PUNE, India, November 4, 2016 /PRNewswire/ --
According to a new market research report "Maritime Safety Market by Technology & Systems (Surveillance & Tracking, Detectors, GIS, Communication, SCADA, Screening & Scanning, Access Control, and Weather Monitoring), Service, Category, and Region - Global Forecast to 2021", published by MarketsandMarkets, the market size is estimated to grow from USD 16.71 Billion in 2016 to USD 23.67 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 7.2%.
Browse 93 market data Tables and 60 Figures spread through 246 Pages and in-depth TOC on "Maritime Safety Market"
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Maritime safety solutions safeguard commercial maritime domain from illegal & unethical acts, and threats. Moreover, increasing incidents of piracy and marine terrorism on vessels, ports, and other critical infrastructure is expected to drive market growth over the forecast period.
Surveillance and tracking segment to play a significant role in the Maritime Safety Market
The surveillance and tracking technology segment is expected to have the largest market share and dominate the Maritime Safety Market from 2016 to 2021. End users such as transport and shipping organizations are using advanced surveillance and tracking solutions for better safety and security of the maritime business, which has resulted in the growth of this segment.
Detectors play a key role in changing the maritime safety landscape and is projected to grow at the highest CAGR during the forecast period owing to the emergence of advanced motion and intrusion detection technologies along with Chemical, Biological, Radiological, Nuclear, & Explosive (CBRNE) detectors, Hazardous Materials (HAZMAT) detectors, and laser range finders.
Risk assessment and investigation service is expected to grow the fastest in the Maritime Safety Market
The maritime security services play a vital role in risk assessment, investigation, and training the people involved in maritime security and maintenance of security tools. The maritime security service market is driven by factors such as ungoverned marine regions, increased awareness about the maritime security, and use of advanced & integrated technologies & solutions. The risk assessment and incident investigation service segment is expected to grow with the highest CAGR from 2016 to 2021 in the Maritime Safety Market as it provides an in-depth assessment of existing security arrangements and finds out the threats and vulnerabilities onboard or onshore.
North America expected to contribute the largest market share, whereas APAC is expected to grow the fastest
North America is expected to have the largest market share and dominate the Maritime Safety Market from 2016 to 2021, due to the presence of a developed commercial maritime industry that contributes remarkably to the national economy. APAC offers extensive growth avenues in the maritime safety market, mainly due to extensive expansion of regional port capacities and development of maritime security regimes, particularly in countries such as India, China, and Singapore.
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The major vendors in the Maritime Safety Market include BAE Systems PLC (U.K.), Honeywell International, Inc. (U.S.), Northrop Grumman Corporation (Israel), Raytheon Anschütz GmbH (Germany), Saab Group (Sweden), Elbit Systems Ltd. (Israel), Harris Corporation (U.S.), Kongsberg Gruppen ASA (Norway), Leonardo-Finmeccanica (Italy), and Signalis SA (France).
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