HOME Research Insight Rising Maritime Awareness, the need for Compliance to Regulatory Standards, and Guidelines Drive the Maritime Safety Market



Rising Maritime Awareness, the need for Compliance to Regulatory Standards, and Guidelines Drive the Maritime Safety Market


Maritime safety solutions helps safeguard critical business infrastructure to ensure smooth operation of the maritime domain. Increasing international trade by sea, rising maritime awareness, the need for compliance to regulatory standards, and guidelines drive the maritime safety market. Furthermore, growing concerns regarding unethical and illegal acts of piracy & terrorism, and increasing adoption of advanced & smart maritime safety solutions have led to a surge in the adoption of maritime safety solutions.

MarketsandMarkets estimates the maritime safety market size to grow from USD 16.71 billion in 2016 to USD 23.67 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 7.2%. Increasing incidents of piracy and marine terrorism are generating demands for enhanced onboard and onport security solutions that would help shipping companies and transport organizations to protect critical business operations and infrastructure from illegal acts and threats.

The key players in the maritime safety market include 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). These players have adopted various strategies such as partnerships, agreements, mergers & acquisitions, and new product developments to achieve growth in the global maritime safety market.

The maritime safety market witnessed a lot of partnerships, agreements, and collaborations by key players from 2014 to 2016. Raytheon Anschütz GmbH partnered with Logos Technologies, a diversified science, engineering and technology company, to provide advanced multi-intelligence sensor systems to address challenging intelligence, surveillance, and reconnaissance requirements. Kongsberg partnered with Siemens for the delivery of components on Variable Frequency Drives (VFD) systems for offshore and maritime vessels, and with Schneider Electric for the development and delivery of KONGSBERG K-Power switchboards and related systems for offshore and maritime markets. Harris Corporation and Oceaneering, a subsea engineering and applied technology company, entered into a partnership to provide managed communication services onboard for Oceaneering’s operated fleet of vessels.

The key players also adopted the strategy of mergers and acquisitions to increase their regional presence and expand their product portfolio into untapped markets. Saab acquired Phaeros Group BVBA to offer port management and terminal operating system solutions for the global market aimed at boosting Saab’s solutions portfolio in the maritime traffic management domain. Honeywell acquired Intelligrated, a privately held leader in supply chain and warehouse automation solutions to optimize productivity and increase fulfillment speed. Additionally, Harris Corporation acquired Exelis Inc., a global aerospace, defense, information and services company, in order to boost their product offering.

The major players also launched new products and offerings to strengthen their product portfolio and expand their offerings to newer clients. BAE Systems developed a software named Ship Energy Assessment–Condition Optimization & Routing Enhancement System (SEA-CORES) to enable better management of fleet, reduce fuel consumption, minimize wear on the engine, and to help save costs. Harris Corporation launched its OnePath long-range wireless radio to cater solutions to the growing demand for bandwidth in the cruise, energy, and commercial maritime industries. Northrop Grumman Corporation’s Sperry Marine business unit launched CompassNet, a network-connected ship heading management system which allows for the deployment of different configurations which can be upgraded easily and affordably.

Maritime safety vendors are focusing on offering innovative software solutions and services for shipping & transport enterprises to safeguard their vessels and critical port infrastructure. Such technologies and systems are more reliable and accurate as compared to the earlier systems. In addition, the intelligent systems and technologies are integrated together, so that efficient maritime security can be provided to the concerned parties.

Related Reports:

Maritime Safety Market by Technology & Systems (Surveillance & Tracking, Detectors, GIS, Communication, SCADA, Screening & Scanning, Access Control, and Weather Monitoring), Service, Category, and Region - Global Forecast to 2021

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