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Maritime Safety Market by Technology & Systems, Service, Category, and Region - Global Forecast to 2021

Maritime Safety Market: Global Forecast until 2021

  • November 2016
  • 182 pages
  • ID: 4407699
In this report:
According to the World Trade Organization (WTO), as of 2016, though sluggish, the volume growth of world trade is expected to be at ##.##%, and should rise to ##.##% in 2017, eventually leading to increased transglobal shipping and freight, thereby fueling the demand for maritime safety systems and solutions.

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"An growing need to safeguard acts of piracy and terrorism will drive the maritime safety market"

The maritime safety market size is forecasted to grow from ~$16.7B in 2016 to ~$23.7B by 2021, at an estimated Compound Annual Rise rate of 7.20 percent. The maritime safety market is influenced by Elements such as rising maritime awareness, growing number of incidents pertaining to piracy & terrorism, and compliance to regulatory standards & guidelines. Nevertheless, the presence of ungoverned marine regions together with lack of uniform standards of maritime technologies and solutions limit the rise of maritime safety market.

"The detectors segment is anticipated to increase at topmost cagr during the estimate period"

The detectors technology and systems segment is forecasted to grow at the maximal compound annual growth rate (CAGR) during the outlook period, due to the increased adoption of laser range finders for navigational purposes over the traditional systems. Surveillance and tracking systems will have the biggest sector size in 2016 for maintaining a safe and efficient marine working environment. Furthermore, the emergence of advanced and accurate detection & tracking technologies including the Automatic Identification Systems, Radio-Frequency Identification and Global Positioning System for the vessel, personnel, and asset tracking has further boosted the market increase.

"The risk assessment and investigation services segment is anticipated to rise at topmost cagr during the estimate period"

Marine transport and shipping companies are steadily increasing their partnerships with security service providers in order to deploy the maritime safety solutions across their overall operations, thereby driving the industry demand for outsourced security services during the outlook period. The risk assessment and investigation services are estimated to grow at the highest CAGR (Compound annual growth rate) from 2016 to 2021. Such services play a critical part across the maritime sector for safeguarding human life, the maritime domain, the vessel, and its cargo.

"Asia Pacific (APAC) is intended to have the maximum growth rate during the estimate period"

Asia-Pacific includes emerging economies, such as china (CN), Japan (JP), and India (IN), together with territories from the Southeast Asia which are quickly transforming into maritime transport hubs for transglobal travel and shipping activities. Asia-Pac is anticipated to grow at the highest compound annual growth rate (CAGR) during the outlook period. This is primarily due to the growing adoption of frieght and public transport by sea together with rising incidents of piracy and terrorism in the territory. Additionally, North America continent is forecasted to have the biggest industry size in 2016.

Comprehensive interviews were managed with CEOs, marketing directors, other innovation & technology directors, and executives from numerous main institutions operating in the maritime safety market place.

- By Company Type: Tier 1: 55.0 percent, Tier 2: 20.0 percent, Tier 3: 25.0 percent

- By Designation: C-Level: 60.0 percent, Director Level: 25.0 percent, Others: 15.0 percent

- By area: North america (NA): 15.0 percent, Europe: 25.0 percent, APAC: 30.0 percent, Latin America: 20.0 percent, MEA: 10.0 percent

The market research includes the study of top players offering maritime safety solutions including BAE Systems PLC, Honeywell (NYSE:HON), Northrop Grumman (NYSE:NOC), Raytheon Anschütz GmbH, Saab Group, Elbit Systems (NASDAQ:ESLT), Harris (NYSE:HRS), Kongsberg Gruppen ASA, Leonardo-Finmeccanica, and Signalis SA.

Segment Research

The industry report offers a picture on maritime safety solutions and associated services across various industry verticals and territories. It aims at evaluating the market value and upcoming growth potential of this market across distinct segments including technology & systems, service, category, and localities. Moreover, the study also comprises a detailed competitive analysis of the top players in the sector together with their company descriptions, SWOT study, recent evolutions, and key industries strategies.

Main highlights

The analysis will facilitate the market top players/new sector entrants in this sector by providing them the closest approximations of the revenue numbers for the global maritime safety market and sub-segments. This industry report will facilitate partners to better find out the competitor overview, gain additional insights to position their businesses better, and to make suitable go-to-market approaches. The market research also benefits the partners comprehend the pulse of the sector and offers them information on main market drivers, market restraints, opportunities, and alternatives.

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