Maritime Security Market Bonded To A Striking Growth By 2021


Posted January 5, 2021 by nita01

Global Maritime Security Market Research Report - Forecast to 2021” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2021.
 
Maritime Security Market – Market Overview

Maritime security agencies protect the nation from various threats such as smuggling, drug trafficking, piracy, human trafficking, and maritime terrorism. These agencies provide port facility and vessel security.

The increase in terrorism through sea routes such as the 2008 attack on Mumbai and the rise of piracy in Gulf of Aden have raised concerns regarding port security. This had also led to the modernization of weapons and equipment used by security agencies around the world.

The demand for various modern equipment in maritime security is increasing due to the increase in number of illegal immigrants around the world. This has resulted in an increased demand for automated systems such as EO detection systems, underwater acoustic weapon systems, electronic fence, MIRA Autonomous Control Equipment (MACE), and integrated security system. In addition, there has been significant growth in demand for small satellites that are used to monitor merchant ships. These provide images and videos from less than 3-16 feet. These are also cost effective and are used for deriving environmental data.

The growing defense budget across various nations has led to an increase in R&D investments as well as an increase in number of contracts for maritime security systems. Vendors are focusing on providing better surveillance systems, communication systems, upgraded weapons, stealth UUVs, sensors, and underwater contraband threats. The market has also witnessed the shift towards unmanned surface vessel (USVs), which are cost effective and fully autonomous.

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Maritime Security Market – Competitive Analysis

The global maritime security market is highly competitive. Vendors compete based on cost, quality, reliability, and aftermarket services. To survive and succeed in such an intensely competitive environment, it is crucial for the vendors to provide cost-effective and high-quality services.

Vendors have to focus on global footprint network, in house manufacturing capabilities, product offerings, investment in R&D, and a strong client base, to gain an edge over competitors. Global economic recovery, R&D, and investments by the vendors provide opportunities for defense industry players to compete and grow.

New strategies adopted by the aerospace industry to achieve greater efficiency and reduced costs are increasing OEM's dependence on tier 1 suppliers. Big players such as Boeing and Airbus focus more on integration and less on internal production capability. These vendors are working toward a business model, where they would need to work with fewer tier 1 suppliers and decreasing direct interactions with tier 2 and tier 3 suppliers.

Key Players:

The leading market players in the global Maritime Security market primarily include Boeing, Israel Aerospace Industries, Raytheon, Thales, Northrop Grumman, Lockheed Martin, GE Aviation, SpaceX and ViaSat.
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Tags Maritime Security Market
Last Updated January 5, 2021