The global maritime security market is reporting an increased number of private companies operating in the sector as the threat from piracy increases combined with the higher volume of shipping transporting cargo over the seas.
The leading companies operating in the maritime security market are Kongsberg, Raytheon, Term, Thales Group and Northrop Grumman Corporation and it is the larger corporations who are providing logistics companies with total integrated solutions to a number of security risks.
Shipping and logistics companies are now introducing tagging and surveillance systems to provide improved protection for the cargo being transported. In addition, scanners are being introduced to ensure that full screening of the cargo is also provided.
The Middle East and Africa region represent the fastest growing market in terms of security expenditure. The global maritime security market is forecast to be valued at US$19.5 billion in 2018, increasing from a base of US$12.6 billion in 2013. During the period 2013 to 2018, the global maritime security market is forecast to increase at 9.2% CAGR.
For more information on Global Maritime Security Market, see the latest research: Global Maritime Security Market
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