“The demand for advanced technologies in maritime security is continuously increasing due to the rise of illegal activities and sea and underwater threats. The Mumbai attacks in India in November 2011 led maritime security agencies across the world to modernize their equipment”
In this report, Technavio covers the market outlook and growth prospects of the global maritime security market for 2016-2020. In this report, Technavio has estimated the market size and forecast of the global maritime security market across geography.
“More than 80% of world trade is carried by the international shipping industry. It is difficult to estimate the value of seaborne trade in terms of revenue as values for trade are estimated in terms of tons or ton-miles. The shipping industry has been experiencing a trend of increasing total trade volume since 2010. One of the most compelling developments in the global economy since World War II has been the massive growth in international trade,” says Ishmeet Kaur, a lead IT security research expert from Technavio.
Request a sample report: http://www.technavio.com/request-a-sample?report=54608
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio’s research study segments the global maritime security market into the following regions:
- North America
- South America
In 2015, North America dominated the global maritime security market with a share of 34.48%. It was followed by Europe with 26.45%, APAC with 18.57%, South America with 11.73%, and MEA with 8.77%.
North America: largest market for maritime security
With an increase in the number of criminal activities such as the 9/11 terrorist attack, the US government has raised the budget on the deployment of defense and security systems in the country. Moreover, the US has enabled more effective intelligence operations against evolving terrorist threats. Marine threats such as illegal immigration, smuggling, cargo thefts, and human trafficking have necessitated an improvement in the maritime budgets. In addition, the September 11 attacks compelled the Americas to enforce laws that ensure smooth commercial activities by sea.
Maritime security standards in the US strictly follow Safety of Life at Sea (SOLAS) and International Ship and Port Facility Security (ISPS) code for safe international trade by the sea. Several governmental bodies such as International Maritime Organization (IMO), Federal Maritime Commission (FMC), and United States Coast Guard and Department of Homeland Security are contributing to the adoption of maritime security in North America.
International trade in Europe fueling the maritime security market
Most the international trade in Europe is seaborne, which has become one of the effective channels for economic development. In 2010, 104,049 people illegally crossed the European border. This rise in the number of illegal immigrants has also led to increased investments in the maritime security market. The regional and international regulations such as the U.K. National Strategy for Maritime Security, EU Maritime Security Strategy Action Plan, and International Maritime Organization in Europe are contributing to the increased adoption of maritime security in the region. This also helps in maintaining co-ordination between international traders on sea routes.
APAC to post a CAGR of close to 9% during the period 2016-2020
Emerging markets such as China, South Korea, India, and Japan are continuously increasing their defense budgets year-over-year to strengthen their national security. India has been the leading defense importer in the world since 2013. China's defense budget also recorded an increase of 12.2% year-over-year in 2014. Vietnam, which has territorial disputes with China, increased its defense expenditure by 9.6%. Australia increased its defense spending by 6.7%, South Korea by 2.3%, and India by 1.8% in the same year.
“The demand for advanced technologies in maritime security is continuously increasing due to the rise of illegal activities and sea and underwater threats. The Mumbai attacks in India in November 2011 led maritime security agencies across the world to modernize their equipment,” asserts Ishmeet.
The top vendors in the global maritime security market highlighted in the report are:
- BAE Systems
- Elbit Systems
- FLIR Systems
- Northrop Grumman
Browse Related Reports:
- Global Naval Radar Systems Market 2016-2020
- Global Anti-Ship Missile Defense System Market 2016-2020
- Global Marine Propulsion Engine Market 2016-2020
Do you need a report on a market in a specific geographical cluster or country but can’t find what you’re looking for? Don’t worry, Technavio also takes client requests. Please contact firstname.lastname@example.org with your requirements and our analysts will be happy to create a customized report just for you.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.