Top Market Shifts Transforming the Maritime Security Market Landscape: Key Insights

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What Is the Expected CAGR for the Maritime Security Market Through 2025?
The market size for maritime security has seen robust growth lately. The market, which sits at $29.06 billion in 2024, is projected to increase to $31.34 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%. The notable growth during the historical period can be attributed to factors such as piracy threats, terrorist assaults on maritime objectives, illicit trafficking and smuggling, maritime conflicts and disputes, as well as the surge in global trade.

What's the Projected Size of the Global Maritime Security Market by 2029?
Over the coming years, the maritime security market is anticipated to enjoy sustained growth. It is predicted to reach a value of $37.7 billion by 2029, with a compound annual growth rate (CAGR) of 4.7%. Factors contributing to this projected rise during the forecast period include an upturn in global trading and maritime transport activities, the effects of climate change, cybersecurity risks, geopolitical instability, and emerging maritime threats. The upcoming period is also expected to see major trends such as the integration of artificial intelligence (AI), an accelerated uptake of unmanned systems, increased emphasis on cybersecurity resilience, global cooperation and information sharing, and the incorporation of environmental sustainability.

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Top Growth Drivers in the Maritime Security Industry: What's Accelerating the Market?
The maritime security market is poised for growth, propelled by escalating maritime threats. These threats encompass various potential hazards, risks, and illicit activities that endanger maritime security, navigational safety, and legal use of seas and bodies of water. Factors contributing to these threats include intensifying pressure on ports and a rise in illegal, unregulated, and unreported (IUU) fishing. Maritime security serves to safeguard lives, property, commerce, infrastructure, operational safety and security, and the continuity of maritime activities, whilst fostering the well-being of coastal communities and nations. For example, the International Maritime Bureau (IMB), a non-profit organization based in Malaysia, reported 115 instances of piracy and armed robbery against ships in 2022. As such, these burgeoning maritime threats are fueling the expansion of the maritime security market.

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What Trends Will Shape the Maritime Security Market Through 2029 and Beyond?
Prominent firms in the maritime security market are focusing on the integration of new technologies, specifically the vessel traffic management information system (VTMIS), to boost safety and efficiency in maritime operations. This cutting-edge technology advances port and maritime operations by bringing together various elements, including radar, CCTV, radios, meteorological systems, and radio direction finders. For example, in March 2023, AD Ports Group, an American integrated business facilitating global logistics trade, introduced a VTMIS throughout its UAE operations, aimed at increasing maritime safety. The VTMIS helps consolidate all aspects of port and maritime operations, yielding real-time data, and bridging communication between vessels and with the shore. It aims to heighten safety, secure marine traffic management, and improve overall efficiency. It serves as the critical command center for waterways, supervising vessel activities, dispensing key information, and enabling smooth coordination among various parties involved.

What Are the Main Segments in the Maritime Security Market?
The maritime security market covered in this report is segmented -

1) By Component: Solution, Service
2) By Security Type Outlook: Port And Critical Infrastructure Security, Vessel Security, Coastal Surveillance
3) By Service: Risk Assessment And Investigation, Consulting, Maintenance And Support, Training, Other Services
4) By Technology: Access Control, Detectors, Geographic Information Systems, Communications, Supervisory Control And Data Acquisition (SCADA), Screening And Scanning, Smart Containers, Surveillance And Tracking, Weather Monitoring

Subsegments:
1) By Solution: Surveillance Systems, Access Control Systems, Cybersecurity Solutions, Intrusion Detection Systems
2) By Service: Consulting Services, Training And Education, Maintenance And Support, Managed Security Services

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Which Top Companies are Driving Growth in the Maritime Security Market?
Major companies operating in the maritime security market are Cobham plc, Rapiscan Systems, Raytheon Technologies, Airbus SE, Lockheed Martin, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems, Safran SA, Thales Group, L3Harris Technologies, Leonardo SpA, Leidos, Motorola Solutions Inc, Booz Allen Hamilton Inc, Elbit Systems, Rheinmetall AG, CACI International Inc, Teledyne Technologies, Macquarie Group Limited, Israel Aerospace Industries (IAI), Saab AB, Palantir Technologies, Cubic Corporation, Smiths Detection, OSI Systems Inc

Which Regions Will Dominate the Maritime Security Market Through 2029?
Asia-Pacific was the largest region in the maritime security market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the maritime security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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