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Growth in Maritime Trade and Need for Enhanced Border Security Boost Prospects for Asia Pacific Maritime Security Market - New analysis from Frost & Sullivan, Asia Pacific Maritime Security Market Assessment, finds that market earned revenues of over $5.1 billion in 2008 and estimates this to reach $9.8 billion by 2015
Growth in Maritime Trade and Need for Enhanced Border Security Boost Prospects for Asia Pacific Maritime Security Market

 

PRZOOM - /newswire/ - Singapore, Singapore, 2009/09/10 - New analysis from Frost & Sullivan, Asia Pacific Maritime Security Market Assessment, finds that market earned revenues of over $5.1 billion in 2008 and estimates this to reach $9.8 billion by 2015.

   
 
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A major factor driving the Asia Pacific maritime security market is the explosive growth in maritime travel, cargo, and oil trade. Apart from this, terrorist threats and activities are propelling the market forward and will continue to do so in the future. The security market has benefited by the growing utilization of effective and cutting edge security technologies in security suites used by ships and ports. Considering the volatile political situation and the need for securing maritime borders, governments in the region are spending significant amounts on screening and authentication at ports and harbors.

New analysis from Frost & Sullivan (aerospace.frost.com), Asia Pacific Maritime Security Market Assessment, finds that market earned revenues of over $5.1 billion in 2008 and estimates this to reach $9.8 billion by 2015. The market comprises the maritime security and seaport security sectors.

"The maritime security and the total seaport security market accounts for about 10.6 percent and 13.4 percent respectively in homeland security spending in the Asia Pacific region," says Frost & Sullivan Consultant Amartya De. "Growth of the overall Asia Pacific seaport security market, comprising of port, container, and ship security is pegged at a CAGR of 9 percent between 2009 and 2015."

Container security dominates the seaport security market while port security and ship security occupy the next place in terms of spending over the next seven years in the Asia Pacific region.

A fundamental restraint is imposed on security spending by the lax attitude of governments in the Asia Pacific region. More often than not, it is this lethargy on the part of the government that relegates security spending to the back seat. Inconsistent state policies mar the funding of security initiatives and these undergo frequent mutation.

The nature of investment on security systems changes on the basis of the last terror strike or natural calamity and is aimed at resolving the immediate threat rather than addressing the issue of long-term security. Large budgets necessary for procuring and maintaining security platforms pose constraints both for the governments as well as private organizations.

"Lack of coordination among government agencies in the implementation of security measures and the scattering of funds among government and semi-government agencies have diluted efforts and as a result, accountability has been compromised," says De. "However, governments in the region are taking positive steps to ensure that their homeland security (HLS) agencies work in a cohesive manner."

End users are gravitating toward comprehensive suites and integrators providing mix and match solutions that are highly interoperable. Therefore, the emphasis is shifting to interoperable solutions, common dashboards, and complete suites. Possibilities exist for many integrators and assemblers to launch their brands simultaneously. These products may fare well in the marketplace initially, but owing to the lack of economies of scale and the time taken to reach technological efficacy, individual brands may not meet with much success.

Small manufacturing companies or vendors that have been successful in addressing the security needs of customers are gradually being acquired by larger companies. Large solution providers and system integrators will consistently absorb smaller industry participants, which have some niche technology or competence, in a bid to optimize "in-house" capabilities and reduce cost.

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by email.

Asia Pacific Maritime Security Market Assessment is part of the Aerospace and Defense Growth Partnership Service program, which also includes research in the following markets: Maritime Security Market Assessment - Middle East, Airport Passenger Screening Market Assessment EU-Accession States, Airport Baggage and Cargo Screening Market Assessment EU-Accession States Network Centric Warfare: A European Market Executive Analysis. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.

Asia Pacific Maritime Security Market Assessment / P1EF

Contact:
Carrie Low, Corporate Communications – Southeast Asia
P: +603 6204 5910 / F: +603 6201 7402
E: carrie.low[.]frost.com.

 
 
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Growth in Maritime Trade and Need for Enhanced Border Security Boost Prospects for Asia Pacific Maritime Security Market

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