Market Trends of Maritime Security Industry
The Surveillance and Tracking Segment Expected to Dominate the Market During the Forecast Period
Growing demand for security in ports and coastal areas creates a requirement for advanced surveillance and tracking systems. The need for such systems is high in regions like Latin America, West Africa, and the Caribbean due to the increased number of pirate attacks and robbery incidents in the past few years. On the other hand, while North American and European countries embrace emerging maritime surveillance technologies for improved security, rising trade and growing maritime tensions in the Asia-Pacific have been the key drivers of surveillance system procurement.
The ports deploy various cameras, including fisheye, pan-tilt-zoom (PTZ) cameras, thermal cameras, etc. For comprehensive short-range operations such as monitoring cruise terminal areas, marine ports prefer wide-angle (90-degree to 360-degree) cameras to provide a comprehensive view of busy operation areas. For long-range surveillance, ports deploy thermal cameras to monitor illegal activities such as fishing and poaching in the coastal and exclusive economic zones. For instance, in February 2024, the Cochin Port Authority issued a tender for 36 IP CCTV surveillance systems across various locations. The bid, which encompassed a two-year guarantee and a five-year comprehensive AMC, ensured seven years of maintenance by bidders. Such developments are expected to drive the market during the forecast period.
Asia-Pacific Expected to Witness the Highest Market Growth During the Forecast Period
Increasing maritime trade and a growing focus on enhancing port infrastructure drive market growth across Asia-Pacific. To cater to marine trade in the region, investments are being made into developing new ports and terminal expansions. Due to the increased need for security and surveillance systems, ports are introducing new perimeter security systems for tracking unidentified goods and materials, automatic alarms in case of an unusual gathering of personnel, monitoring alarms for camera tampering, etc.
For instance, in June 2024, the Japan Coast Guard (JCG) announced plans to develop a versatile patrol boat designed to enhance the country鈥檚 maritime capabilities and counter the issue of Chinese vessels encroaching into Japanese waters. The vessel, set to house three helicopters and a fleet of high-speed rubber boats, underscores Japan's commitment to maritime security. Port authorities in China, Japan, Australia, and Vietnam, among others, are making similar investments in maritime security, which are expected to propel the market's growth during the forecast period.
