Maritime Safety System Market worth $47.8 billion by 2029 – Exclusive Report by MarketsandMarkets™

CHICAGO, May 29, 2024 /PRNewswire/ — The market for maritime safety systems is expected to expand in the future due to the growing usage of autonomous vessels, improved cybersecurity protocols, and cutting-edge technologies like artificial intelligence, the Internet of Things, and big data analytics. Combined, environmental monitoring, enhanced communication, integration with smart ports, and regulatory compliance will increase maritime operations’ sustainability, efficiency, and safety.

The Maritime Safety System Market is estimated to grow from USD 30.2 billion in 2024 to USD 47.8 billion in 2029, at a CAGR of 9.6% during the forecast period, according to a new report by MarketsandMarkets™. The Maritime Safety System Market is driven by the rising need to manage complex supply chain operations and enhance sustainability across the marine industry. Increasing awareness about maritime safety, adherence to regulatory compliances and standards, and the growth in marine trade and freight transport activities further fuel the demand for advanced safety systems. These factors collectively contribute to the robust expansion and innovation within the Maritime Safety System Market.

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280 – Tables
70 – Figures
300 – Pages

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Scope of the Report

By offering, the services segment to account for higher CAGR during the forecast period.

Marine managers and vendors rely on technical support and consulting services to effectively deploy technology solutions. These services facilitate quicker and more efficient implementation, leading to optimized operations across various sectors. Managed by solution and service providers, these services are crucial for ensuring access to shared information and resources among dispersed parties within the maritime industry. Cloud platforms are particularly targeted towards ship management tasks like procurement, bunkering, crewing, training, and performance enhancement. With the maritime sector increasingly adopting digital solutions, cloud services are becoming increasingly vital in supporting these advancements.

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By System, Ship Security Reporting System is expected to hold the largest market size for the year 2024.

A ship security reporting system is a crucial alerting mechanism designed to send distress signals to the maritime security center located at the Horn of Africa (MSCHOA) and UK Maritime Trade Operations (UKMTO). This system was implemented to address the rising threat of pirate attacks in the Gulf of Aden and off the coast of Somalia. When a distress signal is activated, it is transmitted to the naval forces responsible for ensuring maritime security in these regions. The ship security reporting system provides a significant, multifaceted advantage to vessels by offering continuous monitoring within a designated range. Upon receiving a distress signal, MSCHOA or UKMTO verifies its authenticity. If confirmed as genuine, critical vessel information, including the vessel’s name, IMO number, MMSI, and location, is promptly retrieved and relayed to the appropriate task forces. The transmission of signals from the SSRS center to the task forces via the mercury system takes less than five minutes. This efficient process enhances maritime security, allowing ships to navigate the most vulnerable waters with greater confidence and protection.

By End User, oil & gas is projected to grow at the highest CAGR during the forecast period.

In the oil & gas sector within the Maritime Safety System Market, maritime transportation stands out as a secure and efficient mode of conveyance. Over the years, there has been a remarkable 98% reduction in oil spills from tankers globally since 1970, a testament to the safety protocols implemented in vessels and the rigorous training of crew members. Oil ranks as the largest commodity transported via water, known for its cost-effectiveness and efficiency compared to other forms of transportation. With increasing exploration and production activities in deep-water and ultra-deep-water regions, there is a heightened demand for advanced safety systems to mitigate risks and ensure operational integrity. Investments in real-time monitoring, emergency response solutions, and regulatory compliance are paramount, fueling growth in this critical sector of the maritime industry.

Middle East & Africa is expected to grow at the second-highest CAGR during the forecast period.

The waterways within the Middle East & Africa (MEA region) hold immense global significance, facilitating the substantial export of oil and natural gas and serving as vital links between Eastern and Western traders through key passages like the Red Sea and Suez Canal. However, political tensions in this region have amplified the vulnerabilities of these waterways, exacerbated by challenges such as the lack of internal stability in bordering governments, inadequate maritime security capabilities, and potential naval threats from entities like the government of Iran. To remain competitive and aligned with global advancements, governments across the MEA are prioritizing a shift towards information and innovation-driven societies.

Top Companies in Maritime Safety System Market:

The major maritime safety system solutions and service providers Honeywell (US), Thales Group (France), Smiths Group (UK), Elbit Systems (Israel), Northrop Grumman (US), Westminster Group (UK), Raytheon Anschutz (Germany), Saab Group (Sweden), OSI Maritime Systems (Canada), BAE Systems (UK), L3Harris Technologies (US), KONGSBERG (Norway), Leonardo (Italy), ATLAS ELEKTRONIK (Germany), Airbus (Netherlands), Terma Group (Denmark), Nuctech (China), ARES Security (US), Rolta (India), HALO Maritime Defense Systems ( US), HudsonAnalytix (US), Consilium ( Sweden), Maindeck (Norway), Captain’s Eye (Israel), ioCurrents (US), Harbor Lab (Greece), Smart Ship Hub (Singapore), SailRouter (Netherlands), Orca AI (England), Anduril Industries (US), PierSight (India) and EyeROV (India). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Maritime Safety System Market.

Recent Developments:

In December 2023, Honeywell announced the acquisition of SCADAfence, a prominent provider of cybersecurity solutions for monitoring large-scale OT and IoT networks. SCADAfence’s expertise lies in asset discovery, threat detection, and security governance, all vital for bolstering cybersecurity in industrial and building management programs.In October 2023, Smith’s Detection unveiled the HI-SCAN 7555 DV, a dual-view X-ray scanner featuring enhanced capabilities. This scanner offers superior image quality, automatic explosives detection, and a compact footprint, making it ideal for efficient screening in high-threat applications.In September 2023, OSI Maritime Systems (OSI) announced the finalization of a Long-Term Partnership Agreement (LTPA) with PGZ Stocznia Wojenna Shipyard (PGZ SW). Under this agreement, OSI will be PGZ SW’s preferred partner for all new-build and retrofit WECDIS-based navigation systems in the Polish Navy.In August 2023, Anschütz enhanced the capabilities of its Electronic Chart Display and Information System (ECDIS) with customized functions to support safe and efficient operations for offshore and research vessels, as well as for blue and grey forces.In March 2023, The partnership between Anschütz and StormGeo, a prominent provider of weather intelligence and decision-support solutions in the shipping industry and part of Alfa Laval, signifies a move toward fully paperless ship governance.In January 2023, Anschütz launched the NautoPilot 5000NX, a new autopilot for ships featuring a 7-inch graphical touchscreen that clearly displays all navigational information. With intuitive operation, crews can access heading, course, and track control steering modes easily.

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Maritime Safety System Market Advantages:

Advanced monitoring and detection capabilities offered by maritime safety systems raise the standard of safety and security in maritime operations. These technologies aid in the prevention of mishaps, crashes, and illegal entry into ports and vessels.These technologies allow for the timely detection of potential hazards and incidents by providing real-time surveillance of maritime operations. To maintain safe navigation, this entails monitoring ships, the weather, and other important factors.By giving precise and current information on vessel movements, maritime safety systems help improve navigation and traffic management. This aids in route optimisation, traffic reduction, and accident avoidance in crowded ports and shipping lanes.Maritime safety systems facilitate prompt and well-coordinated response actions in the event of emergencies or accidents. They offer vital information and communication resources that support the management of rescue efforts and the reduction of event impact.These systems aid ensure the adherence of maritime operators to global maritime safety norms and regulations, including those established by the International Maritime Organisation (IMO). In addition to preventing fines and other consequences, compliance guarantees safer operations.Through the detection of oil spills, monitoring and control of pollutants, and enforcement of environmental standards, maritime safety systems help to safeguard the environment. This lessens the negative effects of maritime activity on the ecosystem.Operational efficiency is increased when automation technologies are integrated into maritime safety systems. The accuracy and dependability of safety measures are increased and the necessity for personal intervention is decreased through automated monitoring, reporting, and alerting.

Report Objectives

To define, describe, and predict the Maritime Safety System Market, by offering (solutions and services), security type, system, application, end user, and region.To describe and forecast the Maritime Safety System Market, in terms of value,by region—North America, Europe, Asia Pacific, Middle East & Africa and Latin AmericaTo provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges)To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall Maritime Safety System Market.To profile key players and comprehensively analyze their market positions in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders.To analyze competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the Maritime Safety System MarketTo provide the illustrative segmentation, analysis, and projection of the main regional markets.

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