01-08-2019 03:40 PM CET - Business, Economy, Finances, Banking & Insurance

Armed Maritime Security Market Forecast to Grow at a CAGR of 7.1% by Top Players: Saab Group, Thales Group, Esc Global Security, Honeywell International, Harris, Selex Es, Northrop Grumman Corporation

Press release from: Market Prognosis

The global armed maritime security market is expected to register a CAGR of 7.1% during the forecast period, 2018-2023. The report discusses the type of security solutions deployed for maritime purposes across the world. The regions considered in the scope of the report include North America, Europe, and various others. Apart from this, the report also discusses how the increasing adoption of security technologies in BRIC countries is driving the market.

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Maritime terrorism, gun-running, drug trafficking, piracy, and other non-traditional seaborne attacks have increased exponentially and threaten many nations in current times. This situation has given rise to a shift toward asymmetric forces from the use of conventional force-structured defense forces. Global maritime security is a new byword of securing the sea lines of communications in international relations. Maritime security is vital to national, as well as human safety, and it also linked to economic development. Over the review period (2012-2016), many cargo and fisheries shipping merchants have expanded to billion dollar industries. The commercial value of the oceans has been increasingly re-evaluated, due to the economic potential of offshore resources, central fossil energy, seabed mining, as well as the economic promise of coastal tourism.

Marine resources, such as coal, oil & gas, and living resources have become critical elements in the world economy, and thereby the attacks on ships, vessels, and oil rigs have been on the rise in recent times. West African and South East Asian regions are becoming increasingly vulnerable to pirate attacks, drug smuggling and gun running. These factors are expected to drive the armed maritime security market.

Increased Seaborne Threats and Ambiguous Maritime Security Policies expected to Drive the Market
The rising maritime security concerns have forced international security forums and organizations to recommend an increase in the maritime security detail. NGO group oceans beyond piracy claims that the economic cost of piracy caused by groups in Somalia increased to USD 1.7 billion in 2016, from USD 1.3 billion in 2015. Moreover, 2016 experienced 191 such attacks. This has led to a rise in naval defense budgets of developed and developing nations to combat the seaborne threats, along with huge losses, due to natural calamities because of the lack of advanced maritime technology.

Also, it has been observed that the number of pirate attacks on ships has witnessed a gradual decline since the beginning of 2011, owing to the deployment of these solutions in the recent years. This is further expected to drive the demand for these solutions.

Major Players:

Key Developments in the Market
• October 2017 - India and the United States agreed to implement the program for Helicopter Operations from Ships Other Than Aircraft Carriers (HOSTAC) to strengthen maritime security.
• November 2017 - Indian Space Research Organization planned to help agencies engaged in coastal and maritime security to track suspicious vessels and boats through satellite imagery. Under this initiative, ISRO is expected to supply 1,000 transponders by March 2018 for satellite monitoring of boats, which is aimed at preventing a 26/11 attack-type infiltration from the sea route.
• October 2017 - European Union announced that it would allocate EUR 37.5 million to a program for supporting maritime security and counter-piracy in along the South-eastern African coastline and in the Indian Ocean.

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Surveillance & Tracking Segment expected to have Highest Market Share
Maritime surveillance is considered as a valuable recognition for capturing all activities that impact the security and economy, or environment. About 70% of all world trade is carried by sea transport, with the growing use of maritime transport and activities, such as traffic of prohibited substances, illegal immigration, and terrorist attacks at port areas and coasts between vehicles. Attacks of pirates are very common in Somalia and in the Strait of Malacca. Moreover, the 26/11 Mumbai attacks in India demonstrated that the threat from sea is real. These are instances that have pushed the companies to roll out effective and enhanced surveillance and tracking solutions for armed maritime securities.

North America expected to have the Largest Market Share
The US and Canada maritime domain is unique in its scope and diversity, with more than 270 ports and 222,000 km of coastline. Border operation teams with high integration of security solutions in the United States and Canadian agencies work together, sharing information and expertise to support operations along the US and Canadian border. Moreover, the US spending occupies the top spot when it comes to defense spending, the 2017-18 budget is expected to be in the range of USD 800 million. Also, the region is also home to various global players involved in the armed maritime security solutions.

The Canadian government is highly propagated among federal domains, territorial governments, and influential parties. Apart from this, North America, over the years, has taken giant leaps, in terms of technological advancement with companies making approaches to add value to the market growth.

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This release was published on openPR.
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