Global Maritime Safety Market Report Trends and Future Forecast Until 2024-2032

Maritime Safety Market Size And Forecast

Maritime Safety Market size was valued at USD 28.54 Billion in 2024 and is projected to reach USD 49.1 Billion by 2031, growing at a CAGR of 7.74% from 2024 to 2031.

• Maritime safety refers to the solutions and services practiced to safeguard the cargo, ships, crew members, and passengers. It also encompasses a wide range of activities including navigation safety, cargo safety, environmental safety, and occupational safety.
• Maritime safety is projected to play a pivotal role in national economy as majority of the trading occurs through the sea.
• International Convention for the Safety of Life at Sea (SOLAS) is known to regulate maritime safety by setting up minimum standards for the operation of ships, construction, and equipment as well as certification of the seafarers.
• Moreover, the flag states and port states also are entitled to comply with SOLAS thereby enforcing the vitality of the maritime safety regulations.
• Along with this international regulation, there are regional organizations including the United States Coast Guard and the European Maritime Safety Agency. That promote in developing and enforcing the safety measures, training, and conducting research.

Global Maritime Safety Market Dynamics

Key Drivers:

• International Maritime Regulations and Standards: Organizations such as the International Maritime Organization (IMO) set standards for maritime safety technologies. These regulatory standards are major factors compelling shipping companies to adopt and invest in maritime safety solutions.
• Growing Shipping and Trade Activities: Growing trading activities is increasing maritime traffic, thereby spurring the demand for maritime safety solutions to ensure the safety of crew, vessels, and cargo.
• Demand for Real-Time Navigation Data: Penetration of advanced navigation technologies such as radar systems, GPS, and electronic chart display and information systems (ECDIS) is likely to boost the adoption of maritime safety by offering accurate and real-time data. This technology basically emphasizes avoiding collision as well as improving navigation.
• Rising Incidences of Security Threats: Ensuring the safety of the crew members, cargo, and port security is contributing to the adoption of maritime safety solutions. Also, the high requirement of surveillance and security measures at the national borders has led to a heightened focus on safety solutions.
• Rising Environmental Concerns: Increasing incidences of oil spills, emissions, and other wastes in the seas are projected to contribute to the adoption of maritime safety measures in compliance with environmental regulations.
• Safety of Crew Welfare: Investments in maritime safety solutions are increasing owing to the need to ensure crew and passenger safety. Therefore, the shipping companies and the government both invest in safety solutions offering better growth prospects.
• Continuously Climatic Conditions: Demand for maritime safety is projected to rise owing to the constantly changing climatic conditions. This is likely to expand the maritime safety market.
• Offshore Energy Safety: Rising demand for the safety of offshore oil and gas is anticipated to create large opportunities for safety measures.

Key Challenges:

The maritime safety market is facing a number of challenges and restraints including:

• High Implementation Cost: High installation costs and constant requirement of maintenance pose a barrier for market growth.
• Lack of Maritime Safety Standard Enforcement: Lack of awareness about maritime safety standards in few regions is projected to have a huge impact on the market growth.
• Cybersecurity Threats: Rising incidences of cybersecurity will have a huge impact on the operations of maritime safety solutions. Thus, cyberattacks is estimated to restrain the market growth.

Key Opportunities:

• Integration of advanced information and communication technologies such as AI and IoT in maritime safety is projected to enhance the real-time flow of data and security.
• The growing presence of integrated solutions such as advanced vessel traffic services (VTS), Closed Circuit Television (CCTV), Radar, and others enable detailed data analysis for preventing threats. These technologies are contributing to the sales of maritime safety solutions.

Key Trends:

• The ongoing trend of tourism and traveling across the globe is increasing the risks of travelers as well as national security. Thereby, surging the demand for adopting security measures at the sea.
• Furthermore, increasing shipping and trading activities along with water-route tourism is increasing the need for implementation of safety solutions. These activities are likely to steer the sales of maritime safety technologies in the coming years.

Global Maritime Safety Market Regional Analysis

Asia Pacific

• Asia Pacific is estimated to account for the largest market share. The growth is primarily due to the increasing trading activities in the region.
• In addition to this, growing investments in the terminal and port developments offer higher scope for application of security and surveillance systems, projecting to growth in the market.
• National security threats in countries like India is increasing demand for security systems to track down illegal activities and alarming activities. The introduction of such systems is likely to create lucrative opportunities for the market.

North America

• Growing global trading activities, especially the importing of goods, in the developed country such as the U.S. is driving the market in the region.
• Also, the backing of the naval security system by the government is projected to tighten the regulations surrounding the trading activities. Thereby, providing a larger spectrum for the expansion of maritime safety market.

Global Maritime Safety Market Segmentation Analysis

The Global Maritime Safety Market is segmented on the basis of Technology, Service, End-User, And Geography.

Maritime Safety Market, By Technology

• Surveillance & Tracking
• Detectors
• Geographic Information System (GIS)
• Communication
• Supervisory Control and Data Acquisition
• Others

Based on Technology, The market is bifurcated into Surveillance & Tracking, Detectors, , Communication, Supervisory Control and Data Acquisition, and Others. The Detectors technology segment is anticipated to witness the highest CAGR for the forecast period. However, the Surveillance & Tracking segment is also expected to grow at a significant rate due to the rising demand for video and underwater surveillance technologies and systems from the segment. The need for Surveillance & Tracking systems is anticipated to be high in regions such as Latin America, West Africa, and the Caribbean, where the incidents of robbery and pirate attacks have increased over the last few years.

Maritime Safety Market, By Service

• Maintenance And Support
• Training
• Consulting
• Risk Assessment And Investigation
• Others

Based on Service, The market is bifurcated into Maintenance and support, Training, Consulting, Risk assessment and investigation, and Others. The Risk assessment and investigation segment is estimated to witness the highest CAGR for the forecast period. In a dangerous work environment, the management of operational risks is a necessity for preventing accidents and incidents. Moreover, the Maintenance and support segment is also expected to grow at a significant rate during the forecast period.

Maritime Safety Market, By End-User

• Military
• Government Agencies
• Coast Guards
• Others

Based on End-User, The market is bifurcated into Military, Government Agencies, Coast Guards, and Others. The Military segment is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to the growth of the segment are associated with the increasing need for maritime safety for preventing accidents and incidents. Moreover, the Coast Guard segment is also expected to grow at a significant rate during the forecast period.

Maritime Safety Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global Maritime Safety Market is classified into North America, Europe, Asia Pacific, and the Rest of the world.

Key Players

The “Global Maritime Safety Market” study report will provide valuable insight with an emphasis on the global market including some of the major players are Elbit Systems Ltd., Saab Group, Raytheon Anschütz GmbH, Northrop Grumman Corporation, Honeywell International, Inc., Harris Corporation, BAE Systems PLC, Kongsberg Gruppen ASA, Leonardo-Finmeccanica, Signalis SA. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2021, Leonardo acquired a 30% stake in GEM Elettronica. This acquisition helped Leonardo enhance the sales and business across the globe.
• In October, Thales signed a partnership agreement with CS Group with the goal of providing advanced navigation system to the navy for their application in the surface ships.
• In January 2022, Elbit Systems Sweden signed a contract with the Swedish Defence Material Administration (“FMV”) to provide the Albatross Combat Management Systems (CMS) to the Royal Swedish Navy. This contract is estimated to last for a period of 34 months.

Report Scope

Research Methodology of Market Research:

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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