Maritime Safety System Market Predicted to Grow $33.4 Billion by 2026

The global Maritime Safety market size to grow from USD 23.9 billion in 2021 to USD 33.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period.

Northbrook, IL 60062 — (SBWIRE) — 04/14/2022 — According to a research report “Maritime Safety System Market by Component (Solutions & Services), Security Type (Coastal Surveillance, Crew Security), Application (Counter Piracy, Safety of Ships), System (AIS, GMDSS, LRIT System ), End-User and Region – Global Forecast to 2026″ published by MarketsandMarkets, the market for Maritime safety System is projected to grow from USD 23.9 billion in 2021 to USD 33.4 billion by 2026; it is expected to grow at a CAGR of 6.9 % during 2021–2026.

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Maritime safety helps to protect ports and provides coastal surveillance technologies and services to safeguard the interest of a nation and its people against various maritime threats. Maritime safety has become crucial due to the increasing number of maritime threats, piracy, sabotage, unlawful acts, as well as the increasing importance of international trade by sea. Traditionally, maritime safety only involved activities, such as patrol by coast guards and sea marshals, and semaphore techniques. However, technological proliferation over the last couple of decades has brought in the integration of advanced technologies, such as radio and satellite communication systems, innovative detection techniques, and real-time onshore and underwater surveillance.

The Coronavirus disease (COVID-19) triggered a global health and economic crisis with wide-ranging implications for maritime transport and trade. Restrictions introduced in response to the pandemic have caused disruptions, affecting ports, shipping, and supply chains. Many industries faced challenges along their supply chain. Some of these challenges were raw material shortages, lead-time issues, ocean blank sailings, port closures, reduced working hours at ports, equipment and labor shortages, and transport capacity constraints. These obstacles undermine the smooth movement of trade flows and supply chain operations and significantly erode transport services. Governments have both flag and port states, which have issued circulars and other forms of communication on COVID-19. The maritime sector in various countries across different regions has issued several port marine circulars related to COVID-19. After initially announcing that crew changes were suspended, following feedback from the industry and unions, it has established a prescribed process, considering whether the seafarer has served the maximum time on board and no further extension of the employment contract is granted by the flag state.

The long-term impact of the pandemic is yet to be fully understood. All indicators are pointing to significant immediate challenges for the maritime sector. These differ depending on the maritime transport segment (e.g., container, bulk, reefer, tanker). These indicators vary by region, level of development, and the state of prior preparedness to shocks and disruptions. The COVID-19 pandemic has created an unprecedented situation worldwide. To slow the spread of the disease and lessen its impact, governments around the globe have restricted travel and closed borders. Numerous ports and airports have shut, ships have been denied entry, and planes grounded. About 90 percent of global trade is moved by maritime transport. Commercial fishing is a major source of the world’s food. Many seafarers are on board for extended periods. Therefore, to avoid fatigue, crews need to change regularly. This involves some 100,000 seafarers every month. However, because of restrictions due to the COVID-19 pandemic, around 90,000 seafarers are currently stuck onboard cruise ships without passengers and sometimes even without pay. The Maritime Labor Convention 2006 has proved to be a strong and practical instrument that has supported both seafarers and ship owners during this pandemic.

The services segment to hold higher CAGR during the forecast period

Based on components, the solutions segment is expected to account for a larger market share in 2021, while the services segment is expected to grow at a higher CAGR during the forecast period. This can be attributed to the need for determining the time and cost required to install the solution that requires fully-managed maritime safety services. The rising need for maritime safety systems with proven small target detection capability to assist authorities in efficiently monitoring illegal activities, such as drug trafficking, smuggling, illegal immigrants, piracy, illicit fishing, and terrorism, is expected to gain traction in coming years.
The port and critical infrastructure segment is estimated to account for the largest market share
Based on security type, the port and critical infrastructure security type segment is estimated to account for the largest market share in 2021 while the crew security segment is expected to gain traction in coming years. Port and infrastructure security are important aspects of maritime safety because illegal activities (smuggling of goods, narcotics, and human trafficking) are carried out at ports. As a result, specialized weapons with armed guards are used by maritime safety companies to provide security.

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The vessel monitoring and management system based on system is estimated to hold the highest CAGR during the forecast period,

Based on system, vessel monitoring and management system is expected to grow at a rapid pace during the forecast period. The system helps in pinpointing the location of the ships but also helps in the transfer of important weather and environmental data. Due to globalization and diversification, the maritime safety market in North America is continuing to invest heavily in the advancement of its technologies and manufacturing processes, to remain competitive in the market.

The coastal monitoring application segment is expected to hold the largest market size during the forecast period

Based on application, coastal monitoring involves collecting a variety of data in the coastal environment. Long-term monitoring builds up an evidence base to help understand coastal processes and identify where the risks, opportunities, and consequences are in coastal management.
The oil & gas end-user segment is estimated to have the highest market growth rate during the forecast period
The marine & construction segment is expected to account for the largest market share in 2021. The growth of the segment is due to the rising need to provide quick repairs with less downtime and ensure reliable marine services with reduced life cycle costs and enhanced quality. The oil & gas segment is projected to register the highest CAGR during the forecast period due to the increasing need to monitor all safety-relevant equipment on oil rigs.

North America to hold the largest market share during the forecast period

In North America, maritime safety solutions and services are highly effective in most organizations and verticals due to the increasing need to provide superior and advanced technology for the detection of various hazards and communication with all the available officials across the maritime sector. Europe is gradually advancing toward incorporating maritime safety solutions within its market. Asia Pacific is showing a substantial rise in the adoption of maritime safety solutions and services during the forecast period, while Latin America and the Middle East & Africa are slowly picking up maritime safety due to the rising need to identify and eliminate the potential threats, including terrorist attacks, business transactional crimes, environmental damages, illegal immigration, and piracy at the sea.

Key players offering Maritime Safety market are Honeywell (US), Thales Group (France), Smiths Group (UK), Elbit Systems (Israel), Northrop Grumman (US), Westminster Group (UK), Raytheon Anschutz (Germany), Saab Group (Sweden), OSI Maritime Systems (Canada), BAE Systems (UK), L3Harris Technologies (US), KONGSBERG (Norway), Leonardo (Italy), ATLAS ELEKTRONIK (Germany), Airbus (Netherlands), Terma Group (Denmark), Nuctech (China), ARES Security (US), Rolta (India), HALO Maritime Defense Systems ( US), Consilium ( Sweden), Maindeck (Norway), Captains Eye (Israel), FREGATA SPACE (Spain), Nautix Technologies (Denmark), ioCurrents (US), KNL Networks (Finland), Harbor Lab (Greece), Smart Ship Hub (Singapore), YManage360 (India), SailRouter (Netherlands) and HudsonAnalytix (US).

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