Global market for maritime and border security is expected to be worth US$21.2 billion in 2017 and is expected to increase to US$29.5 billion by 2027, representing a CAGR of 3.38% during the forecast period. Cumulatively, the global market for maritime and border security is projected to value US$270.3 billion during the forecast period and is expected to be dominated by Asia Pacific, followed by North America and Europe.
Demand for maritime and border security equipment is anticipated to be driven by internal security threats, such as terrorism, threats to sovereign integrity, illegal border infiltration, piracy, drug trafficking, and critical infrastructure security, among several others. The market is expected to be dominated by the Asia Pacific, followed by North America and Europe.
Asia Pacific region accounts for the highest expenditure in the homeland security sector as emerging economies, such as India and China execute extensive modernization programs for they are respective maritime and border security forces owing to a number of issues such as territorial conflicts and terrorism.
In terms of categories, the maritime surveillance and detection segment is anticipated to account for the largest share of expenditure globally followed by border surveillance and detection. Border infrastructure and protection and maritime infrastructure and protection are anticipated to account for the third and fourth largest segments of expenditure respectively over the forecast period.
– The global maritime and border security market is expected to grow at a CAGR of 3.38% over the forecast period.
– The market consists of four categories: Maritime Surveillance and Detection, Border Surveillance and Detection, Border Infrastructure and Protection, Maritime Infrastructure and Protection. It is expected to be dominated by the Maritime Surveillance and Detection, followed by Border Surveillance and Detection.
– The Asia Pacific region is forecasted to dominate the sector with a share of 41.5%, followed by the North America market, which is dominated by the US market. Russia, UK and Turkey to account for major market share in the European region.
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