The maritime safety system market is expected 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. The maritime safety system market is driven by the need to manage complex supply chain operations, enhance sustainability in the marine industry, raise awareness about maritime safety, comply with regulatory standards, and accommodate increasing marine trade and freight transport activities.
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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.
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.
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Unique Features in the Maritime Safety System Market
Artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) are examples of cutting-edge technologies that are being progressively integrated into maritime safety systems in order to enhance situational awareness, automate processes, and give real-time data on the performance and health of vessels. For example, the Automatic Identification System (AIS) and the Long-Range Identification and Tracking (LRIT) provide for constant tracking of the movements of vessels, guaranteeing adherence to rules and expediting emergency response.
These days, a multitude of data is being produced by maritime safety systems, which can help with decision-making. Potential hazards can be found using this data, which can also be utilized to optimize routes and raise overall safety performance.
Cyberattacks are growing more frequent as maritime safety systems become more advanced. Businesses are creating new security features to guard against data breaches and unwanted access to these systems.
There is growing pressure on the maritime sector to lessen its environmental impact. In order to help ships operate more fuel-efficiently, maritime safety systems are being created.
The integration of shore-based systems like weather forecasting and port administration with maritime safety systems is growing. This makes it possible to tackle marine safety in a more coordinated manner.
Major Highlights of the Maritime Safety System Market
By 2029, the market is projected to grow at a robust Compound Annual Growth Rate (CAGR) of 9.6%, to reach USD 47.8 billion. This suggests a consistent increase in funding for enhanced marine safety protocols.
Ship owners and operators are being forced to invest in cutting-edge safety measures due to rising awareness and tighter international rules on marine safety. One of the main factors propelling market expansion is the emphasis on compliance.
The landscape is changing due to the integration of cutting-edge technologies like big data, machine learning, and AI. Better situation awareness, task automation, and real-time data analysis are made possible by these developments, which enhance vessel performance and safety.
Because it can follow ships and give vital environmental data, the vessel monitoring and management system segment is now the largest. However, because of growing worries about piracy and other maritime risks, the ship security reporting system market is expected to develop at the quickest rate.
In comparison to the solutions sector, the market for services pertaining to maritime safety systems, such as installation, maintenance, and training, is anticipated to expand more quickly. This demonstrates how crucial it is to continue providing continual assistance for these intricate systems.
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Top Companies in the Maritime Safety System Market
Key players operating in the maritime safety system market across the globe are 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 employ various approaches, both organic and inorganic, including introducing new products, forming strategic partnerships and collaborations, and engaging in mergers and acquisitions, to expand their presence and offerings within the maritime safety system market.
Honeywell is one of the Fortune 100 companies. It invents and manufactures technologies to address some of the world’s toughest challenges linked to energy efficiency, clean energy generation, safety and security, globalization, and customer productivity. Honeywell specializes in providing cloud-based emergency and mass notification services. The company’s maritime safety market includes various solutions, such as Honeywell Asset Tracking and Monitoring Solutions, Honeywell Search, and Rescue. The asset tracking and monitoring solution help in real-time visibility of the remote field asset’s location and provide the key operational data. The Honeywell Search and Rescue spans the entire ecosystem, from ground stations to mission control systems, to rescue coordination center systems and network infrastructure.
Elbit Systems is a leading technology company involved in various global programs, primarily focused on defense and homeland security sectors. It specializes in the development and supply of a wide range of airborne, land, and naval systems and products for defense, homeland security, and commercial purposes. The company is a key player in military aircraft, helicopter systems, commercial aviation systems, unmanned aircraft systems, unmanned surface vessels, C4ISR, cyber systems, and more. In the maritime safety market, Elbit Systems is strongly positioned to address the design and development needs of advanced naval systems. Its areas of expertise include radar, navigation, communications, command & control, electronic warfare (EW), electronic support measures (ESM), and electronic intelligence (ELINT). This expertise allows Elbit Systems to provide comprehensive solutions, system integration, services, and long-term support to naval customers.
Anschütz, (formerly Raytheon Anschütz) is a world-leading manufacturer and provider of advanced maritime navigation and naval systems. It provides a broad range of navigational products and commands control systems for mega yachts, commercial ships, naval surface ships, and submarines. This includes state-of-the-art integrated bridge and navigation systems from the SYNAPSIS series, SYNTACS command, and control mission management systems. Its mission is to work with a team of experts around the world to ensure safety and reliability in navigation on the high seas anytime, under all conditions. It delivers high-quality navigation solutions and strong, customer-oriented services worldwide in the maritime security market. In the maritime safety market, Anschütz offers a specialized product for submarines. It offers advanced data management systems, chart tables, and navigation consoles, various single-/multi-purpose displays as well as battery monitoring, seawater sensors, and customized 3D steering controls for the submarines.
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