Offshore Patrol Vessels Market Size, Share, Growth, Trends, Analysis and Forecast - 2028

The global offshore patrol vessels market is anticipated to grow at a CAGR of 4.2% during the forecast period (2022-2028).

Offshore patrol vessel is defined as a highly versatile ship, designed to perform Economic Exclusion Zone management roles, including the provision of maritime security to coastal areas and effective disaster relief. These kinds of boats are designed to patrol a coastal area for defense, security, and observation purpose. The market growth is majorly attributable to the growing application of the offshore patrol vessels in operational tasks as well as in aerospace and defense sector. Some of its uses include anti-piracy patrols, protection of shipping lanes, and coastal security. Among the prominent categories, the naval offshore patrol vessels, broadly known as NOPVs, are patrol ships that are armed with super rapid gun mount system along with AK-630M guns. Its key purpose is to offer medium and short-range defensive capabilities.

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For instance, in May 2018, The Indian Navy deployed offshore patrol vessels Sumedha, for joint surveillance of exclusive economic zone for Maldives. Further, owing to the introduction of key new programs, the manned patrol vessels are expected to provide a substantial boost to the market. For instance, the European Council under the Permanent Structured Cooperation on Defence and Security (PESCO) scheme, launched a new program of European Patrol Corvette (EPC) in November 2019. Under this, Fincantieri and Naval Group are expected to design and develop a prototype for a new class of military ships to support a wide variety of missions.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Vessel Type
o By Application

• Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape: BAE Systems plc, General Dynamics Corp., and Lockheed Martin Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Offshore Patrol Vessels Market Report by Segment

By Vessel Type
• Advanced
• Basic

By Application
• Anti-Surface Warfare (ASuW)
• Monitoring
• Exclusive Economic Zone (EEZ) Protection
• Humanitarian Tasks
• Anti-Air Warfare (AAW)
• Electronic Warfare (EW) Operations

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This release was published on openPR.