Maritime security has gained groundswell of attention in geo-political relations internationally over the past few decades. Numerous policies and conventions, notably put forth by the International Maritime Organization (IMO), pertaining to ocean governance have garnered international supports and action. The drive for the maritime security stems from the building buzz around defining what all constitutes maritime security. The implementation of various conventions has invigorated new market developments. A case in point is SOLAS Convention by the IMO. Despite the striking pace with which maritime security has become entrenched in international relations, the conventions are marked with a greater number of disagreements than with consensus. This is of the key trend shaping the contours of the maritime security market.
The landscape has seen new avenues from numerous economies, both developed as well as developing, coming out with new maritime security strategies. The U.K., European Union, the African Union, and the U.S. have greatly influenced the directions of course of the maritime security market. The disagreements among nations have been shrouded in veiled attempts to promote maritime terrorism. Thus, various issues associated with maritime security, with risk of pirates being one example, is gaining worldwide attention, and have also been the cause of inter-state tensions, notably in China. Efforts to build a worldwide consensus will shape the future growth prospects in the maritime security market.
Global Maritime Security Market: Snapshot
The global maritime security market is projected to demonstrate ascending demand graph during the forecast period of 2019 to 2028. Key reason attributed to this growth is increased need for maintaining the marine security. The maritime security system is gaining popularity in various countries owing to its ability to offer advanced technology to spot threats and communicate with officials. Through this system, ports, vessels, and other infrastructure concerned with the shipping business are offered protection from intended damage through sabotage, terrorism, or subversion.
An upcoming research report from TMR on the maritime security market provides in-depth study of key elements supporting or obstructing the market growth. Apart from this, the report aims to covers dependable data on shares, volume, and various business strategies used by vendors working in this market. Thus, the report is a valuable guide of the maritime security market for the forecast period of 2019–2028.
The global maritime security market is segmented on the basis of various key factors such as type, threat and vulnerabilities, end-user, and region.
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Global Maritime Security Market: Growth Dynamics
The global maritime security market is growing on the back of plethora of reasons. A report from the Allianz Global Corporate & Specialty states that around 90% of worldwide trade is carried by international shipping. This factor highlights significance of the international maritime security, thereby fuels the growth of the global maritime security market.
In recent years, there is considerable growth in the marine terrorism-related incidents across the globe. This situation has pushed the military forces to take initiatives and avoid such incidents in future. Deployment of maritime security solutions is one of such initiatives.
Vendors working in the global maritime security market are pouring efforts to advance maritime safety solutions and services. These efforts are helping companies engaged in the shipping and transport business to protect themselves from unethical and illegal acts and threats. As a result, the market for maritime security is witnessing stupendous expansion opportunities.
However, some factors are restraining the growth of the global maritime security market. Ungoverned marine regions and need of uniform standards for maritime safety technologies and solutions are some of the key factors obstructing the market growth.
Global Maritime Security Market: Notable Development and Competitive Analysis
The global maritime security market is moderately fragmented in nature. Presence of considerable number of well-established players shows that the competitive landscape of the market for maritime security is highly intense. Vendors in the market for maritime security are executing numerous tactics to maintain their prominent market position.
Several players are focused on research and development activities to advance their products. A case in point here is recent successful test performed by SAAB Group. The firm stated that it has successfully completed tests on Saab Lightweight Torpedo, which is the firm’s anti-submarine warfare solution. In this work, the firm collaborated with Swedish Armed Forces and Swedish Defence Materiel Administration (FMV). This move indicates that the global maritime security market is expanding at rapid pace.
The list of key players in the global maritime security market includes:
- Thales Group
- SAAB Group
- Elbit Systems Ltd
- Northrop Grumman Corporation
- BAE Systems Inc.
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Global Maritime Security Market: Regional Assessment
The global maritime security market is spread across five key regions, namely, Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Of them, Asia Pacific is one of the lucrative regions of the market for maritime security. One of the key reasons stimulating market growth in this region is increased use of marine route for transportation of goods in the Indian Ocean and the Arabian Sea. Apart from this, growing instances of sea-crimes in the region will boost the market growth in the upcoming period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.