Maritime Security Market will Grow Steadily at 6%, Owing to the Rising International Trade by Sea, Says Technavio
December 02 2016 - 2:43PM
Business Wire
The global maritime security market is expected grow at a
CAGR over 6% during the forecast period, according to Technavio’s
latest report.
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Technavio publishes a new market research
report on the global maritime security market from 2016-2020.
(Graphic: Business Wire)
In this report, Technavio covers the market outlook and
growth prospects of the global maritime security market for
2016-2020. In this report, Technavio has estimated the market size
and forecast of the global maritime security market across
geography.
“More than 80% of world trade is carried by the international
shipping industry. It is difficult to estimate the value of
seaborne trade in terms of revenue as values for trade are
estimated in terms of tons or ton-miles. The shipping industry has
been experiencing a trend of increasing total trade volume since
2010. One of the most compelling developments in the global economy
since World War II has been the massive growth in international
trade,” says Ishmeet Kaur, a lead IT security research
expert from Technavio.
Request a sample report:
http://www.technavio.com/request-a-sample?report=54608
Technavio’s sample reports are free of charge and contain
multiple sections of the report including the market size and
forecast, drivers, challenges, trends, and more.
Technavio’s research study segments the global maritime security
market into the following regions:
- APAC
- Europe
- MEA
- North America
- South America
In 2015, North America dominated the global maritime security
market with a share of 34.48%. It was followed by Europe with
26.45%, APAC with 18.57%, South America with 11.73%, and MEA with
8.77%.
North America: largest market for maritime security
With an increase in the number of criminal activities such as
the 9/11 terrorist attack, the US government has raised the budget
on the deployment of defense and security systems in the country.
Moreover, the US has enabled more effective intelligence operations
against evolving terrorist threats. Marine threats such as illegal
immigration, smuggling, cargo thefts, and human trafficking have
necessitated an improvement in the maritime budgets. In addition,
the September 11 attacks compelled the Americas to enforce laws
that ensure smooth commercial activities by sea.
Maritime security standards in the US strictly follow Safety of
Life at Sea (SOLAS) and International Ship and Port Facility
Security (ISPS) code for safe international trade by the sea.
Several governmental bodies such as International Maritime
Organization (IMO), Federal Maritime Commission (FMC), and United
States Coast Guard and Department of Homeland Security are
contributing to the adoption of maritime security in North
America.
International trade in Europe fueling the maritime security
market
Most the international trade in Europe is seaborne, which has
become one of the effective channels for economic development. In
2010, 104,049 people illegally crossed the European border. This
rise in the number of illegal immigrants has also led to increased
investments in the maritime security market. The regional and
international regulations such as the U.K. National Strategy for
Maritime Security, EU Maritime Security Strategy Action Plan, and
International Maritime Organization in Europe are contributing to
the increased adoption of maritime security in the region. This
also helps in maintaining co-ordination between international
traders on sea routes.
APAC to post a CAGR of close to 9% during the period
2016-2020
Emerging markets such as China, South Korea, India, and Japan
are continuously increasing their defense budgets year-over-year to
strengthen their national security. India has been the leading
defense importer in the world since 2013. China's defense budget
also recorded an increase of 12.2% year-over-year in 2014. Vietnam,
which has territorial disputes with China, increased its defense
expenditure by 9.6%. Australia increased its defense spending by
6.7%, South Korea by 2.3%, and India by 1.8% in the same year.
“The demand for advanced technologies in maritime security is
continuously increasing due to the rise of illegal activities and
sea and underwater threats. The Mumbai attacks in India in November
2011 led maritime security agencies across the world to modernize
their equipment,” asserts Ishmeet.
The top vendors in the global maritime security market
highlighted in the report are:
- BAE Systems
- Elbit Systems
- FLIR Systems
- Harris
- Northrop Grumman
- Raytheon
- SAAB
Browse Related Reports:
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worry, Technavio also takes client requests. Please contact
enquiry@technavio.com with your requirements and our
analysts will be happy to create a customized report just for
you.
About Technavio
Technavio is a leading global technology research and
advisory company. The company develops over 2000 pieces of research
every year, covering more than 500 technologies across 80
countries. Technavio has about 300 analysts globally who specialize
in customized consulting and business research assignments across
the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of
bottom-up and top-down approaches, besides using in-house market
modeling tools and proprietary databases. They corroborate this
data with the data obtained from various market participants and
stakeholders across the value chain, including vendors, service
providers, distributors, re-sellers, and end-users.
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 630 333 9501UK: +44 208 123 1770www.technavio.com