Market Dynamics:
One of the key drivers for growth of maritime security market is the rising incidences of piracy and terrorism at sea. As per International Maritime Bureau, 179 piracy incidents were recorded globally in 2022, representing a rise of over 20% from previous year. This has prompted governments worldwide to strengthen maritime domain awareness and response capabilities. Secondly, increasing maritime trade volumes have led ports and shipping companies to invest more in cargo screening, access control and infrastructure monitoring systems. This ensures smooth operations and prevents security breaches and smuggling. Technological advancements in sensors, command and control platforms have further enhanced situational awareness. Integration of big data analytics and artificial intelligence also aids in tackling newer threats.

Key Takeaways
The Global Maritime Security Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investments by governments as well as private sector to secure trade routes and enforce regulations. Major economies like US, China, Japan and UK are strengthening their maritime security capabilities due to rising piracy and terrorism threats. According to a recent report, the global market was valued at US$ 24961.1 Mn in 2023 and is projected to reach more than US$ 55000 Mn by 2030.

For More Insights, Read: https://www.blogger.com/blog/post/edit/7162740928237819512/8229783445341452047