(PRWEB) July 22, 2014
Marine threats from human or natural agents such as terrorists, environmental destruction, sea-borne illegal immigration, and international criminal and piracy threats have created more demand for regulated and standard maritime security systems. Due to this the worldwide revenue of the maritime market has crossed $13.93 billion in 2014 and is expected to reach $20.87 billion in 2019. The global maritime security market is expected to grow at a CAGR of 8.40%.
The United States government has enhanced security measures after the 9/11 attack. The country has also improved its maritime security since then. Companies like Maersk, EADS, Safran, and Finmeccanica SpA are enabling secure international trade by water. Thus, the maritime security market is worth $3.84 billion in North America and is expected to reach $4.76 billion in 2019. The calculated CAGR for this period is 4.40%.
Browse through the market data tables, figures and detailed ToC on the “North America Maritime Security Market”.
Europe Maritime Security Market
Many rules and regulations have been implemented by the European government in order to improve ship and port security facilities. Almost 90% of the European external freight trade is seaborne. Top companies like Finmeccanica SpA, EADS, Honeywell, Safran, and many others guarantee secure maritime transportation for these regions. The maritime security market is worth $3.47 billion in Europe and is expected to reach $4.41 billion in 2019. The market is expected to grow at a CAGR of 4.90% for the period 2014-2019.
Asia-Pacific Maritime Security Market
In spite of the economic slowdown, the Asia-Pacific region has registered a maritime security market worth $3.21 billion in 2014 and is expected to continue its growth at a CAGR of 11.60%, to hit $5.57 billion by 2019. There has been massive growth in exports, which has led to the growth of the Asia-Pacific maritime security market. Companies like EADS, Raytheon, Safran, and Elbit Systems Ltd. are enabling the growth of the region by minimizing piracy and maritime terrorism.
Latin America Maritime Security Market
The Latin American maritime security market has been on a rising tide as this region is undergoing massive technological advancement. Companies such as Elbit Systems Ltd., Kongsberg Maritime, and many others are creating awareness about maritime security in this region. This has resulted in the maritime security market of Latin America to be worth $587.00 million, and is expected to reach $1.09 billion in 2019. The market is expected to grow at a CAGR of 13.20%.
Middle East and Africa Maritime Security Market
Many countries in Middle East and Africa are constructing new ports and are also improving their securities and facilities. There has been a significant rise in demand for oil and other commodities in the international market since the last decade, which in turn has led to a rise in the demand for maritime security. This region has registered revenue of $2.81 billion in 2014, which is expected to reach $4.96 billion by 2019, growing at a CAGR of 12.00%. Top companies like BAE System, EADS, Raytheon, SaaB, Maersk, and others provide solutions which help minimize the risk of pirate attacks in this region.
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