PUBLISHER: Orion Market Research | PRODUCT CODE: 1159319
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159319
Global Maritime Safety System Market Size, Share & Trends Analysis Report by Security Type (Port & Critical Infrastructure Security, Coastal Surveillance, Crew Security, Vessel, Cargoes & Containers Safety, Ship System & Equipment (SSE) Safety, and Other Security Type), by Application (Loss Prevention & Detection, Security Management, Counter-Piracy, and Coastal Monitoring), and by System (Ship Security Reporting System, Automatic Identification System, Global Maritime Distress Safety System (GMDSS), Long Range Tracking & Identification (LRIT) System, Vessel Monitoring & Management System, and Other Systems) Forecast (2022-2028)
The global maritime safety system market is anticipated to grow at a substantial CAGR of 6.7% during the forecast period. The major factor that drives the global maritime safety system market includes the growing 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 protection, sea marshals, and semaphore techniques. However, technological expansion over the last couple of decades has brought in the integration of advanced technologies, such as radio and satellite communication systems, creative detection techniques, and real-time onshore and submarine surveillance.
The global maritime safety system market is segmented based on the security type, application and. Based on the security type, the market is segmented into port & critical infrastructure security, coastal surveillance, crew security, vessel, cargoes & containers safety, ship system & equipment (SSE) safety, and other security types. Based on the application, the market is sub-segmented into loss prevention & detection, security management, counter-piracy, and coastal monitoring. Based on the system, the market is sub-segmented into the ship security reporting system, automatic identification system, global maritime distress safety system (GMDSS), long-range tracking & identification (LRIT) system, vessel monitoring & management system, and other systems. Among these coastal monitoring is expected to grow during the forecast period as it involves collecting a combination of data in the coastal environment. Long-term monitoring builds up an evidence base to assist to understand coastal processes and determine where the risks, opportunities, and consequences are in coastal management.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North America region is anticipated to hold a prominent share in the global maritime safety system market as maritime safety solutions and services are favorably effective in various organizations and verticals due to the increasing demand to deliver superior and advanced technology for the detection of different hazards and communication with all the available officials across the maritime sector.
The major companies serving the global maritime safety system market include THALES group, Smith's Group plc, Westminster Group Plc, OSI MARITIME SYSTEMS, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, the Coast Guard Administration (CGA) of Taiwan announced a new project for the replacement of 23 aging coastal radar stations in eastern and southern Taiwan and on the outlying Islands. The overhaul of radar systems is expected to improve the monitoring capabilities of Taiwan's coastal radars. The project is anticipated to start in 2022 and run through 2024.
Research Methodology
The market study of the global maritime safety system market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: