Jay Clemens
A fresh Research and Markets report predicts the global maritime and border security market will reach $23.7 billion by 2025 from $15.6 billion in 2015, representing a compound annual growth rate of 4.23 percent.
The report indicates internal security threats will bolster the demand for maritime and border security products and services, Research and Markets said Wednesday.
Research and Markets also expects Asia Pacific to capture the largest spending share during the forecast period as territorial and cross border disputes arise in the region.
Maritime surveillance and detection will account for 38 percent of the market, and border surveillance and detection 30 percent.
The report profiles Elbit Systems, Smiths Detection and Thales as tier-one market players.
