Maritime Security Market Overview
The maritime security market was valued at USD 19.1 billion in 2020 and is expected to reach USD 27.56 billion by 2026, by witnessing a CAGR of about 8.1% during the forecast period (2021-2026). The surveillance and tracking segment currently dominate the market and is expected to continue its dominance over the market owing to the increased demand for security in ports, illegal immigration, coastal areas and to track vessels, to protect them from pirates, terrorists, or any hostile attacks. The need for surveillance and tracking systems is expected to be high in regions, like West Africa, Latin America, and the Caribbean.
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Recent Developments in the Maritime Security Market
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Key Highlights of the Maritime Security Market
Maritime Security Market – Geographical Overview
The Asia- Pacific region is expected to witness the highest growth in the maritime security market
The growth is primarily due to robust maritime trade in the region. According to UNCTAD Review of Maritime Transport 2020, approximately 76% of all maritime trade loaded and unloaded in developing regions is accounted from the Asia region. To cater to the maritime trade in the region, investments are being made into the development of new ports as well as terminal expansions. With the robust need for security and surveillance systems, the ports are introducing new perimeter security systems for tracking unidentified goods and materials, automatic alarm in case of an unusual gathering of personnel, tracking alarm of camera tampering, etc.
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List of Key Players in the Maritime Security Market
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Mordor Intelligence has segmented the global maritime security market on the basis of system, type, and geography:
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