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Global maritime safety market estimated to grow at a CAGR of 7.7% by 2024

Global maritime safety market estimated to grow at a CAGR of 7.7% by 2024

Maritime safety is referred to be the mission of United States coast guard. Coast guard investigates maritime incidents, merchant vessels, offshore drilling units and maritime facilities.

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The Global Maritime Safety Market accounted for USD 17.3 billion in 2016 growing at a CAGR of 7.7% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Market Definition: Global Maritime Safety Market

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Apart from these coast guards are also responsible for licensing mariners, documenting U.S. flagged vessels, and implementing a variety of safety programs.

Maritime safety awareness, and regulatory compliances and standards may act as the major driver in the growth of marine safety. On the other side, absence of uniform standards of technologies and solutions may hamper the market.

Major market drivers & restraints:

  • Maritime safety awareness
  • Regulatory compliances and standards
  • Rising trade and freight transport activities by sea
  • Ungoverned marine regions
  • Absence of uniform standards of technologies and solutions
  • Transnational organized crime (TOC)

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The global maritime safety market is segmented on the basis of technologies and systems into screening and scanning, access control, detectors, geographic information system, surveillance and tracking, weather monitoring, SCADA, communication, and others. The access control segment is further sub segmented into biometrics, and identification card.

The detectors segment is further sub segmented into RFID tags, CARNE/HAZMAT detection, and laser range finder. The surveillance and tracking segment is further sub segmented into underwater surveillance, video surveillance, automatic identification system, long-range identification and tracking (LRIT), radar, optronics, and thermal imaging.

The communication segment is further sub segmented into satellite-based, and radio-based. The others segment is further sub segmented into long range acoustic device, e-navigation, charts, network security, cyber security, and intruder alarms.

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On the basis of services, the global maritime safety market is segmented into training, risk assessment and investigation, maintenance and support, consulting, and others. The others segment is further sub segmented into loss prevention, security management, counter piracy, kidnap, and response consultancy.

On the basis of categories, the global maritime safety market is segmented into port and critical infrastructure security, vessel security, and coastal surveillance.

On the basis of geography, the global maritime safety market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

In 2017, North America is expected to dominate the market.

Major Market Competitors: Global Maritime Safety Market

Some of the major players of the global maritime safety market are:

  • BAE Systems
  • Elbit Systems Ltd.
  • Harris Corporation
  • Honeywell International Inc.
  • Kongsberg Gruppen ASA
  • Northrop Grumman Corporation
  • Raytheon Anschütz, Saab AB
  • Leonardo – Società per azioni
  • SIGNALIS
  • GRUPO EULEN
  • ABS Group
  • Consilium AB Publ.
  • Vane Brothers
  • SOLAS MARINE SERVICES GROUP
  • Safety Management Systems LLC
  • Siam Global Marine Safety Co., Ltd.
  • Others

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