However, the percentage of spending on security by port authorities continues to be minimal. This poses a challenge to security system providers, motivating them to educate end users on the importance of protecting ports.
New analysis from Frost & Sullivan (aerospace.frost.com), Middle East Seaport Security Market Assessment, finds that the market earned revenues of $7.9 million in 2009 and estimates this to reach $11.6 million in 2016.
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"Rising terrorism and upcoming new ports are stimulating seaport authorities to spend more on security," notes Y. S. Shashidhar, Vice President & Country Director, South Asia-Middle East & North Africa. "Efficient security systems will need to be procured to protect ports in the region."
Screening and detection will continue to drive the market as cargo security gains importance. At the same time, challenges related to increased trafficking, smuggling and illegal immigration will instigate port authorities to deploy advanced detection and screening systems.
However, financial funding for seaport security is typically undertaken by private port owners. Accordingly, they confront the challenge of investing in high-cost security systems.
"With public funding at a minimum, port authorities and ship owners are reluctant to spend more on security," explains Shashidhar. "The cost of security-related investments is not passed onto customers; instead, owners bear the entire cost."
Notwithstanding this challenge, by speedily expanding terminal capacity and establishing new seaports, the Middle East seaport security market will be stimulated. These developments will encourage the procurement of new security systems. With further expansions anticipated in 2012, the seaport security market in the region is poised to grow.
"Security outlays will continue to rise in the wake of proliferating terrorism and piracy," says Shashidhar. "The market is projected to grow further when novel, high-technology products are introduced that would enhance the speed of cargo screening in seaports."
Middle East Seaport Security Market Assessment is part of the Defence Growth Partnership Services programme, which also includes research in the following markets: Middle East Border Security Market, European Sea Port Security Market, Middle East Maritime Security Market and, European Sea C2 Markets. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Middle East Seaport Security Market Assessment / M4B9
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