Global Maritime Security Market To Expand At A Notable CAGR Of 9% In The Coming Years : Economic Recovery, R&D and Investments Provide Opportunities for defence Industry Players; Forecast 2023
Maritime security ensures protection against intentional damage to vessels, ports and other infrastructures through terrorism, illegal immigration, sabotage and others. According to the report that has been published by Market Research Future, the global maritime security market is registered to expand at a notable CAGR of 9% during the forecast period.
The major players profiled by MRFR in the report on the global maritime security market are :
- Northrop Grumman
- Elbit Systems
- Honeywell International
- Raytheon Anschütz GmbH
- Harris Corporation
- BAE Systems
- FLIR Systems
- Selex Es
- Kongsberg Gruppen
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Industry/ Innovation/ Related News:
In September 2018, MDA, a Maxar Technology company, has announced that it has signed a multi-dollar contract with the South African National Space Agency (SANSA) for a yearlong maritime surveillance program for the delivery of synthetic aperture radar (SAR) data products from the RADARSAT-2 satellite. This contract includes an option of two additional years.
In August 2018, the Japanese government has decided to establish a network of cameras to monitor North Korean vessels that are trespassing into territorial waters.
January 2018 – SAAB Company is expanding its activities related to defence and security in Finland and established a development centre.
January 2018 – The United States Navy signed a contract with BAE Systems for modernization of guided missile destroyers USS Oscar Austin and USS Howards.
December 2017 – Applied Composites AB (ACAB) was acquired by SAAB. This acquisition is expected to provide technologies for development of ground combat weapon system and advanced radomes.
December 2017 – United States Army security forces Assistance Brigades (SFABs) selected the Harris Corporation for the reliability and combat proven communications systems.
June 4, 2015- Launches of NATO ISR aircraft, a broad-area long-endurance unmanned aerial system used in a variety of ISR missions, which includes border security, troop support, and crisis management.
Market Drivers and Restraints:
Rapid increase in terrorist activities that possess national threat and complications related to geopolitical and territorial issues are inducing high demand for advanced surveillance systems in the defense sector of various regions. Increasing adoption of advanced technologies such as underwater acoustic weapons, unmanned underwater vehicles, virtual fence and other integrated security systems for maritime surveillance are projecting to propel the growth of the global maritime security market.
Rising awareness regarding the need for maritime security systems as a result of increasing potential threats and proliferation of international trade are fuelling the growth of the global maritime security market. However, ungoverned marine regions and economic downturns pose as restraints on the growth of the global maritime security market during the forecast period.
The global maritime security market has been segmented on the basis of systems and categories. Based on systems, the maritime security market is segmented into screening & tracking, detectors, access control, communication, and surveillance. Based on categories, the maritime security market is segmented into port & shipyard, vessel security, and coastal surveillance.
The global maritime security market is geographically segmented into Americas, Europe, Asia Pacific and the Middle East and Africa. The Asia Pacific region is projecting significant growth in the global maritime security market owing to the increasing territorial conflicts among various countries in this region which has created the emergence for strengthening the military bases by incorporation of advanced technology in this region. The maritime security market in the Europe and the Middle East and Africa regions is growing at a noteworthy rate due to the high demand for advanced security systems by the governments of these regions and increased terrorist activities in the Middle East and Africa region. The maritime security market in the Americas is projecting high growth potential owing to the increased investment by the countries to strengthen border surveillance in this region.
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Scope Of Report
The market report for Maritime Security of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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