The maritime security threats such as transnational crimes, terrorist attacks, illegal seaborne immigration, and piracy threats, besides just disrupting international trade, also create the grounds for political unrest, thereby making maritime security highly imperative. Realizing that maritime security is instrumental in shielding a nation’s security and maintaining a harmonious trade relation, during his four-nation visit to Tanzania, South Africa, Kenya and Mozambique, Indian Prime Minister, Modi will place emphasis on building ties through the Indian Ocean region proposing the “blue economy initiative” which aims to build on maritime trade links between India and the countries situated along the Indian Ocean.
“Africa has a long coastline which is subject to global threat like piracy, and the Indian Navy has played a very significant role on the east coast of Africa in guarding the trade routes, in securing the coastlines, even helping African nations organizing international events by providing naval security,” a senior official in the foreign ministry said.
Due to the quest of securing the sea boundaries, providing extensive support to the international trade and commerce, and discouraging crime, terrorism, traffic and such issues, the maritime security industry is taking a surge. With the growing popularity of this market, BIS Research has published a report titled, Global Maritime Security Market, Analysis& Forecast 2016-2022, incorporating a broad segmentation of the market into various systems, services, platforms, and geography.The market for maritime security systems and services is anticipated to grow at an estimated CAGR of 6.22% through 2015 to 2022, as estimated by the analyst at BIS Research.
The analyst states, “The growth in the security concerns related to the maritime environment in the countries relying heavily on the trade and commerce through sea are thrusting the maritime security market. The maritime security systems and services market is growing in parallel with the increasing demand for security provisions. The APAC is expected to be dominating in 2022 followed by North America and Europe.”
BIS Research Analysis
The changing scenario of the threats and risks witnessed by the maritime security industry has compelled the analyst to detail the market dynamics that includes key driving factors, major inhibitors of the market, and the opportunities for the maritime security systems and services market through the forecast period. Moreover, the report includes a separate section of detailed competitive landscapedrawn after tracking the recent developments done by the major players in the market.
Additional information is provided in the Global Maritime Security Market, Analysis& Forecast 2016-2022report by BIS Research.The competitive landscape includes the business contracts, product launches, acquisitions, and partnerships among other strategies which help in providing a clear picture of the current scenario as well as future potential for the market. The leading companies in the maritime security and service market listed in the company profile section include: Sperry Marine Northrop Grumman, Kongsberg Maritime, Elbit Systems, BAE Systems, Control Risks, and Six Maritime among others.