Global maritime security market is estimated to be valued at USD 24.90 Bn in 2024 and is expected to reach USD 40.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

Report Description:

Maritime security has become increasingly important due to rise in piracy, terrorism, and other threats at sea. As more cargo and energy supplies are transported through ocean routes, nations require advanced measures to monitor their waters and respond to incidents.  This is expected to drive the maritime security market growth as modern technologies, vessels, and coordination systems are required to effectively secure coastlines and international shipping lanes. From radar and surveillance drones to maritime patrol aircraft and naval vessels armed with the latest technologies, securing the world's oceans is a complex and resource-intensive challenge that more countries are allocating significant budgets towards.

Market Dynamics:

Global maritime security market growth is driven by rising geopolitical tensions at sea between nations, growing terrorism and piracy threats targeting commercial shipping, and increasing importance of sea routes for trade and resource transport. Modern maritime security systems allow for enhanced domain awareness, early detection of threats, and rapid incident response. However, high equipment and maintenance costs hampers the market growth. Growing investments in coast guard and naval modernization programs by emerging economies provide opportunities for vendors to expand. Furthermore, integration of latest technologies like artificial intelligence, big data analytics, and cyber solutions into maritime domain awareness platforms could unlock new avenues for market players.

Key features of the study:

- This report provides in-depth analysis of the global maritime security market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global maritime security market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include BAE Systems PLC, Elbit Systems, Honeywell, Leonardo, Northrop Grumman, OSI Systems Inc., Raytheon Anschutz, Smiths Group PLC, Thales Group, Westminster Group, SAAB AB, Leonardo S.p.A , Terma AS , Nuctech Company Limited

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- Global maritime security market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global maritime security market

Market Segmentation

• By Component
• • Hardware
  • Software
  • Services
• By Technology
• • Screening and Scanning
  • Communications
  • Surveillance and Tracking Detectors
  • Other Technologies
• By Type
• • Port and Critical Infrastructure Security
  • Vessel Security
  • Coastal Surveillance
• By Regional
• • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
• Key Players
  • BAE Systems PLC
  • Elbit Systems
  • Honeywell
  • Leonardo
  • Northrop Grumman
  • OSI Systems Inc.
  • Raytheon Anschutz
  • Smiths Group PLC
  • Thales Group
  • Westminster Group
  • SAAB AB
  • Leonardo S.p.A
  • Terma AS
  • Nuctech Company Limited