by The 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 mid-sized ships built specifically for coastal defense and patrol duties. They are typically equipped with weapons to counter air, surface and subsurface threats. Major users include coast guards and navies. These vessels perform various functions such as border security, drug interdiction, maritime defense, surveillance, among others. Larger offshore patrol vessels may also be outfitted as helicopter carriers to support wider maritime missions.
Market Dynamics:
Increasing maritime disputes and territorial claims will drive the offshore patrol vessel market growth over the forecast period. Many nations globally are looking to modernize and enhance their maritime security capabilities amidst rising geopolitical tensions. This has prompted investments in new naval fleets, including offshore patrol vessels. Furthermore, growing importance of sea trade routes necessitates heightened coastal monitoring and anti-smuggling operations, thus fueling more patrol vessel procurement.
Rising offshore exploration and production activities is another key driver. As resource extraction ventures move into deeper offshore areas, governments seek to provide security cover and facilitate search and rescue capacities near these sites. This demands newer and advanced offshore patrol vessels integrated with latest technology.
Segment Analysis:
The offshore patrol vessels market can be segmented based on type, platform, end use, and region. Based on type, the market is categorized into basic patrol vessel, flagship patrol vessel, and frigate patrol vessel. The basic patrol vessel segment is expected to dominate the market during the forecast period. Basic patrol vessels account for more than 55% of total deliveries in the global market. Their dominance can be attributed to low cost of ownership and easy deployment compared to other types.
PEST Analysis:
- Political: Growth of offshore patrol vessels market is driven by rising maritime security threats and geopolitical tensions across regions. Many countries are increasing their defense budgets to modernize their naval capabilities.
- Economic: Stable economic growth in emerging economies such as Asia Pacific is propelling investment in coastal surveillance and maritime security. Recovery of oil prices is also boosting demand for offshore patrol vessels for coastal protection.
- Social: Increasing instances of piracy, terrorism, illegal immigration and smuggling have heightened the need for enhanced coastal monitoring and security. This is positively impacting the demand for offshore patrol vessels.
- Technological: Advancements in technologies such as electronic warfare systems, lightweight composites, and integrated platforms are enhancing the functionality of offshore patrol vessels. Cooperation between navies on equipment and interoperability standards is also promoting technology adoption.
Key Takeaways:
The Global Offshore Patrol Vessels Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period of 2023 to 2030, due to increasing geopolitical tensions globally. The market size for offshore patrol vessels was valued at US$ 16.17 Bn in 2023.
The Asia Pacific region is expected to be the fastest growing as well as the dominating regional market for offshore patrol vessels. Countries such as India, China, Japan, Australia and Southeast Asian nations are significantly investing in their naval capabilities due to prevailing territorial disputes and rise of non-traditional threats at sea.
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. The market is dominated by top four players accounting for over 50% of the global deliveries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
