According to a study published this month by US-based research and marketing company Markets and Markets, the maritime security industry will be worth around US$20 billion by 2019.
The major drivers behind the exponential increase of the industry are legislation and standards coming from international bodies in the face of maritime piracy, as well as evolving, specialist technology which promises to tackle the issue.
Crime against ships is one of the biggest concerns for maritime security market professionals and sailors operating in high-risk areas. The security solutions and services in the industry are evolving significantly to help safeguard the maritime transport system and offshore facilities from terrorism and unlawful interference. The market provides advanced technology which is used for detection of hazards and also communication technologies to notify officials and services to combat the potential threats. The shocking rise in the number of piracy incidents which is inclusive of hijacking is fueling the burgeoning industry.
Technologies, vendors
Maritime security is a necessity as it helps to minimize the incidents of piracy, smuggling, and terrorism in the sea. The technologies which are used in securing the oceanfront include scanning, access control, detectors, Geographic Information System (GIS), surveillance and tracking, weather monitoring, smart containers, Supervisory Control and Data Acquisition (SCADA), communication, and others. The key vendors in this market include companies such as EADS, Kongsberg, Raytheon, Terma, Thales Group, Northrop Grumman Corp., and Honeywell.
The report analyzes market sizes and revenue forecasts across different geographies as well as industry verticals. North America is expected to have the largest market share in the year 2014, which is succeeded by Europe.
In 2014, the highest market share is accounted by surveillance and tracking technologies such as underwater surveillance, video surveillance, Automatic Identification System (AIS), Long-Range Identification and Tracking (LRIT), radar, optronics, and thermal imaging.
Furthermore, in 2019, it is expected that the market share of smart container technology will have a higher market share in the coming 5 years. A few high-growth segments are:
The market share of integrated solutions and managed services is growing and it has widespread applications across the maritime domain. One of the major concerns of the maritime security market in European region is the economic downturn. This has significantly affected the spending capacity as well as growth of international trade in the region.
MarketsandMarkets expects that vessel security will continue to account for the largest market share throughout the forecast period. However, the port and critical infrastructure security will witness significant growth in this period.
Bangladesh has also recently launched a government-sponsored program which aims to track container vessels and monitor the position of commodities, according to the Bangladeshi Daily Star.
Maritime piracy has been most prevalent in the South East Asian and Eastern African waters, although the port and shipping industry faces new challenges with cybercrime on the rise.
Future market share
The Asia Pacific (APAC) is expected to have the largest market share, which will be succeeded by Middle East and Africa (MEA), by 2019. Due to increase in the laws and regulations, and also the increasing instances of maritime threats, the analysts noted an increasing trend in implementation of maritime security solutions in the emerging Brazil, Russia, China, and India (BRIC) countries.
MarketsandMarkets forecasts the global maritime security market to grow from $13.94 billion in 2014 to $20.87 billion in 2019, at a compound annual growth rate (CAGR) of 8.4% from 2014 to 2019.
Maritime security diagram from the US Coast Guard and US Department of Homeland Security.
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