, Saab announced it had signed a contract with a launched customer for a new Underwater Robot for Ocean Infinity.
• In October 2021, Saab entered a Memorandum of Understanding to collaborate with ORBCOMM and AAC Clyde Space AB to progress the next generation of global maritime communication services based on VHF Data Exchange Systems (VDES).