The maritime safety market size is estimated to grow from USD 16.71 billion in 2016 to USD 23.67 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 7.2%. 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 segment is expected to grow at highest CAGR during the forecast period”

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.

Maritime

“The risk assessment and investigation services segment is expected to grow at highest CAGR during the forecast period”

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.

“Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period”

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 transglobal 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 frieght 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.

In-depth interviews were conducted with CEOs, marketing directors, other innovation & technology directors, and executives from various key organizations operating in the maritime safety market place.