Growing Demand for Rapid Screening and Detection Systems Pushes the European Maritime Security Market, Finds Frost & Sullivan
New analysis from Frost & Sullivan (http://www.aerospace.frost.com), Maritime Security Market Assessment-European Union, finds that the market is expected to have total revenues of more than
“The spiralling incidence of terrorists entering countries through sea routes has compelled governments to have a rethink on maritime security,” notes Frost & Sullivan Research Analyst Mohan Kumar V V. “Government spending on maritime security is poised to rise, creating new growth opportunities for security system providers.”
Biometric systems, the new standard in access control, will continue to drive maritime security markets, with combined facial and fingerprint examinations considered infallible in the detection of illegal immigrants and terrorists.
However, port facilities and ship owners, who usually fund maritime security, must be willing to invest in the costly systems. “Facilities and ship owners are reluctant to spend more on security as public funding is minimal and the cost of security-related investments is not passed on to customers, so they must bear the entire onus,” explains Kumar.
Currently, most port facilities and ships across the European Union (EU) have security systems that comply with International Ship and Port Security (ISPS) regulations. The maritime security market has not undergone any significant technology changes in the past five years.
“Spending on security arrangements will not increase significantly unless new ISPS regulations come into effect,” says Kumar. “The market will expand with the introduction of new high technology products that enhance the speed of cargo screening in the seaports.”
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Maritime Security Market Assessment-European Union is part of the Defence Growth Partnership Services programme, which also includes research in the following markets: European Border Security Market, European Sea Port Security Market, Middle East Maritime Security Market and European Sea C2 Markets. All research included in subscriptions provides detailed market opportunities and industry trends that have been evaluated based on extensive interviews with market participants.
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Maritime Security Market Assessment-European Union
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SOURCE Frost & Sullivan