Pune, India --- The maritime safety market size is to grow at an estimated CAGR of 7.2% to register from USD 16.71 billion in 2016 to USD 23.67 billion by 2021 propelled by an increasing need to safeguard acts of piracy and terrorism while the risk assessment and investigation services segment is expected to grow at highest CAGR.
The maritime safety market is driven by factors such as increasing maritime awareness, rising number of incidents pertaining to piracy & terrorism, and compliance to regulatory standards & guidelines. However, the presence of ungoverned marine regions along with lack of uniform standards of maritime technologies and solutions limit the growth of maritime safety market.
The detectors technology and systems segment is estimated to grow at the highest CAGR during the forecast period, due to the increased adoption of laser range finders for navigational purposes over the traditional systems. Surveillance and tracking systems will have the largest market size in 2016 for maintaining a safe and efficient marine working environment. Moreover, the emergence of advanced and accurate detection & tracking technologies such as the Automatic Identification Systems (AIS), Radio-Frequency Identification (RFID) and Global Positioning System (GPS) for the vessel, personnel, and asset tracking has further boosted the market growth.
Marine transport and shipping companies are steadily growing their partnerships with security service providers in order to deploy the maritime safety solutions across their global operations, thereby driving the demand for outsourced security services during the forecast period. The risk assessment and investigation services are projected to grow at the highest CAGR from 2016 to 2021. Such services play a critical part across the maritime industry for safeguarding human life, the maritime domain, the vessel, and its cargo.
APAC includes emerging economies, such as China, Japan, and India, along with countries from the Southeast Asia which are rapidly transforming into maritime transport hubs for Trans-global travel and shipping activities. APAC is expected to grow at the highest CAGR during the forecast period. This is primarily due to the increasing adoption of freight and public transport by sea along with increasing incidents of piracy and terrorism in the region. Furthermore, North America is expected to have the largest market size in 2016.
The report includes the study of key players offering maritime safety solutions such as BAE Systems PLC (U.K.), Honeywell International, Inc. (U.S.), Northrop Grumman Corporation (Israel), Raytheon Anschütz GmbH (Germany), Saab Group (Sweden), Elbit Systems Ltd. (Israel), Harris Corporation (U.S.), Kongsberg Gruppen ASA (Norway), Leonardo-Finmeccanica (Italy), and Signalis SA (France).
Complete report on maritime safety market spread across 246 pages, profiling 10 companies and supported with 93 tables and 60 figures is now available at http://www.reportsnreports.com/reports/271090-maritime-security-market-access-control-biometrics-finger-face-voice-iris-surveillance-and-tracking-underwater-video-ais-lrit-imaging-detectors-scada-gis-communications-satellite-radio-worldwide-market-forecasts-2013-2018-.html
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