A new report from Research and Markets has estimated that the global maritime safety industry will grow from US$16.71 billion in 2016 to $23.67 billion by 2021 through factors such as compliance to regulatory standards and guidelines, increasing maritime awareness and the rising number of incidents pertaining to piracy and terrorism.
The 'Maritime Safety Market – Global Forecast To 2021' analysis forecasts that growth will be limited by ungoverned marine regions and a lack of uniform standards for maritime technologies and solutions.
The segment that has seen the least of this impact is in detectors technology and systems, which has been estimated to grow at the highest CAGR during the forecast period, due to the increased adoption of laser range finders for navigational purposes over the traditional systems.
Automatic Identification Systems (AIS), Radio-Frequency Identification (RFID) and Global Positioning System (GPS) for the vessel, personnel, and asset tracking technologies have further boosted the market growth.
Surveillance and tracking systems will have the largest market size in 2016 for maintaining a safe and efficient marine working environment. The region expected to have the largest market share for this year is North America.
Market research company Technavio has also forecasted growth in its 'Global Maritime Security Market 2016-2020 report', which estimates that the global maritime security market will grow at a CAGR of 6.27% during the period 2016 to 2020.
Research and Markets expects the APAC region to grow at the highest CAGR during the forecast period as China, Japan, and India, along with countries from the Southeast Asia, have rapidly transformed maritime transport hubs for transglobal travel and shipping activities.
This is primarily due to the increasing adoption of freight and public transport by sea along with increasing incidents of piracy and terrorism in the region.
At the Galle Naval Dialogue event last month, Admiral Harry B.Harris, Commander of the US Pacific Command, said that terrorist group ISIS was causing concern for the US in the Indo-Pacific region.
He also made a strong case for maritime domain awareness and called for countries in the Indo-Pacific Region to share information.
