The latest study on the Maritime Safety System Market industry includes a detailed analysis of the future trends and demands for the forecast period, 2020 - 2032 . The report is furnished with the latest scenario and growth outlook of the market with regard to the impact of the pandemic.The report considers 2017-2018 as historical years, 2019 as the base year, and 2020- 2032 as the forecast timeline. The report offers strategic recommendations to the key stakeholders and investors to help them ascertain maximum returns on their investments and formulate new strategic business plans.
The global maritime safety system market size reached USD 25.6 Billion in 2022 and is expected to register a revenue CAGR of 6.5% during the forecast period, according to the latest analysis by Emergen Research. Rapid adoption of Virtual Reality (VR) devices, touch screen monitors, and implementation of stringent safety regulations are major factors driving revenue growth of the market. Most accidents on board a ship occur due to poor knowledge of safety regulations or carelessness towards the same.
Key participants include Honeywell International Inc., Thales Group, Smiths Group plc, Elbit Systems Ltd., Northrop Grumman, Saab, OSI Maritime Systems, BAE Systems plc, TERMA Group, and HALO Maritime Defense Systems.
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Drivers:
Several factors drive the demand for maritime safety systems. One of the primary drivers is the increasing focus on safety and regulatory compliance in the maritime industry. International maritime regulations, such as the International Convention for the Safety of Life at Sea (SOLAS) and the International Maritime Organization (IMO) regulations, mandate the implementation of safety measures and equipment onboard vessels to prevent accidents, collisions, and environmental incidents. Additionally, technological advancements in areas such as navigation, communication, surveillance, and emergency response enable the development of more effective and reliable maritime safety systems, enhancing situational awareness, communication capabilities, and response times. Moreover, growing maritime trade, passenger transportation, and offshore activities drive demand for advanced safety systems to mitigate risks associated with vessel traffic, navigation hazards, and adverse weather conditions.
Research Methodology
Emergen Research follows a cohesive methodology to reduce the residual errors to a minimum level by refining the scope, validating through primary insights, and nurturing the in-house database on a regular basis. A dynamic model is formulated to capture the regular fluctuations in the market and thereby, being updated with any shifts in the market dynamics. The parameters and variables involved in the research vary depending on individual markets and most importantly, both demand and supply side information is included in the model to identify the market gap.
Key Objectives of the Global Maritime Safety System Market Report:
- An all-inclusive analysis and forecast estimation of the market have been included in this report.
- The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Maritime Safety System Market
- and its leading players.
- The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.
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Restraints:
Despite the positive demand outlook, the maritime safety system market faces certain challenges and restraints. One of the major challenges is the high cost associated with implementing and maintaining advanced safety systems onboard vessels. Retrofitting existing vessels with state-of-the-art safety equipment and technologies can be expensive and may require significant investment from shipowners and operators. Moreover, ensuring interoperability and compatibility among different safety systems and equipment onboard vessels, as well as complying with diverse regulatory requirements across jurisdictions, poses challenges for maritime stakeholders. Additionally, concerns regarding cybersecurity, data privacy, and information sharing may impact the adoption of connected and integrated maritime safety solutions, particularly in light of increasing cyber threats targeting maritime infrastructure and operations.
Emergen Research has segmented the global maritime safety system market on the basis of system, application, end-user, and region:
· System Outlook (Revenue, USD Billion; 2019-2032)
- Ship Security Reporting System
- Automatic Identification System
- Longer Range Tracking and Identification System
- Others
· Application Outlook (Revenue, USD Billion; 2019-2032)
- Loss Prevention and Detection
- Security Management
- Counter Piracy
- Coastal Monitoring
- Others
· End-user Outlook (Revenue, USD Billion, 2019 - 2032)
- Government Institutions
- Oil & Gas
- Shipping and Transportation
- Others
Regional Overview:
The global Maritime Safety System Market market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Maritime Safety System Market market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements
The report considers the following timeline for market estimation:
- Historical Years: 2017-2018
- Base Year: 2019
- Estimated Year: 2027
- Forecast Years: 2020-2027
Global Maritime Safety System Market Report – Table of Contents:
- Chapter 1 includes the global Maritime Safety System Market market introduction, followed by the market scope, product offerings, growth opportunities, market risks, driving forces, and others.
- Chapter 2 broadly categorizes the Maritime Safety System Market market on the basis of geography, and determines the sales, revenue, and market shares of each region over the estimated period.
- Chapter 3 elaborates on the competitive outlook of the Maritime Safety System Market market, focusing on the major manufacturers and vendor landscape.
- Chapter 4 exhaustively studies the key manufacturers of the Maritime Safety System Market industry, along with their anticipated sales and revenue shares.
- Chapters 5 includes market segmentation based on product type, application range, and market players.
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About Emergen Research
Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
