Press release
Offshore Patrol Vessel Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | Austal Limited, BAE Systems PLC, Naval Group, Palumbo Group, Rodman Polyships
Offshore Patrol Vessel Global Market
The offshore patrol vessel market size is expected to see strong growth in the next few years. It will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising geopolitical tensions, expanded coast guard capacities, humanitarian assistance and disaster relief (hadr) operations, surveillance and intelligence gathering, joint patrols and naval cooperation. Major trends in the forecast period include development of anti-submarine warfare (asw) capabilities, focus on crew comfort and welfare, enhancements in maritime domain awareness (mda), application of stealth technologies, focus on interoperability with allied forces.
Market Overview -
An offshore patrol vessel refers to a small surface ship used for defending coastlines. These warships are well-equipped to handle a variety of tasks, including disaster assistance, border control, counterterrorism, anti-smuggling, and maritime security. The offshore patrol vessel is a very adaptable vessel created to carry out economic exclusion zone management tasks, such as providing marine security to coastal communities and efficient disaster assistance.
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Surging Demand For Coastal Security Fuels Offshore Patrol Vessels Market
Increasing demand for coastal security is expected to propel the growth of the offshore patrol vessel market going forward. 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. For instance, according to the China Drug Situation Report 2021 published by the Consulate General of the People's Republic of China in Los Angeles, a US-based governmental organization representing China, in 2021, China solved 3,741 drug trafficking cases by mail and 18 instances via water, a rise of 24.2% and 63.6% year on year, respectively. Therefore, increasing demand for coastal security is driving the offshore patrol vessel market.
Competitive Landscape -
Major companies operating in the offshore patrol vessel market report 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, Kawasaki Heavy Industries Ltd., L&T Shipbuilding Limited, Daewoo Shipbuilding Industry Corporation, Maritime Partner AS, Naval Group, Palumbo Group, Rodman Polyships, Thales Group, HD Korea Shipbuilding & Offshore Engineering Co. Ltd., Huntington Ingalls Industries Inc ., China Shipbuilding & Offshore International Co. Ltd., Hanwha Ocean Co. Ltd., Vard Group, Goa Shipyard, Mazagon Dock Limited
Abb Collaborates With Meyer Turku For Integrated Power And Propulsion Solution
Major companies operating in the offshore patrol vessel market are undergoing partnership to gain competitive advantages in the market. For instance, in April, 3023, ABB Ltd, a Switzerland-based corporation operating in the fields of electrification, industrial automation, robotics, and motion secured a contract with Meyer Turku, a Finland-based shipbuilding company to deliver an integrated power and propulsion solution. This comprehensive package includes two Azipod propulsion units and the Onboard DC Grid power system for two innovative multi-purpose patrol vessels commissioned by the Finnish Border Guard.
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Key Segments -
The offshore patrol vessel market covered in this report is segmented -
1) By Vessel Type: Advanced Vessels, Basic Vessels
2) By Size: Less Than 50 Meters, 50 to 90 Meters, More Than 90Meters
3) By Application: Monitoring, Exclusive Economic Zone (EEZ) Protection, Anti-Air Warfare (AAW), Anti-Surface Warfare (ASuW), Electronic Warfare (EW) Operations, Humanitarian Tasks
4) By End-User: Navy, Coast Guard, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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