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Global Offshore Patrol Vessels Market Poised to Attain $32.50 Billion by 2032 with a Strong CAGR of 7.6% || Austal Limited, BAE Systems PLC, Damen Shipyards Group, Dearsan
Offshore Patrol Vessel Market
The Business Research Company's Offshore Patrol Vessel Global Market Report 2023 the increasing demand for coastal security as the major driver for the offshore patrol vessel market's growth in the forecast period. Coastal security refers to strengthening the infrastructure of the Coastal States and the UT Police Force for patrolling and monitoring coastal regions, notably shallow seas along the coast. The offshore patrol vessel will perform a variety of economic exclusion zone management activities, including maritime security, border control, routine patrols, anti-smuggling, counter-terrorism, counter-piracy, and fisheries protection, as well as effective disaster relief.
The global offshore patrol vessels market size is expected to grow from $22.34 billion in 2022 to $24.23 billion in 2023 at a compound annual growth rate (CAGR) of 8.43%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global offshore patrol vessels market size is expected to reach $32.50 billion in 2027 at a CAGR of 7.62%.
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Major competitors in the offshore patrol vessels market are Austal Limited, BAE Systems PLC, Damen Shipyards Group, Dearsan, Fassmer GmbH & Co, 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.
A key trend in the offshore patrol vessels market includes product innovation. Companies operating in the offshore patrol vessel market are developing advanced offshore patrol vessels to sustain their position in the market. For instance, in March 2020, Goa Shipyard Limited, an India-based shipbuilding company, built two 105-meter advanced offshore patrol boats (AOPVs) to meet the Sri Lankan Navy's mission needs. The vessels are based on Samarth-class OPVs that are currently in service with the Indian Coast Guard. In Sri Lanka's marine zones, the new AOPVs may execute patrols, police, search and rescue, surveillance, and pollution control operations.
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The offshore patrol vessels market is segmented -
• By Vessel Type: Advanced Vessels, Basic Vessels
• By Size: Less Than 50 Meters, 50 to 90 Meters, More Than 90Meters
• By Application: Monitoring, Exclusive Economic Zone (EEZ) Protection, Anti-Air Warfare (AAW), Anti-Surface Warfare (ASuW), Electronic Warfare (EW) Operations, Humanitarian Tasks
• By End-User: Navy, Coast Guard, Other End-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the offshore patrol vessels market.
The Business Research Company's "Global Offshore Patrol Vessel Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Offshore Patrol Vessel Market Include:
1. Executive Summary
2. Offshore Patrol Vessel Market Characteristics
3. Offshore Patrol Vessel Market Trends And Strategies
4. Offshore Patrol Vessel Market - Macro Economic Scenario
5. Offshore Patrol Vessel Market Size And Growth
……………
27. Offshore Patrol Vessel Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Offshore Patrol Vessel Market
29. Offshore Patrol Vessel Market Future Outlook And Potential Analysis
30. Appendix
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