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Maritime Security Market size is set to grow by USD 3.62 billion from 2024-2028, Growing marine threats boost the market, Technavio

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3 months ago

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NEW YORK, Aug. 9, 2024 /PRNewswire/ — The global maritime security market size is estimated to grow by USD 3.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 3.2% during the forecast period. Growing marine threats is driving market growth, with a trend towards increase in number of new harbors. However, high installation cost of maritime security systems poses a challenge. Key market players include Airbus SE, BAE Systems Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Corp., RTX Corp., Saab AB, Safran SA, Sonardyne International Ltd., SPX Technologies Inc., Teledyne Technologies Inc., Terma AS, Thales Group, The Boeing Co., and Ultra Electronics Holdings Plc.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Maritime Security Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.2%

Market growth 2024-2028

USD 3629.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.06

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 49%

Key countries

US, UK, China, Germany, and Japan

Key companies profiled

Airbus SE, BAE Systems Plc, Elbit Systems Ltd., HENSOLDT AG, Honeywell International Inc., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., MIND TECHNOLOGY INC., Northrop Grumman Corp., RTX Corp., Saab AB, Safran SA, Sonardyne International Ltd., SPX Technologies Inc., Teledyne Technologies Inc., Terma AS, Thales Group, The Boeing Co., and Ultra Electronics Holdings Plc

Market Driver

The economic growth of nations relies significantly on the development and maintenance of harbors. In response to increasing public demand, countries like India, France, and Sri Lanka are investing in new harbor construction. These new harbors will enhance international trade by improving ships’ access to ports. This investment in infrastructure will stimulate maritime trade through increased shipping activity, leading to a heightened need for advanced maritime security systems during the forecast period. Consequently, the maritime security market is poised for robust growth.

The Maritime Security Market is experiencing significant growth due to increasing threats to maritime trade and transportation. Key trends include the deployment of warships for coastal surveillance and protection against pirate attacks, terrorism, and illegal activities. Seaports and port infrastructure are prioritizing security measures, incorporating advanced technologies such as custom electronics, multisensor cameras, and surveillance towers. Illegal immigration, smuggling, and global freight transportation are major concerns, leading to the adoption of proactive procedures and inspections. Vessel security is a top priority, with the use of screening, drone surveillance, and cybersecurity systems. Other technologies like fisheye, thermal, and wide-angle cameras are essential for monitoring and inspection. The Indian Navy’s INS Imphal, along with submarines, destroyers, frigates, oilers, submarine tenders, and amphibious transports, are crucial for maintaining situational awareness and addressing potential threats. The market for maritime security is continually evolving to address unauthorized activities, security breaches, armed robbery, and transnational crime. 

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Market Challenges

Maritime security is a crucial aspect of the shipping industry, addressing risks such as piracy, mechanical failure, adverse weather conditions, and navigational errors. However, the implementation and maintenance of maritime security technologies come with significant expenses. High initial investments are required for equipment acquisition, software licensing, and personnel training. On-premises solutions necessitate port responsibility for infrastructure, maintenance, and upgrades. Periodic software upgrades and the shortage of skilled professionals further increase costs. These factors may hinder market growth, despite the potential benefits of advanced maritime security technologies.The Maritime Security Market faces numerous challenges in ensuring vessel security and coastal surveillance. These include terrorism, illegal trafficking, illegal fishing, and transnational crime. To address these threats, advanced technologies such as fisheye, thermal, and wide-angle cameras are used for monitoring and inspection. Vessels like destroyers, frigates, oilers, submarine tenders, and amphibious transports are employed for proactive procedures. Combat management systems, imagery data, and satellite tracking help enhance situational awareness. However, potential threats also include cybersecurity risks and unauthorized activities. Geopolitical tensions, refugee movements, and irregular crossings in areas like the central Mediterranean add to the complexity. Resource limitations and coastal infrastructure security are also concerns. Solutions include drone surveillance, coastal radar stations, and security fencing with antennae for effective communication and response.

For more insights on driver and challenges – Request a sample report!

Segment Overview

This maritime security market report extensively covers market segmentation by

Type1.1 Deepwater security1.2 Perimeter securityTechnology2.1 Surveillance and tracking2.2 Screening and scanning2.3 Communications2.4 Other systemsGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Deepwater security- The maritime security market is experiencing growth due to the vast expanse of oceans and seas, which cover over 70% of the earth’s surface and serve as battlegrounds for many countries. Defense authorities prioritize enhancing their mid-sea attack and maritime border defense capabilities by investing in maritime security systems. The South China Sea’s territorial disputes have heightened safety concerns for neighboring countries like Taiwan, Japan, the Philippines, and Singapore, leading to an increase in their naval presence. This trend is anticipated to boost the demand for deepwater security solutions. Additionally, the protection of maritime resources from advanced threats necessitates the adoption of maritime security solutions by both governments and private organizations. However, the intricacy and scale of maritime infrastructure have grown significantly with the widespread adoption of advanced solutions. As a result, end-users face challenges in managing these systems. Furthermore, the high cost of implementation, reluctance to adopt new technologies, and stringent regulations pose barriers to market growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Maritime Security Market encompasses a range of solutions designed to protect warships, maritime trade, seaports, and port infrastructure from various threats. These include illegal immigration, smuggling, pirate attacks, and illegal fishing. Global freight and transportation rely heavily on maritime security to ensure the safe and efficient movement of goods. Port security is a critical component, utilizing custom electronics such as multisensor cameras and surveillance towers for monitoring and inspection. Proactive procedures, drone surveillance, and coastal situational awareness are essential for preventing potential threats and unauthorized activities. Other technologies like screening equipment and vessel security systems are also crucial in maintaining security. The market continues to evolve with innovations in surveillance, inspection, and monitoring technologies to address the ever-evolving maritime security landscape.

Market Research Overview

The Maritime Security market encompasses various aspects of securing maritime trade, seaports, and coastal areas against a range of threats. These include pirate attacks, illegal immigration, smuggling, terrorism, and transnational crime. Warships such as destroyers, frigates, and submarines play a crucial role in securing maritime routes and deterring potential threats. Seaports and port infrastructure require advanced security measures like custom electronics, multisensor cameras, surveillance towers, and cybersecurity systems to ensure the safety of global freight and transportation. Coastal surveillance using fisheye, thermal, and wide-angle cameras, radar systems, satellite tracking, and vessel tracking help maintain situational awareness and prevent unauthorized activities. Proactive procedures like drone surveillance, inspections, and screening are essential for addressing potential threats and security breaches. Geopolitical tensions, resource limitations, and irregular crossings in areas like the central Mediterranean add complexity to maritime security challenges. Coastal infrastructure, including security fencing and antennae, also requires protection against armed robbery and cybersecurity risks.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeDeepwater SecurityPerimeter SecurityTechnologySurveillance And TrackingScreening And ScanningCommunicationsOther SystemsGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

Keynode Launches BTC Staking Service as Bitcoin Approaches $100K Milestone

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14 minutes ago

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November 16, 2024

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Keynode introduces a new BTC staking service, offering users an opportunity to earn rewards as Bitcoin nears the $100K milestone.

NEW YORK , Nov. 16, 2024 /PRNewswire-PRWeb/ — Keynode, a recognized leader in the crypto staking platform, is excited to introduce its latest BTC staking option, providing a unique opportunity for investors to participate in Bitcoin‘s growth journey. This new staking service aims to enable users to benefit from Bitcoin‘s market potential while contributing to broader adoption as Bitcoin targets the highly anticipated $100K threshold.

As one of the first platforms to offer Bitcoin staking in a straightforward, user-friendly manner, Keynode positions itself as a valuable tool for investors seeking to earn passive income through cryptocurrency. By offering a BTC staking option, Keynode combines the power of Bitcoin‘s market strength with the stability and growth potential of a staking-based approach. This program allows investors to stake their Bitcoin holdings and generate a steady yield, without needing to trade or sell assets.

Accessible Staking with Competitive Rewards

The BTC staking service on Keynode is designed to attract both new and experienced investors interested in diversifying their crypto portfolios. Keynode’s platform features an accessible structure with competitive staking rewards, making it appealing for a wide range of users. With staking periods and potential yield options crafted to meet different financial goals, Keynode ensures that users can tailor their participation according to their preferred level of commitment and growth expectation.

Driving Market Participation with Innovative Solutions

As Bitcoin continues to garner attention from both retail and institutional investors, reaching record highs has become a topic of market speculation. Keynode’s BTC staking program contributes to this momentum by offering secure and user-centric ways to support the Bitcoin ecosystem. As more individuals choose to stake BTC, the overall scarcity and demand for Bitcoin may be influenced, helping support a long-term vision of reaching new price heights.

“BTC staking represents a forward-looking approach in cryptocurrency investments,” said a Keynode spokesperson. “With this service, we are making it simpler for investors to stay invested in Bitcoin while also enjoying staking rewards, which aligns with Bitcoin‘s journey toward greater market adoption and potentially even the much-anticipated $100K mark.”

About Keynode

Keynode is a leader in crypto staking solutions, dedicated to offering accessible and reliable staking options for users across the globe. With a commitment to security and user-friendly features, Keynode continues to innovate in the crypto space, providing services that support investors in reaching their financial goals.

For more information on Keynode’s BTC staking service, visit Keynode.net or contact Keynode at (+1) 678-310-6834 or info@keynode.net.

Media Contact

Kiven Scott, Keynode, (+1) 678-310-6834, info@keynode.net, https://keynode.net/

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SOURCE Keynode

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Technology

Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million

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2 hours ago

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November 16, 2024

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Revenue grew by 23.8% compared to previous yearGross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23Adjusted EBITDA rose 29.5% to SAR 210.2 million

JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.

Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.

The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.

Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.

SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.

Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:

“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.

Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.

We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.

Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”

View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html

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Technology

Carbon Mapper Achieves First Tanager-1 Methane Mitigation Success

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2 hours ago

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November 16, 2024

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BAKU, Azerbaijan, Nov. 16, 2024 /PRNewswire/ — Carbon Mapper released over 300 methane and CO2 plume detections today— its first tranche of emissions data based on observations from the Tanager-1 satellite which was launched in August. Tanager-1 is built and operated by Planet Labs PBC and made possible by the Carbon Mapper Coalition, a philanthropically backed public-private partnership including Planet Labs and NASA’s Jet Propulsion Laboratory among others. This data offers granularity on sources of super-emitters around the world, driving direct actions to cut methane and carbon dioxide as proven by an early mitigation success story.

Tackling methane is a global priority. This mitigation success shows how remote sensing tech can be a game changer.

On Oct. 9, Tanager-1 detected a large plume of methane which Carbon Mapper determined was stemming from a gathering pipeline in the Texas Permian Basin. The team reported the leak to a state agency and the U.S. government, who subsequently notified the facility operator. The operator quickly responded and voluntarily conducted repairs, leading to meaningful emissions reduction. Follow up observations from Tanager-1 detected no plume, confirming the leak was successfully fixed.

Carbon Mapper’s preliminary emissions estimate of this leak is approximately 7,000 kilograms of methane per hour. Each hour it was emitting equaled the same CO2 emissions as driving 47 gas-powered cars for a year.

This first verified methane mitigation action adds to existing evidence that when decision makers are empowered with data on the exact sources of emissions, they can effectively prioritize actions that cut waste and eliminate methane. This mitigation is consistent with pilot airborne surveys Carbon Mapper has conducted in several U.S. states including California and Colorado. Through these pilots, Carbon Mapper has found that nearly half of super-emitting events flagged for state agencies and operators were previously unknown, and once identified, were voluntarily mitigated.

“Tackling methane quickly is a crucial global priority. This early mitigation success story shows that remote sensing technologies with unique capabilities like Tanager-1 can be a gamechanger in driving down emissions in the near-term,” said Carbon Mapper CEO Riley Duren.

To scale these local mitigation successes globally, Carbon Mapper is making new data from Tanager-1 publicly available on its data portal. These include detections of methane and CO2 in 34 countries across the oil and gas, waste, and agriculture sectors. This work is supported by the High Tide Foundation, Grantham Foundation for the Protection of the Environment, Bloomberg Philanthropies, Children’s Investment Fund Foundation, AKO Foundation, and Zegar Family Foundation, among others.

In the coming months, Carbon Mapper will continue to scale up observations and make methane and CO2 data routinely accessible to help decision makers fill gaps in their understanding of the exact sources of emissions and empower mitigation action at the source. These routine detections will be made publicly available for non-commercial use 30 days after collection. Together, with complementary satellite programs, like the Environmental Defense Fund’s MethaneSAT, Carbon Mapper will provide transparent data at different levels of granularity and ensure that the information gets into the right hands to catalyze faster and more effective emissions reductions.

Special Note to Reporters:
More information, including plume images and key data from Tanager-1, can be found in our press package here. 

About Carbon Mapper
Carbon Mapper is a nonprofit organization based in Pasadena, CA, with the mission to drive greenhouse gas emissions reductions by making methane and carbon dioxide data accessible and actionable. It focuses on filling gaps in the emerging ecosystem of methane and CO2 monitoring systems by delivering data at facility scale that is precise, timely, and accessible to empower decision making and direct mitigation action. The organization leads a public-private coalition that is developing and deploying a constellation of satellites capable of detecting, quantifying, and verifying methane emissions worldwide. Data from these satellites will offer the next major step in scaling up the organization’s robust data portal featuring thousands of direct observations of global methane and CO2 super-emitters. Learn more at carbonmapper.org, view data at data.carbonmapper.org, and follow us on X @carbonmapper.

View original content to download multimedia:https://www.prnewswire.com/news-releases/carbon-mapper-achieves-first-tanager-1-methane-mitigation-success-302307601.html

SOURCE Carbon Mapper Inc.

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