Maritime Safety System Market

[345 Pages Report] The global market for the maritime safety system market is projected to grow from USD 30.2 billion in 2024 to USD 47.8 billion in 2029, at a CAGR of 9.6% during the forecast period. The maritime safety system market is driven by several factors including, rising need to manage complex supply chain operations and increase sustainability across the marine industry, rising need to create awareness about maritime safety, regulatory compliances and standards, increasing marine trade and freight transport activities.

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Market Dynamics

Driver: Rising need to manage complex supply chain operations and increase sustainability across marine industry

The marine industry must cope with dynamic market conditions and complex processes to operate. The industry is in the surge to implement digital technologies to shipping logistics as an opportunity to streamline operations, create smarter ships and fleets, and better prepare to capitalize on global growth. Global supply chains are rising and becoming more complex as consumer demand increases. The greater need for products, ingredients and raw materials directly transforms into increased environmental impact. In today’s highly competitive market, it’s imperative that marine industries implement new ways to streamline their supply chain management and optimize productivity. Maritime safety system solutions integrated with innovative technologies allows end-users to organize inventory data digitally, monitor and manage shipping and tracking information, and create electronic invoices with ease.

Restraint: Lack of uniform standards to implement security solutions across the marine industry

In the world, there are very few uniform standards for point-to-point control of security on containers, cargoes, vessels, or crews. The IMO is implementing universal and uniform standards and regulations for the security of the vessels, which travel through all the maritime zones under the jurisdiction of different nations, with the crew from different countries. IMO strives to develop policy guidance and coordination between different stakeholders in the maritime sector and different policy areas.

Opportunity: Advent of innovative technologies, such as RFID, GPS, AR, robotics, and Blockchain

In the coming years, smart and intelligent technologies will play a vital role in maritime safety, due to the increasing awareness about safety and security, changing regulations, advanced communication technologies (satellite and radio-based), and integration of technologies and solutions in the maritime domain. Smart container technology is used to track a container, with the use of information exchanged through satellite, Radio Frequency Identification (RFID), or Global Positioning System (GPS), such as communication technologies. Companies are noticing this opportunity and have started container tracking projects. The shipping industry is undergoing a technology revolution. Ports, ships, systems and processes, and allied services are all getting a technological facelift.

Challenge: Growing issues pertaining to piracy

The attacks on ships by pirates have been increasing over the past 15 years. Piracy attacks are less prevalent in the Gulf of Aden and the Indian Ocean than in other West African marine routes. However, these are longer routes and cost more fuel. The additional fuel cost must be borne by the customers. To prevent this, maritime safety must be strengthened in areas where there are major risks of piracy. Certain technologies and solutions can analyze piracy networks. This will assist the countries to identify and arrest individuals involved in maritime piracy.

Maritime Safety System Market Ecosystem

The maritime safety system market ecosystem comprises of solution providers, service providers, end users and regulatory bodies.

By End User, marine & construction segment accounts for the largest market size during the forecast period.

Accidents within marine and construction sectors encompass incidents occurring during construction activities conducted over or near water bodies. The inherent risk associated with working over water is a primary concern, particularly in regions with high construction and renovation activities, where accidents are more prevalent. Marine construction poses elevated risks due to proximity to water and limited access to immediate medical aid, exposing workers to hazardous conditions. These workers often operate under strenuous environments, such as working on platforms that continuously move with water currents, facing risks like fire, explosions, burns, electrical shocks, falling objects, heavy machinery accidents, and falls from heights. Marine & construction encompasses various activities, including oil rig constructions, dredging operations, dock works, underwater infrastructure projects, and many others, often resulting in severe injuries when accidents occur.

By application, monitoring & tracking segment is projected to grow at the highest CAGR during the forecast period.

Monitoring and tracking applications play a crucial role in the maritime safety system market by providing real-time surveillance and location data for vessels, enhancing safety, security, and operational efficiency at sea. Advanced technologies such as AIS (Automatic Identification System) and LRIT (Long-Range Identification and Tracking) enable continuous monitoring of vessel movements, ensuring compliance with regulations, and facilitating swift response to emergencies. For instance, AIS transponders onboard ships broadcast their identity, position, speed, and course information, which is received by coastal stations and satellites, allowing authorities to track and manage vessel traffic effectively. LRIT, on the other hand, provides long-range tracking capabilities for vessels, aiding in search and rescue operations and enhancing maritime domain awareness.

North America to account for the largest market size during the forecast period.

North America is projected to be the leading contributor to the maritime safety market. Maritime security encompasses the protection of vessels, ports, and maritime infrastructure from threats such as terrorism, disruptions, or duplicity. This region boasts numerous ports and a high volume of import and export activities, driving the demand for maritime solutions to enhance regional security. The extensive marine travel and freight activities in developed countries like the US and Canada generate significant revenues for maritime safety solution vendors. Shipping and transportation companies in North America are heavily invested in adopting advanced maritime solutions stemming from research and development and technological innovations within the sector. End-users in this region, such as marinas, yachts, boat dealerships, cargo shipping companies, and fishers, are increasingly adopting maritime safety solutions for their various benefits.

Key Market Players

The major maritime safety system solutions and service providers include Honeywell (US), Thales Group (France), Smiths Group (UK), Elbit Systems (Israel), Northrop Grumman (US), Westminster Group (UK), Raytheon Anschutz (Germany), Saab Group (Sweden), OSI Maritime Systems (Canada), BAE Systems (UK), L3Harris Technologies (US), KONGSBERG (Norway), Leonardo (Italy), ATLAS ELEKTRONIK (Germany), Airbus (Netherlands), Terma Group (Denmark), Nuctech (China), ARES Security (US), Rolta (India), HALO Maritime Defense Systems ( US), HudsonAnalytix (US), Consilium ( Sweden), Maindeck (Norway), Captain's Eye (Israel), ioCurrents (US), Harbor Lab (Greece), Smart Ship Hub (Singapore), SailRouter (Netherlands), Orca AI (England), Anduril Industries (US), PierSight (India) and EyeROV (India). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the maritime safety system market.

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Scope of the Report

This research report categorizes the maritime safety system market based on offering (Solutions & Services), security type, system, application, end user and region.

Offering:

• Solutions
• Services
  • Professional Services
    • Training & Consulting
    • Risk Assessment & Investigation
    • Support & Maintenance
  • Managed Services

By Security Type:

• Port & Critical infrastructure Security
• Coastal Security
• Vessel Security
• Crew Security
• Cargoes and containers Safety
• Ship system and equipment (SSE) Safety
• Other Security Types

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

By Application:

• Loss prevention &detection
• Security & Safety Management
• Counter piracy
• Monitoring & Tracking
• Environment Protection
• Search & Rescue
• Communication Management
• Other Applications

By End User:

• Government & Defense
• Marine & Construction
• Oil & Gas
• Shipping & Transportation
  • Shipping Companies
  • Ship Crews
  • Passengers & Cargo Owners

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Recent Developments:

• In December 2023, Honeywell announced the acquisition of SCADAfence, a prominent provider of cybersecurity solutions for monitoring large-scale OT and IoT networks. SCADAfence's expertise lies in asset discovery, threat detection, and security governance, all vital for bolstering cybersecurity in industrial and building management programs.
• In October 2023, Smith’s Detection unveiled the HI-SCAN 7555 DV, a dual-view X-ray scanner featuring enhanced capabilities. This scanner offers superior image quality, automatic explosives detection, and a compact footprint, making it ideal for efficient screening in high-threat applications.
• In September 2023, OSI Maritime Systems (OSI) announced the finalization of a Long-Term Partnership Agreement (LTPA) with PGZ Stocznia Wojenna Shipyard (PGZ SW). Under this agreement, OSI will be PGZ SW's preferred partner for all new-build and retrofit WECDIS-based navigation systems in the Polish Navy.
• In August 2023, Anschütz enhanced the capabilities of its Electronic Chart Display and Information System (ECDIS) with customized functions to support safe and efficient operations for offshore and research vessels, as well as for blue and grey forces.
• In March 2023, The partnership between Anschütz and StormGeo, a prominent provider of weather intelligence and decision-support solutions in the shipping industry and part of Alfa Laval, signifies a move toward fully paperless ship governance.
• In January 2023, Anschütz launched the NautoPilot 5000NX, a new autopilot for ships featuring a 7-inch graphical touchscreen that clearly displays all navigational information. With intuitive operation, crews can access heading, course, and track control steering modes easily.

Frequently Asked Questions (FAQ):

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