SAN FRANCISCO, Oct. 20, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Maritime Security - Global Market Trajectory & Analytics." The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: April 2021
Executive Pool: 5969
Companies: 20 - Players covered include BAE Systems PLC; Boeing Company, The; Elbit Systems Ltd.; Enterprise Control Systems Ltd. (ECS); FLIR Systems, Inc.; Harris Corporation; Kelvin Hughes Ltd.; Klein Marine Systems, Inc.; Kongsberg Gruppen ASA; Northrop Grumman Corporation; Raytheon Company; SAAB AB; Safran; Signalis; Terma A/S; Thales Group; Ultra Electronics and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Military, Government Agencies, Coast Guards, Other End-Uses); Segment (Screening and Scanning, Communications, Surveillance and Tracking, Detectors, Other Segments)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Maritime Security Market to Reach $25.9 Billion by 2026
Amid the COVID-19 crisis, the global market for Maritime Security estimated at US$18.5 Billion in the year 2020, is projected to reach a revised size of US$25.9 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Screening and Scanning, one of the segments analyzed in the report, is projected to record a 5.3% CAGR and reach US$7.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Communications segment is readjusted to a revised 4.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $5.9 Billion in 2021, While China is Forecast to Reach $4.6 Billion by 2026
The Maritime Security market in the U.S. is estimated at US$5.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.6 Billion by the year 2026 trailing a CAGR of 5.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.2% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR.
Surveillance and Tracking Segment to Reach US$11.3 Billion by the year 2026
In the global Surveillance and Tracking segment, USA, Canada, Japan, China and Europe will drive the 6.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6.3 Billion in the year 2020 will reach a projected size of US$9.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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