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Global Maritime Safety System Market 2024 : Trends, Business Growth And Major Driving Factors
Maritime Safety System Global Market Report 2024
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According to The Business Research Company's, 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%. The growth in the forecast period can be attributed to investment in port infrastructure, emerging autonomous vessels, collaboration with coastal authorities, insurance requirements, security threats in maritime. Major trends in the forecast period include digitalization of maritime operations, integration of artificial intelligence, remote monitoring and telematics, digital twins for vessel safety, satellite-based communication, emergency response automation.
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Market Drivers and Trends:
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. Furthermore, the government proposed the doubling of the ship recycling capacity of ~4.5 million light displacement tonnes (LDT) by 2024. Therefore, the rising maritime trade and transportation will drive the growth of the maritime safety system market.
Major companies operating in the marine safety system market are developing new products such as single-man portable subsea ROVs to meet larger customer bases, more sales, and increase revenue. Single-man portable subsea remotely operated vehicles (ROVs) are compact, remotely controlled underwater vehicles designed for underwater inspections, maintenance, and tasks in environments that are difficult for humans to access. For instance, in June 2023, SeaDrone Inc., a US-based provider of sub-sea inspection solutions, launched SeaDrone MINI, the most recent addition to their series of compact, one-person-operable subsea remotely operated vehicles (ROVs). A distinctive aspect of this product is that it serves as a professional-grade ROV suitable for users with varying levels of experience. The MINI ROV is equipped with four 96-Wh batteries and is airline transport-compatible. Additionally, users have the option to employ a 400-W hybrid surface power system to extend the robot's mission duration indefinitely. The standard MINI robot comes with a wide-angle video camera that can capture 12-megapixel still images and record video in 1080/30p H.264 format. It features depth and AHRS sensors that enable automatic control of depth, heading, roll, and pitch in all control modes. The integrated GPS functionality allows for the geotagging of photos, and videos, and the marking of saved landmarks.
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Major Key Players of the Market:
Raytheon Anschutz GmbH, Honeywell International Inc., Elbit Systems Ltd., Saab AB, OSI Maritime Systems Ltd., BAE Systems plc, Thales Group, Smiths Group plc, Northrop Grumman Corporation, Westminster Group Plc, L3Harris Technologies Inc., Kongsberg Gruppen ASA, Leonardo S.p.a., Atlas Elektronik GmbH, Airbus SE, Terma Group AS, Nuctech Company Ltd., ARES Security Corporation, Rolta India Ltd., HALO Maritime Defense Systems Inc., Lockheed Martin Corporation, General Dynamics Corporation, Harris Corporation, Safran S.A., FLIR Systems Inc., Garmin Ltd., Furuno Electric Co. Ltd., Japan Radio Co. Ltd., Wärtsilä Corporation, Signalis SA, SRT Marine Systems PLC, Consilium Strategic Communications Ltd., MarineGuard Systems Ltd., Martek Marine Ltd., HENSOLDT UK
Maritime Safety System Market 2024 Key Insights:
• 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%.
• Elevated Maritime Trade And Transportation Fueling The Maritime Safety System Market
• Innovative Developments In Single-Man Portable Subsea Rovs Drive Market Growth
• Asia-Pacific was the largest region in the maritime safety system market in 2023 and is also expected to be the fastest-growing region in the forecast period
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