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.
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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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.
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.
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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.
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