A new analysis from Frost & Sullivan, Asia Pacific Maritime Security Market Assessment, finds that Asia Pacific maritime security market reached revenues of over $5.1 billion in 2008. The Frost report forecasts Asia Pacific maritime security markett will grow to $9.8 billion by 2015. The market covers the maritime security and seaport security sectors.
Frost & Sullivan Consultant Amartya De says:
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. 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. 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. However, governments in the region are taking positive steps to ensure that their homeland security (HLS) agencies work in a cohesive manner.
