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Maritime security market to near $20B in four years

Feb. 17, 2014 - 06:49PM   |  
By MICHAEL PECK   |   Comments
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The global maritime security market will reach $19.5 billion by 2018, according to a new forecast by ASDReports. This reflects s a compound annual growth rate of 9.2 percent from $12.6 billion in 2013.

"The major forces driving this market are awareness of maritime security, maritime threats, regulations and standards, and international trade by sea," said the report. "The significance of the maritime security has increased due to globalization. The increase in maritime threat in some regions of the world has been noted as one of the major factors affecting international trade."

Maritime surveillance and tracking systems and solutions, smart container systems, and scanning and screening systems will see strong growth, especially in light of increased attention to maritime security in Asia, the Middle East and Africa.

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