30 January 2021
Visiongain has published a new report on Maritime Security Systems Market Report 2021-2031: By System (Surveillance and Tracking, Communication Security, Screening and Scanning) By Application (Port and Infrastructure Security, Maritime Vessels, Coastal Surveillance) By End User (Commercial, Military, Government) and Leading Regional/ Country market analysis.
Global maritime security systems market is estimated to be valued at US$ xx billion in 2021 and is projected to grow at a CAGR of xx% to reach a market value of US$ xx billion by 2031. Maritime security systems market has been witnessing strong growth over the past few years on account of increasing sea transport for trade and freight transport across the globe. Increasing trade and travel through seaways has resulted in logistics and shipping companies to enhance their maritime security systems. Companies operating in the logistics sector and offshore businesses are demanding for the enhanced security and surveillance solutions. In addition, increasing terrorist and illegal activities across the sea is also one of the major factors influencing the market growth over the past few years.
Defense is one of the major end users for maritime security systems owing to the importance of Intelligence, Surveillance and Reconnaissance activities across the sea. Armed forces across the globe are focusing on enhancing their ISR capabilities across the sea owing to emergence of several modern warfare techniques and weapon systems, which has resulted in the demand maritime security systems over the recent past. North America and Europe is the major spender on the maritime security systems during the forecast period. However Middle East and Asia-Pacific regions are anticipated to witness highest market growths between 2021 and 2031. In addition, ongoing tension between India and China is also expected to influence the market growth positively over the forecast period.
COVID-19 Impact on Maritime Security Systems Market
COVID-19 has affected the global economies negatively during the past few months, due to which defense budgets in 2021 are anticipated to fall considerably, compare to last few years. Majority of the countries spend around 2% of their GDP on defense budget and this percentage is expected to fall in coming years along with GDP. As a result of fall in GDP and defense budget allocation, all the markets in defense sector are anticipated to witness smaller investments on the procurement over the next few years.
Maritime security systems market is a fragmented market with very large number of companies operating in the sector. Some of the company’s profiled in this report include Kongsberg Gruppen, Northrop Grumman Corporation, Harris Corporation, Leonardo, BAE Systems, Raytheon Anschütz GmbH, Honeywell International, Saab, Elbit Systems Ltd. and Signalis.
• In October 2020, European Border and Coast Guard Agency has awarded a contract to Airbus and Israel Aerospace Industries (IAI) for providing aerial surveillance services. Under this contract, the companies will use medium altitude long endurance (MALE) Remotely Piloted Aircraft Systems for providing long range aerial surveillance services for pre-planned assignments and for ad-hoc calls based on the requirement.
• Future Maritime Surveillance Capability (FMSC) Project is one of the major modernization projects in maritime security systems market catering to defense sector. Australia Ministry of Defense has released a tender for the Australia’s Maritime Surveillance Task for which the country is in the process of selecting the supplier for undertaking this project. The scope of the project includes coastal line of 36,000 kilometres across the mainland Australia.
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