Benefits of the market for maritime safety management systems include increased safety, reduced risk of accidents and incidents, improved environmental performance, improved communication and coordination, and increased training opportunities. These advantages aid in ensuring the security of ships, crew, cargo, and the marine environment. They also help businesses save money by lowering the possibility of accidents or delays brought on by ineffective procedures.
To lower the risk of accidents, fatalities, and environmental harm, there is an increasing demand for Maritime Safety Management Systems. Maritime Safety Management Systems (SMSs) can be used to improve operational performance, provide insights into safety trends, and assist ships in adhering to international maritime regulations. SMSs also help with accurate reporting of incidents and near-misses, allowing for the early detection of potential problems before they develop into more serious problems. The need for SMSs has never been greater due to the increased focus on maritime safety by governments, customers, and other stakeholders.
The market for maritime safety management systems has a number of benefits that can improve safety standards for ships and seafarers. This entails better accident prevention, improved communication among the ship's crew, and improved identification and monitoring of hazardous conditions. Maritime Safety Management Systems make it possible to keep an eye on ships from a distance to make sure they are travelling safely and along approved routes. This makes it possible for crew members or authorities on land to be informed if a vessel veers off course or enters prohibited waters. It is much simpler for inspectors on land or at sea to perform their duties without running into unforeseen circumstances or delays when a strong maritime safety system is in place. The system also enables more effective data collection, which may aid in lowering the volume of paperwork required for regulatory compliance. When conducting inspections or monitoring operations, fewer people are required onboard ships as well as onshore thanks to the ability to monitor vessels remotely. By lowering salaries and other costs related to keeping people in these positions, this aids in lowering operational costs.
By the end of 2020, the market for Maritime Safety Management Systems is projected to be worth USD 6.8 billion. This amount is anticipated to increase by 9.2% CAGR from 2020 to 2026, reaching a value of $11.7 billion by that year.
The increasing demand for safety and security in maritime operations, rising awareness among crew members and maritime authorities globally, rising investment in the development of next-generation vessels, and improved regulations by international organisations like IMO and SOLAS are the main factors driving this market's growth. Additionally, the adoption of these systems is being accelerated by technological developments like AI-powered predictive analytics.
The term ""Maritime Safety Management Systems Market"" describes a group of policies, practises, and guidelines intended to lower the likelihood of ship collisions, groundings, and other maritime mishaps. The system's objective is to guarantee maritime operations' safety. Risk analysis, operational protocols, documentation and training guidelines, vessel monitoring systems, and incident management systems are all included. An efficient safety management system is made up of all of these elements.
The Maritime Safety Management Systems Market is being driven by a number of factors, some of which are as follows: The demand for safety management systems is being driven by the growth of maritime trade on a national and international scale. The need for new, enhanced, and cutting-edge technologies that can aid in ensuring the safety and security of the ships, cargo, and people involved in maritime activities has resulted from this. Governments all over the world are putting a lot of emphasis on the necessity of reducing vessel incidents by enacting strict rules and procedures that guarantee safety in marine operations. The demand for Maritime Safety Management Systems has increased as a result of these regulations (MSMS). Blockchain, digitalization, artificial intelligence (AI), machine learning (ML), and other technological developments have made it simpler to manage data related to maritime operations. Due to this, there is now a higher demand for MSMS solutions, which include databases, digital maps, tracking tools, and other tools that help reduce risk while maximising operational efficiency. Ship owners and operators are becoming more aware of their responsibilities in relation to safety laws like SOLAS (Safety Of Life At Sea). As a result, Maritime Safety has seen an increase in adoption.
the limitations and difficulties that Maritime Safety Management Systems must deal with there are Small-scale businesses find it challenging to implement a Maritime Safety Management System (SMS) due to the system's high initial setup and maintenance costs. Many maritime businesses are unaware of how crucial it is to have an SMS in place, which results in subpar safety procedures and practises on board ships. Despite existing rules, a lot of businesses do not Rising demand for inexpensive maritime safety management systems from developing nations has increased market competition from low-cost suppliers. One of the biggest problems the market is facing is the lack of qualified workers who can operate and maintain SMSs.
The report includes profiles of several major manufacturers, vendors, and market participants, including the following. Bureau Veritas SA, DNVGL A, Lloyds Register Group Limited, InterMoor Inc., AMS Global Inc., MarineCFO Ltd., Kongsberg Maritime Ltd., and International Maritime Associates Inc. are a few examples of companies that belong to the ABS Group of Companies.
According to type, the Maritime Safety Management Systems Market is divided into Web Based and Cloud Based segments, with the latter segment growing. During the forecast period, this cloud-based segment is anticipated to grow at the highest CAGR. This is so that cloud-based Maritime Safety Management Systems can improve the security, scalability, and dependability of data. Additionally, cloud-based MSMS systems are affordable and contribute to removing the need for significant capital expenditures in IT infrastructure.
According to application, the cruise lines sector commands the largest market share. Cruise Lines, Commercial Ships, and Other Segments Comprised of Maritime Safety Management Systems (Shipping). Cruise Lines is the dominant segment within this market and held the largest market share in 2020. Due to rising disposable income levels and an uptick in global tourism, the number of cruise lines is growing quickly. Also divided into Cabin Systems, Deck Systems, and Navigation & Control Systems is the Cruise Line segment. During the forecast period, the segment for navigation and control systems is anticipated to have the highest CAGR. The demand for safe navigation systems is rising, ship owners are becoming more aware of maritime safety management solutions, and cruise line companies are placing more emphasis on providing a secure environment for passengers. These are some of the key factors influencing the growth of this market. Based on a regional analysis, the Maritime Safety Management Systems Market can be divided into North America, which is the market leader.
Due to the presence of major players and strict regulatory requirements, the North American region is anticipated to dominate the global market for Maritime Safety Management Systems. Due to increased investments in the research and development of maritime safety management systems, Europe is predicted to experience a significant growth in the market for maritime safety management systems during the forecast period. Due to China's and India's rising demand for maritime safety management systems, the Asia Pacific region is anticipated to grow at a significant rate during the forecast period. During the forecast period, the maritime safety management systems market in Latin America and the Middle East & Africa is anticipated to grow steadily.
Market Status and COVID-19 Impact on Maritime Safety Management Systems
The market for maritime safety management systems has been significantly impacted by the COVID-19 pandemic outbreak. The slowdown in international trade and travel brought on by the pandemic is expected to result in a decline in demand for maritime safety management systems in 2020. The market is anticipated to rebound in 2021 as maritime activity picks back up. One of the industries most impacted by the pandemic is cruise lines, with many cruise operators temporarily ceasing operations. As a result, cruise lines have seen a sharp drop in demand for maritime safety management systems. The pandemic has also had an effect on commercial shipping, resulting in a decline in ship movements and cargo volumes. The effect on this market, though, is anticipated to be less severe than on cruise lines.
Recent Changes in the Market for Maritime Safety Management Systems
• In 2020, there was a greater emphasis on the development of innovative solutions in the maritime safety management systems market, such as AI-based systems and automated vessel tracking systems.
• In 2019, the market for maritime safety management systems was primarily driven by the rising requirements for maritime safety management and the availability of advanced technologies. One of the main factors fueling the market's expansion was the rising demand for integrated navigation systems.
• Providers of maritime safety management systems are innovating their offerings in 2021 by integrating cutting-edge features like big data analysis tools, cloud-based infrastructure, and predictive analytics. These changes are anticipated to fuel the market for maritime safety management systems even more.
Maritime Safety Management Systems Market Scope
|Revenue forecast in 2026
|USD 11.7 billion
|CAGR of 9.2 % during 2020-2026
|by Type, By End User, By Application , Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Bureau Veritas SA, DNVGL A, Lloyds Register Group Limited, InterMoor Inc., AMS Global Inc., MarineCFO Ltd., Kongsberg Maritime Ltd., and International Maritime Associates Inc. are a few examples of companies that belong to the ABS Group of Companies.
Key Segment of Maritime Safety Management Market
By Type Overview
By Application Overview
• Cruise Lines
• Commercial (Shipping)
By Region Overview
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa