What Does the Historical and Current Maritime Safety System Market Size Trend Indicate?
The maritime safety system market has seen considerable growth due to a variety of factors.
• The market size for maritime safety systems has experienced robust expansion in the past few years. This market is projected to increase from $20.82 billion in 2024 to $22.04 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.9%.
This significant growth in the historical period is due to factors such as international maritime laws, the expansion of global shipping, maritime mishaps, increasing worries about piracy, and environmental protection.
How Will the Maritime Safety System Market Size Evolve over the Forecast Period?
The maritime safety system market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate that the maritime safety system market will experience consistent growth over the coming years, with its value expected to hit $26.29 billion by 2029, amassing a compound annual growth rate (CAGR) of 4.5%.
The anticipated expansion during the forecast period is linked to numerous factors including infrastructure investments in ports, the evolution of autonomous vessels, partnerships with coastal authorities, insurance requisites, and heightened security concerns in maritime activities. Key trends anticipated during the forecasted period consist of the digitization of maritime procedures, incorporation of artificial intelligence, remote tracking and telematics, digital duplicates for ship safety, satellite-enabled communication, and the automation of emergency responses.
Which Factors Are Boosting Growth In The Maritime Safety System Market?
The maritime safety system market is set to experience growth, driven by the expanding maritime trade and transportation sector. This expansion can be attributed to the enhanced prosperity of consumers, resulting in higher production levels. Maritime trade and transportation allow manufacturers to stay competitive due to reduced emissions on lengthy voyages. Additionally, sea transport can move more products in one journey, making it a cheaper and less polluting alternative for long-distance freight transportation. In particular, the United Nations Conference on Trade and Development (UNCTAD), a UN agency based in Switzerland, predicts maritime trade volume will see a growth of 2.4 per cent in July 2023. Despite a 3.7 per cent drop in containerized trade, measured in metric tons, in 2022, UNCTAD forecasts a rise of 1.2 per cent in 2023 and an increase of more than 3 per cent between 2024 and 2028. Also, oil and gas trade volumes saw good annual increases, with rates of 6 per cent and 4.6 per cent, respectively, in 2022. Thus, the growing maritime trade and transportation sector is expected to fuel the maritime safety system market's development.
What Key Areas Define The Segmentation Of The Global Maritime Safety System Market?
The maritime safety system market covered in this report is segmented –
1) By System: Ship Security Reporting System, Automatic Identification System (AIS), Global Maritime Distress Safety System (GMDSS), Long Range Tracking and Identification (LRIT) System, Vessel Monitoring and Management System, Other Systems
2) By Application: Loss prevention and detection, Security management, Counter piracy, Coastal monitoring, Safety of ship, Pollution Prevention and Response (PPR) management
3) By End User: Government Institutions, Oil & Gas, Marine & construction, Shipping & Transportation, Cargos & containers, Other End-Users
Subsegments:
1) By Ship Security Reporting System: Real-time Ship Reporting, Incident Reporting
2) By Automatic Identification System (AIS): Class A (AIS), Class B AIS
3) By Global Maritime Distress Safety System (GMDSS): Search and Rescue Equipment, Emergency Position Indicating Radio Beacons (EPIRB), Maritime Safety Information (MSI)
4) By Long Range Tracking and Identification (LRIT) System: Satellite-based Tracking, Coastal Tracking
5) By Vessel Monitoring and Management System: Fleet Management, Navigation Systems
6) By Other Systems: Radar Systems, Surveillance Systems, Communication Systems
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How Are Emerging Trends Reshaping The Dynamics Of The Maritime Safety System Market?
Top businesses in the marine safety system market, including producers like SeaDrone Inc., are adopting innovative strategies such as the creation of single-man portable subsea ROVs to capture a larger market share, boost sales, and enhance revenue generation. These underwater miniature vehicles, which can be remotely controlled, have been designed for activities such as maintenance and inspections in underwater conditions that may be challenging for humans to manoeuvre. To exemplify, SeaDrone Inc., a renowned US-based sub-sea inspection solution provider, launched the SeaDrone MINI in June 2023. A unique characteristic of this product is its sophistication and versatility; it is a professional-grade ROV designed for use by individuals with diverse experience levels. Equipped with four 96-Wh batteries, the MINI ROV is also compatible with airline transport. Its operation time can be extended indefinitely by employing a 400-W hybrid surface power system. The standard model has several impressive features, including a wide-angle video camera capable of taking 12-megapixel photographs and recording videos in the 1080/30p H.264 format. Additional features are depth and AHRS sensors that ensure the automatic control of depth, heading, roll, and pitch, regardless of the control mode. With the inbuilt GPS function, users can easily mark landmarks and geotag photos and videos.
Who Are the Key Players in the Maritime Safety System Market?
Major companies operating in the maritime safety system market include:
• Anschutz GmbH
• Honeywell International Inc.
• Elbit Systems Ltd.
• Saab AB
• OSI Maritime Systems Ltd.
• BAE Systems plc
• Thales Group
• Smiths Group plc
• Northrop Grumman Corporation
• Westminster Group Plc
• L3Harris Technologies Inc.
• Kongsberg Gruppen ASA
• Leonardo S.p.a.
• Atlas Elektronik GmbH
• Airbus SE
• Terma Group AS
• Nuctech Company Ltd.
• ARES Security Corporation
• Rolta India Ltd.
• HALO Maritime Defense Systems Inc.
• Lockheed Martin Corporation
• General Dynamics Corporation
• Harris Corporation
• Safran S.A.
• FLIR Systems Inc.
• Garmin Ltd.
• Furuno Electric Co. Ltd.
• Japan Radio Co. Ltd.
• Wärtsilä Corporation
• Signalis SA
• SRT Marine Systems PLC
• Consilium Strategic Communications Ltd.
• MarineGuard Systems Ltd.
• Martek Marine Ltd.
• HENSOLDT UK
What Is The Most Dominant Region In The Maritime Safety System Market?
Asia-Pacific was the largest region in the maritime safety system market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the maritime safety system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
