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Maritime Safety System Global Market Expected to Reach $25.93 Billion With a CAGR of 5.2% By 2028 | Key Players: Elbit Systems Ltd., Saab AB, OSI Maritime Systems Ltd., BAE Systems PLC, Thales Group
Maritime Safety System Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Maritime Safety System industry. This report on Maritime Safety System market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The maritime safety system market size has grown strongly in recent years. It will grow from $19.85 billion in 2023 to $21.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to international maritime regulations, growth in global shipping, maritime accidents, rising concerns about piracy, environmental protection. The maritime safety system market size is expected to see strong growth in the next few years. It will grow to $25.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
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Key Market Players:
Raytheon Anschutz GmbH, Honeywell International Inc., Elbit Systems Ltd., Saab AB, OSI Maritime Systems Ltd., The Progressive Corporation are prominent players in the Maritime Safety System industry.
Market Drivers:
The growing maritime trade and transportation are expected to propel the maritime safety system market. The increased well-being of consumers leads to increased production. The lower emissions on long voyages, maritime trade, and transportation assist producers in remaining competitive. The volume of products moved on a single trip is greater, making sea transport more cost-effective and environmentally friendly than other methods of shipping goods over long distances. For instance, in May 2021, according to the Ministry of External Affairs, an India-based government agency responsible for implementing foreign policy, approximately 95% of India's trade by volume and 70% by value are transported by maritime. Additionally, the Ministry of Shipping announced the allocation of Rs. 1,702.35 crores (USD 233.48 million) in the Union Budget 2020-21 to promote merchant ship flagging in the nation, and subsidy money worth Rs. 1,624 crores (USD 222.74 million) to Indian shipping businesses.
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Market segments for Maritime Safety System include:
1) By System: Ship Security Reporting System, Automatic Identification System (AIS), Global Maritime Distress Safety System (GMDSS), Long Range Tracking and Identification (LRIT) System, Vessel Monitoring and Management System, Other Systems
2) By Application: Loss prevention and detection, Security management, Counter piracy, Coastal monitoring, Safety of ship, Pollution Prevention and Response (PPR) management
3) By End User: Government Institutions, Oil & Gas, Marine & construction, Shipping & Transportation, Cargos & containers, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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