Maritime Security Market Worth $19.48 Billion by 2018

According to market research company MarketsandMarkets, vessel security will lead the maritime security market in 2018. The maritime security market is worth $12.55 billion in 2013 and is estimated to grow to $19.48 Billion in 2018.

Within the market the vessel security remains the segment largest segment. This segment is backed by surveillance and tracking technologies like the Automatic Identification System (AIS) and Long-Range Identification and Tracking (LRIT). However, other segments like smart container solutions and scanning and screening systems will gain significance until 2018.

Driving forces behind the gorwth are of the international maritime security industry are maritime threats, regulations and standards, and international trade by sea. With an increase in global trading relations, fighting against terrorist threats, environmental destruction, illegal seaborne immigration, and transnational criminal and piracy threats become more and more important.