by The global Offshore Patrol Vessels Market is estimated to be valued at US$ 16.17 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Offshore patrol vessels are specialized vessels used for coastal defense and protection of maritime economic zones by military and law enforcement organizations such as coast guards. They are equipped with advanced communication, sensor and multipurpose weapon systems to perform missions such as air, surface and subsurface surveillance, interdiction, search and rescue along with other similar operations.
Market key trends:
Rising maritime disputes and incidents along with growing cross border terrorism, piracy and illegal trafficking across sea routes are some of the key factors driving the demand for advanced offshore patrol vessels globally. Furthermore, increasing investment by governments of countries with long coastal borders into modernizing their maritime security fleets is expected to propel the offshore patrol vessels market growth over the forecast period. For instance, in 2021 Indian government unveiled plans to indigenously build and operator 40 new patrol vessels over next three years under its coast guard modernization program.
SWOT Analysis:
- Strength: Presence of major global defense shipbuilders with capabilities to design and build advanced offshore patrol vessels.
- Weakness: High capital investment required for procurement of offshore patrol vessels.
- Opportunity: Increasing budget allocation of Asian and Middle-Eastern countries for procurement of new vessels.
- Threats: Rising geopolitical tensions raising threat perceptions could result in arms race potentially disrupting procurement plans.
Key Takeaways:
The Global Offshore Patrol Vessels Market Growth is expected to witness high, exhibiting CAGR of 4.1% over the forecast period of 2023 to 2030, due to increasing government spending on coastal security and maritime surveillance.
Regional analysis: Asia Pacific region dominates the offshore patrol vessels market currently, with countries like India, China, Japan heavily investing in indigenization and expansion of their coast guard and navy fleets. Countries are procuring new vessels to strengthen maritime security and assert territorial claims in disputed waters of South China Sea and East China Sea.
Market Size: The offshore patrol vessels market size for 2023 is estimated at US$ 16.17 Bn.
Key players operating in the offshore patrol vessels market are Austal, BAE Systems, Damen Shipyards Group, Dearsan, Fr. Fassmer GmbH & Co. KG, Fincantieri S.p.A, Fr. Lürssen Werft GmbH & Co. KG, Hamilton Jet, Israel Shipyards Ltd, Eastern Shipbuilding Group Inc., Stanley Boats, Marine Alutech OY AB, J.D. Irving Group of Companies, Japan Marine United Corporation, Kangnam Corporation, Kawasaki Heavy Industries, Ltd., L&T Shipbuilding, Mitsubishi Heavy Industries, Ltd., Navantia, Socarenam, STX Offshore & Shipbuilding Co., Ltd, Garden Reach Shipbuilders & Engineers Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
